Food Certification Market is projected to grow at a CAGR of ~ 11% during the forecast period of 2019 to 2029

Food Certification Market is projected to grow at a CAGR of ~ 11% during the forecast period of 2019 to 2029

“FMI”
FMI’s 10-year Report on Food Certification Landscape: Consumer Demand for ‘Transparency’ Creating New Opportunities

The global food certification market is expected to reach the revenues worth ~US$ 6,900 in 2019 as per the recent report published by Future Market Insights (FMI). Further, according to the report, an impressive CAGR of ~11% is anticipated for the food certification market during the forecast period 2019-2029.

Healthy market growth is primarily due to several driving factors including, growing consumer awareness, transparency and authenticity of food, demand for ‘clean label’ and minimalistic food items, and stringent government rules and regulations among others. FMI’s analysis also foresees the growing incidents of food-borne diseases along with onset of new food products, which remain among the prime boosters to the growth of the food certification market through 2029.

Global food certification market growth is majorly underpinned by emerging markets, such as MEA, Latin America, and South Asia, in the global food and beverage industry, and necessary stringent rules and regulations applied by the authoritative government and para-government bodies. The significance of food certification will continue to increase in line with consumer sentiments in favor of transparent, clean-label F&B products.

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Surge in Meat Consumption Points to Rising Criticality of Stringent Food Safety Standards

The global meat consumption has exhibited an upward trajectory in recent years and the trend is expected to continue in the future. The growth in the global demand for meat poses lucrative opportunities for food certification as consumer demand for meat that is free from antibiotic residue and microbial contamination.

Several developed countries in North America and Europe have implemented efficient and reliable regulatory framework for food safety. In addition, developed nations such as the US, UK, Australia, and Germany among others have prioritized refining their food safety regulations owing to several factors including, risks of unsafe meat consumption, unethical practices, food fraud, and more.

For instance, in the current scenario, the US recognizes the Hazard Analysis Critical Control Point (HACCP) as a mandatory regulatory prerequisite for meat and poultry production. With a market share of nearly 18.9 % in 2019, meat and poultry dominated the food certification market in terms of market share and the trend is expected to continue during the forecast period 2019-2029. Although there is a significant gap for food certification between the developing and developed economies, efforts are in full-swing to bridge the same.

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Big Gains Projected for Halal Certification

Halal certification is expected to witness a strong CAGR growth of around 13.1% during the forecast period finds FMI analysis. The growing demand for halal-certified food products coupled with growing Muslim population are the main factors influencing the growth of halal certification during the forecast period. In addition, apart from the growing demand for halal certified food in the Islamic countries, its demand soared in non-Islamic nations including Japan and South Korea.

Thus, it is pivotal for halal certification bodies to collaborate and formulate a standardized halal regulatory framework especially in MEA and Asia. Market players operating in the meat industry in the aforementioned regions are required to pass multiple halal certification tests to receive a halal certificate. The process is time-consuming, tedious, and also impacts trade. At present, although market players face the brunt of a lacking standardized halal certification system, ongoing efforts are likely to ease operations.

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Robust Regulatory Framework Favoring Developed Economies

According to the FMI report, North America (20.7%), Europe (29.4%), and South Asia (14.9%) dominated market share in 2019. Further, the trend is expected to continue during the forecast period 2019-2029 owing to several driving factors including robust regulatory framework for food safety in developed economies such as the US, Canada, UK, Germany, and the Netherlands among others. Further, the growing demand for ‘clean label’ foods, growing demand for transparency and authenticity in food, and demand for organic food products are expected to drive market growth.

According to the analyst, “Consumers today do not want to know what is not in their food but demand information for what is in their food. This shift in consumer behavior plays a crucial role in purchase decisions and is expected to boost the demand for food certification in the coming years.”

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