The global food certification market is prognosticated in a report by Transparency Market Research (TMR) to testify a gradual increase in the intensity of competition among key players of the industry. With a view to avoid falling prey to health hazards, there has been an impactful rise in the consumption of certified products. Required to pass through a tight verification process, certified foods are mostly opted by consumers as a safer option. As a result, manufacturers have been taking advantage of this market trend to largely focus on certification and gain strong impetus. The market includes top players such as Dekra SE, Underwriters Laboratories Inc., and ALS Limited.
TMR prophesies the global food certification market to attain a valuation of US$16.09 bn by the completion of 2021. On the basis of application, packaged food could continue with its lead in the market until the end of the forecast tenure 2015-2021. By region, Europe is anticipated to secure a king’s share of the market after being valued at a US$5.77 bn by the final forecast year.
Increasing Food Contamination Maximizes Preference for Certified Foods
The world food certification market is expected to see a rise in its growth as a result of the increase in demand for safer and quality food products. Consumers are mainly concerned about food contamination due to its swelling prevalence in recent years. There has been a massive demand for meat, poultry, fresh food, and organic food products because of drastic lifestyle changes observed among consumers.
While this could be a vital factor augmenting the demand in the world food certification market, growth is also predicted to improve on the back of food manufacturers giving much importance to food certification. Hectic lifestyles leading to changes in food consumption pattern and ensuing proclivity to choose convenience foods are envisaged to further enhance market growth in the near term.
Small Players Unable to Afford International Food Certification Cut Short Demand
Players operating in the global market could witness a telling demand for food certification in the coming years. However, despite the presence of positive factors in the international food certification market, expensive costs involved are envisioned to discourage adoption among food processing units and food manufacturers. Small companies could barely look at food certification as a high-value proposition.
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Nonetheless, emerging economies implementing strict mandates for food product certification are projected to set the tone for valuable growth in the international food certification market. Moreover, consumers are becoming aware of food certification than ever before, not to forget their rising brand consciousness. Thus, the market is forecasted to offer a plethora of opportunities in the foreseeable future.