The global food authenticity market was valued at $4,978 million in 2016, and is anticipated to reach $8,300 million, growing at a CAGR of 7.7% from 2017 to 2023. Food fraud is economically motivated for financial gains, and thus can have significant negative effects on both consumers and legitimate businesses. Food authenticity is driven by factors such as volatility in food prices, availability of raw materials & ingredients, economic conditions, regulatory developments, and large environmental impacts. Furthermore, various technologies are used to check food authenticity to tackle the issue of food fraud.
In 2016, Europe and North America were leading revenue contributors in the market. Asia-Pacific registered the highest growth rate, owing to the increase in production of processed foods and implementation of safety regulations by government. The growth in international trading of food materials in the North American countries, such as the U.S., has propelled the labeling requirement and authenticity confirmation. Furthermore, LAMEA is expected to witness significant growth rate during the forecast period.
The global food authenticity market is segmented based on target testing, technology, food tested, and geography. On the basis of target testing, it is divided into meat speciation, country of origin & ageing, adulteration tests, and false labelling. On the basis of technology, it is categorized into polymerase chain reaction-based, liquid chromatography‐mass spectrometry, isotope methods, immunoassay-based/ELISA, and others. Based on food tested, it is classified into meat & meat products; dairy & dairy products; cereals, grains, and pulses; processed food; and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In July 2016, Intertek developed a new technology for honey authenticity testing. The technology is based on nuclear magnetic resonance (NMR) spectroscopy. In May 2016, Intertek launched its AgriTech laboratory at Hyderabad (India) to perform DNA-based testing of various agricultural products. The company introduced its advanced ScanBi DNA testing technology to expand its presence in India.
The major market players are as follows:
KEY MARKET BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Target Testing
By Food Tested
The other major players in the industry include the following:
*The above list of companies is not profiled in the report, but can be added based on interest.
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