MarketAs stated in our extensive report that provides insights on market segments such as testing type, technology, and food tested, the Global Food Authenticity Testing Market accounted for USD 6215 Million in 2020.
Food authenticity and food adulteration have been a subject of concern with consumers and producers. Problems with dilution, false labeling, and partial or complete substitution of expensive ingredients are not infrequent practices and can inflict substantial damage on the companies involved.
Governed by extensive legislation, the ultimate priority for food producers and regulators is to maintain high levels of food safety standards. Effective and accurate screening for impurities and any possible illegal practices of adulteration is vital in both safeguarding public health and adhering to regulatory requirements which in turn are increasing the demand for the food authenticity market globally.For instance, in 2020, BIA Analytical has raised USD 7 Million to fight aging the of food fraud and adulteration activities taking place in the U.K. As well as the company is offering a laboratory testing service for food authenticity and safety provided by Cibus Analytical which will extend its product offering to include highly innovative portable testing tools to allow customers to rapidly test for food authenticity and safety across global supply chains.
Moreover, the COVID-19 pandemic showed a major setback in the food authenticity testing industry and this had a huge impact on the market. Companies were locked due to stringent government policies imposed. Transportation facilities were at a halt for maintaining social distance norms. Employees were not able to go to work due to insufficient traveling facilities. These were the few most important points that impacted the market growth during the COVID-19 Pandemic.
The emerging economies of the Asia Pacific such as India, China, Indonesia, and Thailand among others are expected to fuel the growth of the food authenticity testing market. Increasing activities related to food fraud, food adulteration, and maintaining low food quality are driving the demand for the food authenticity testing market. Countries such as China and India are imposing stringent regulations to control food quality special in rural areas, this decision taken by government authorities will drive the requirement for food authenticity and testing equipment to flourish and hence increase the demand for the same. The Middle East and Africa, Europe, and North America will also show rapid development in the food authenticity testing market especially in the meat and meat products segments as the majority of the population is dependent on meat and meat products.
Some of the key players in thefood authenticity testing marketare includes,SGS S.A., Intertek Group PLC, Eurofins Scientific SE, ALS Limited, LGC Science Group Ltd., Mérieux Nutrisciences Corporation, Microbac Laboratories, Inc., EMSL Analytical 10;Romer Labs Diagnostic GmbH, and Genetic ID NA, Inc.