The food certification market is evaluated at US$14.548 billion for the year 2019 growing at a CAGR of 4.88% reaching the market size of US$19.358 billion by the year 2025.
Food certification refers to the verification of products, processes, or systems in the food supply chain to meet the accepted safety parameters based on different food safety standard types. Certification of food implies that the food product complies with the respective food standards and is considered safe for consumption after numerous tests, inspections, and audits. The growing consumption of food production globally due to increased consumption, which may be attributed to the fact that the growing global population and growing food exports are significantly contributing towards the positive market growth during the next five years. Stringent government regulations regarding the consumption of healthy food and the presence of strict standards in the food applications segment is also positively driving the food certification market during the coming five years. The growing number of cases related to foodborne diseases further increases the burden on food-producing companies to make food safer and cleaner for human consumption. This, in turn, is further propelling the business growth opportunities for the market players over the forecast period.
The recent outbreak of the novel coronavirus disease is anticipated to moderately impact the market growth to some extent. The key factor supporting the negative impact is the trade restrictions which led to a decline in exports of food products throughout the globe. However, after a short period, the outlook of the market is expected to be positive since the growing health concerns regarding the consumption of meat products further acted as a catalyst for the increasing consumption of plant-based products. Thus, anticipated to positively impact the market growth after a short period of six to eight months.
The food certification market has been classified on the basis of certification type, food type, and geography. By certification type, the market has been classified on the basis of ISO 22000, BRC, IFS, Halal, koshers, and others. On the basis of food type, the segmentation has been done into meat and poultry, dairy, infant foods, bakery and confectionery, and others. Geographically, the market for food certification has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Growing concerns regarding food safety
One of the key factors supplementing the food certification market growth includes growing concerns regarding food safety by governments and food companies around the globe. Since the WHO considers the promotion of good health by making sufficient amounts of safe and nutritious food to the people. As per the organization, more than 200 diseases can be caused by unsafe food containing harmful bacteria, viruses, parasites, or chemical substances. Moreover, one out of ten people fall ill due to the consumption of contaminated food and almost 420,000 people die every year. Thus, food certification plays a key role in ensuring the safety and cleanliness of the food, which in turn plays a major role in bolstering the food certification market growth during the forecast period.
Halal certification to witness a promising growth
By certification type, the halal certification segment is anticipated to witness significant growth during the forecast period. The demand for halal-certified food is increasing which is further providing an impetus for the significant growth of this segment. Moreover, strict certifications regarding the import of halal meats especially in the Middle Eastern region further support the market growth during the coming years. The kosher certification segment is also expected to grow at a significant pace due to the growing acceptance of kosher food in many parts of the world. Additionally, the growing production of kosher food, particularly in the Middle East and African region is also bolstering the market growth of this segment until the end of the forecast period. For instance, in May 2017, along with Israel, the UAE also joined the Orthodox Union and permitted the production of kosher food in the country.
Meat and Poultry to hold a significant share
By application, the meat and poultry segment is anticipated to hold a healthy market share during the next five years, which is attributable to the fact that there has been a significant increase in the consumption of meat products, and it is projected to grow substantially over the coming years. For example, as perthe FAO statistics, the global bovine meat consumption is estimated to grow from 10.1 kg per capita in 2015 to 10.6 kg per capita in 2030. Similarly, for ovine and caprine meat, the consumption grew from 2.1 kg per capita in 2015 to 2.4 kg per capita in 2030; for pig meat, the consumption is estimated to be 15.3 kg per capita in 2015 and 15.1 kg per capita in 2030. While the consumption of poultry meat is estimated to grow to 17.2 kg per capita in 2030 from 13.8 kg per capita in 2015.
Europe to hold a prominent share in the market
Geographically, the European region is anticipated to hold a significant share in the market owing to the presence of regulations & standards in various food application segments regulations & standards in various food application segments. The Asia Pacific region is anticipated to witness substantial growth due to increased demand for certified food products.
Prominent/major key market players in the Food Certification market include Cargill, ADM, and Kerry Group among others. The players in the Food Certification market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Food Certification market.