A new study by SOMAR-certified market research and consulting firm’s study opines food authenticity market to grow at a steady pace through 2030. The report from Future Market Insights shows adoption will be driven by growing consumer focus on food safety and growing clean label trend. Study tracks food authenticity market in 20+ countries for the period 2020-2030.
According to the study, in recent years, access to pure and adulterant-free foods has come under jeopardy. Widespread prevalence of food adulteration, mislabeling and undisclosed ingredient details have generated a furor among health-conscious consumers as well as healthcare providers.
On an average, approximately 57 per cent of the global population suffers from morbidities inflicted due to consumption of sub-standard and contaminated foodstuffs. Also, nearly 1/4th of the world’s food supply is adulterated annually. Realising this, countries have taken proactive steps to mitigate the adverse effects of food adulteration.
Increasing consciousness among consumers has elevated the need for introducing clean-label, organic-based and naturally derived foods. Based on these developments, the global food authenticity market is all set to experience an impressive upsurge in the coming years.
Key takeaways from Food Authenticity Market Report
- Global food authenticity market is likely to expand at a noteworthy CAGR in the forthcoming decade
- Asia-Pacific to emerge as the fastest expanding region for food authenticity testing, attributed to a large population base
- High incidence of meat consumption to provide traction to meat speciation authenticity tests
- Economically Motivated Adulterations (EMA) compelling governments to impose tough legislations to keep food adulteration in check
- PCR-based tests are expected to retain their popularity due to quick delivery of test results
- Processed foods testing is expected to acquire surging popularity due to high demand
COVID-19 Impact Insights
The COVID-19 pandemic presents an exceptional and unprecedented challenge for competent authorities with responsibilities for national food safety control systems. As consumers resort to consuming health and immunity boosting foods, demand for clean-label products is rising exponentially.
While nationwide lockdowns and social distancing measures have limited laboratory testing capacities, it has not fully ceased as chances of food adulteration are maximum during this time period. Unscrupulous traders are prowling the market with the objective of flooding it with adulterated food products.
Thus, leading players have revised growth forecasts to demonstrate that the market is expected to remain afloat albeit at lower projections and reduced revenue margins. Growth is expected to be restored to normal levels in the post-pandemic scenario, once lockdowns are eased following a decline in infection rates.