Pune, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that the Food Certification Market reached a value of USD 5.4 billion in 2022 and is projected to achieve USD 8.35 billion by 2030, experiencing a compound annual growth rate (CAGR) of 5.6% during the forecast period spanning from 2023 to 2030.
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Market Overview
Food certification is a crucial process in the food industry that involves the evaluation and verification of various aspects of food products to ensure they meet specific standards, regulations, and quality benchmarks. It serves as a vital tool for building trust among consumers, promoting food safety, and facilitating international trade. Food certification is primarily focused on assuring the quality of food products. This includes factors such as taste, texture, appearance, and nutritional content. Certifying bodies often set standards that food products must meet to be considered of high quality.
Food Certification Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.4 billion |
| Market Size by 2030 | USD 8.35 billion |
| CAGR | CAGR of 5.6% From 2023-2030 |
| Key Segments | by Type (ISO 22000, BRCGS, SQF, IFS, Halal certification, GMP+/FSA, and Other) by End-user Industry (Meat, Poultry, Seafood Products, Dairy Products, Bakery and Confectionery, Baby Food, Beverages, and Other) |
| Key Market Players | DEKRA, Bureau Veritas, Eurofins Scientific, NSF International, AsureQuality, Intertek Group PLC, DNV GL, Eagle Certification Group, SGS Group, Lloyd’s Register Group Ltd, TUV NORD GROUP, Underwriters Laboratories Inc, and other players. |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Market Analysis
The food certification market has experienced significant growth in recent years, driven by several key factors. Growing concerns about food safety and quality have led consumers to seek out certified products. People are becoming more conscious of what they eat, demanding transparency in the food supply chain, and looking for assurance that the products they consume meet certain standards. Governments and regulatory bodies worldwide are imposing stricter regulations and standards for food safety and quality. Compliance with these regulations often requires food producers and manufacturers to obtain various certifications to ensure that their products are safe for consumption. The growing interest in organic, non-GMO, and specialty foods has driven the need for specific certifications. Consumers are willing to pay a premium for products that meet these criteria, making certification a valuable marketing tool for food producers.
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Key Takeaway from Food Certification Market Study
- The global market is experiencing a significant shift, with the dairy products segment emerging as a dominant force. Consumers are becoming more conscious of what they consume, and this trend is particularly pronounced in the dairy sector. With concerns about allergens, hormones, and the overall quality of dairy products, consumers are actively seeking products with credible certifications.
- ISO 22000, a globally recognized food safety management system standard, is poised to dominate the market for several compelling reasons. This certification standard has gained immense traction across various food industry segments, underlining its significance.
Recent Developments
- Overnight Labels has announced that their state-of-the-art facility has successfully received SQF (Safe Quality Food) certification. The SQF certification process is a rigorous one, and it involved a thorough evaluation of our facility's practices, processes, and procedures.
- Venus Remedies, a leading pharmaceutical company, has achieved a significant milestone by receiving a coveted Good Manufacturing Practices (GMP) certification from the Saudi Arabian drug regulatory authority.
Market Dynamics Analysis
The food certification market is characterized by a complex interplay of drivers, restraints, challenges, and threats that collectively shape its dynamics. One of the primary drivers propelling the growth of this market is the increasing global awareness regarding food safety and quality, driven by a rising number of foodborne illnesses and product recalls. Additionally, stringent government regulations and international standards mandating food safety certifications have further augmented the demand for certification services. However, amidst these drivers, several restraints and challenges persist. The cost associated with obtaining and maintaining food certifications can be a significant barrier, particularly for small and medium-sized enterprises. Additionally, the lack of uniformity in certification standards across different regions and countries can lead to confusion and increased compliance costs for businesses operating internationally. In terms of threats, the market faces the risk of fraudulent practices, where some unscrupulous actors may misrepresent or counterfeit certifications, undermining the integrity of the entire system. This poses a substantial threat to consumer trust and confidence in certified food products.
Key Regional Developments
In North America, the food certification market has witnessed steady growth in recent years. The United States and Canada have well-established regulatory bodies, such as the Food and Drug Administration (FDA) and the Canadian Food Inspection Agency (CFIA), which enforce stringent food safety standards. Europe has a long history of food safety regulations and certifications, with the European Food Safety Authority (EFSA) playing a pivotal role in ensuring the safety and quality of food products. The region has witnessed a surge in demand for certifications related to sustainability and animal welfare, reflecting the growing interest in ethical and environmentally responsible food production. The Asia-Pacific region presents a unique set of challenges and opportunities for the market. Rapid urbanization, increasing disposable incomes, and changing consumer preferences have led to a greater demand for certified food products, especially in countries like China and India.
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Impact of Recession
The ongoing recession will undoubtedly influence the food certification market. While some challenges may arise, such as cost constraints and shifting consumer priorities, there are also opportunities for innovation and adaptation within the industry. During a recession, consumers often seek value for their money and trust in the products they purchase. High-quality food certifications may become more valuable as consumers look for assurances of safety, quality, and ethical production practices.
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