In recent years, the global food authenticity market has gained traction. Burgeoning cases of food fraud and adulterations due to the proliferation of international trade have driven the manufacturers’ adherence to global regulations and mandates. These stringent regulations are accredited to the growing possibilities of fraud and cross-contamination, complexities in the supply chains, and demand for food authentication.
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Increasing competition amongst food manufacturers has fueled the prevalence of food fraud cases at a global level. A rise in deliberate substitution, misrepresentation of food products, tampering, faulty packaging, or misleading statements about the product are a few instances of food fraud. Accelerated demand for food authenticity and skepticism among the consumers, regarding the purchase of items on mere claims basis have created significant growth opportunities across the food authenticity market.
Meat Speciation – Dominant Segment of Food Authenticity Market, Contributing Highly in Market Valuation
On the basis of target testing, the food authenticity market is fabricated as meat speciation, country of origin and aging, fast labeling, and adulteration test. Amongst these, meat speciation is expected to dominate the segment by contributing the most to the food authenticity market valuation. Meat speciation is basically the identification of species from which the respective meat type has been produced.
Of late, the cases of food adulteration, especially alteration of finished meat products have risen incessantly across various regions. To this end, meat speciation is essential to assure that the food is fit for human consumption. Meat speciation is predicted to grow at a promising pace during the forecast period. A combination of factors like the growing incidence of food frauds, adulteration of food, and others has gained meat speciation substantial prominence.
Food Authenticity Market is Thriving With Stringent Regulations in Europe; Asia Pacific Emerges as Strong Contender
Geographically, Europe is anticipated to dominate the global food authenticity market during the forecasted period. Considering the presence of extremely active food companies that are willingly adhering to the stringent regulations in the market, the region is predicted to flourish abundantly. The Food Standard Agency (FSA) has been established in the U.K. for quality assurance of food authenticity in the country. National Food Crime Unit and Food Fraud Unit carry out rigorous assessments of imported as well as local products are being held to eliminate the chances of food fraud associated with mislabeling or adulteration.
As per the report, the cases of food fraud have risen as much as twice every year. The analysis unfolds that recently, China and India have witnessed various incidents of food fraud. In India, most of the instances are common in the dairy and fishery industries. The occurrence of such incidents creates remunerative opportunities for food authenticity market players, making the Asia Pacific among the fastest-growing region.
Key Players Opt for Strategic Alliances & Merger Acquisitions Sustain Competitive-Edge
World over, dominant players across the food authenticity market include ALS Limited, Intertek Group Plc, Microbac Laboratories, SGS SA, Thermo Fisher Scientific, Romer Labs Diagnostic GmbH, Genetic ID NA Inc., Eurofins Scientific, LGC Science Group Ltd., and EMSL Analytical Inc. Major players across the globe are strengthening their market positions by entering new regional markets, especially in developed economies. However, the strategic alliances and merger acquisitions remain the ultimate agendas of key players to consolidate their footholds in the market.
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