Global Food Authenticity market trends 2024, Forecast To 2033
31 Jan, 2024
The food authenticity market has demonstrated significant growth, increasing from $7.62 billion in 2023 to $8.06 billion in 2024, with a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period is attributed to consumer concerns, food fraud incidents, regulatory compliance, supply chain complexity, and increased global trade. The food authenticity market is expected to see strong growth in the next few years, reaching $10.83 billion in 2028, with a CAGR of 7.7%. Contributing factors include stringent food regulations, consumer demand for transparency, globalization and cross-border trade, concerns about allergens and contaminants, and collaborative efforts. Major trends in the forecast period include blockchain and distributed ledger technology, DNA and molecular testing, geographic and regional authenticity, third-party certification, and innovation in testing technologies.
Global Food Authenticity Market Key Driver
The food and beverage industry pumps market is set to expand due to the rising demand for meat and poultry. Global meat production is expected to increase by 44 Mt by 2030, reaching 373 Mt, with poultry meat projected to contribute 41% of all meat protein sources in 2030. Food and beverage industry pumps play a crucial role in supporting various stages of meat and poultry production, from transportation to processing by-products. As a result, the increasing demand for meat and poultry products contributes significantly to the growth of the food and beverage industry pumps market.
Get A Free Sample Of The Global Food Authenticity Market ReportGlobal Food Authenticity Market Segments
The global food authenticity market covered in this report is segmented –
1) By Target Testing: Meat Speciation, False Labelling, Adulteration Tests, Country of Origin and Aging
2) By Food Tested: Meat and Meat Product, Dairy and Dairy Product, Cereal, Grain, and Pulse, Processed Food, Other Food Tests
3) By Technology: Polymerase Chain Reaction Based, Liquid Chromatography-Mass Spectrometry, Isotope Method, Immunoassay Based or ELISA, Other Technologies
By Geography: The regions covered in the Food Authenticity market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the food authenticity market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the food authenticity market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Food Authenticity Industry Players
SGS SA, Intertek Group plc, Eurofins Scientific SE, ALS Limited, LGC Science Group Ltd., Mérieux Nutrisciences Corporation, Microbac Laboratories Inc., EMSL Analytical Inc., Romer Labs Diagnostic GmbH, Genetic ID NA Inc., Bureau Veritas S.A., AsureQuality Limited, Genetic ID NA Inc., Covance Inc., Neogen Corporation, Thermo Fisher Scientific Inc., Scientific Excellence, Agilent Technologies Inc., Waters Corporation, Shimadzu Corporation, PerkinElmer Inc., Bruker Corporation, Eurofins Scientific Inc., Qiagen N.V., R-Biopharm AG, Fera Science Limited, FoodChain ID Group Inc., NSF International, Symbio LaboratoriesA
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Food Authenticity Market Overview
Food authenticity is used to reveal the identity or purity of food and food products. Food authenticity means an accurate and appropriate representation of the food and its ingredients to the customer (whether that be another food company or the final consumer). Food is regarded as authentic or genuine if the food or its contents match the original condition and the label information. Food authenticity enables consumers to get what they pay for and increases their overall level of trust in food.
Food Authenticity Global Market Report 2023 provides data on the global food authenticity market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The food authenticity market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.