Global Food Certification Market is expected to each US$ 19.5 Bn by 2024
The latest market report published by Credence Research, Inc. “Food Certification Market, By Application – Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global food certification was valued at US$ 11.8 Bn in 2015, and is expected to each US$ 19.5 Bn by 2024, expanding at a CAGR of 5.8% from 2016 to 2024.
Market Insights
Governments of various countries have mandated food certification in order to curb rising food-borne diseases among population worldwide. Some of the popular certifications include Kosher Certification, International Food Standard, Safe Quality Food Certification, International Organization for Standardization (ISO 22000) and Organic Certification. Owing to increasing demand for natural and organic food products among consumers, Kosher Certification and Organic Certification are expected to gain significant adoption among food and beverage manufacturers. This is further attributed increased demand for organic and natural food and beverage products among consumers supported with increased inclination among manufacturers to obtain halal or organic certification for the existing as well as new products developed by the manufacturer.
Browse the full Food Certification Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/food-certification-market
Food certification market is driven by factors such as increasing inclination of consumers to convenience food products, rising concerns regarding safe and healthy food products, increasing availability of contaminated food products, demand for fresh fruits and vegetables, meat and poultry products, changing food patterns among consumers and stringent standards for quality maintenance. However, due to complex certification process, which results in more execution time for obtaining the certification hampers the market growth.
In 2015, Europe dominated the market in terms of revenue share, followed by North America and Asia Pacific. North America accounted for around 30% of the overall food certification market. Asia Pacific is further expected to record highest CAGR over the forecast period. Some of the factors fuelling the food certification market growth in the region especially China and India include demand for safe and healthy food, growing food and beverages industry, increasing consumer awareness regarding health benefits and rising consumption of organic food products.
Since, the food and beverages industry is witnessing huge import and export, achieving particular county’s or region specific certification might take long and thus, hinder food certification market growth in the near future. However, food certification authorities have eased the certification processes and approvals in many countries. Also, certification authorities are continuously engaged in development of efficient and advanced food certification technologies to sustain the competitiveness in the overall food certification market. Some of the prominent authorities identified in the food certification market include ALS Limited, Asurequality Ltd., Bureau Veritas S.A., Dekra SE, DNV GL, Intertek Group PLC., Lloyd’s Register, SGS SA, TUV SUD AG and UL LLC.
Browse the full Food Certification Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/food-certification-market
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