Global Food Authenticity Market Valued To Reach US$8.3 Billion
Tuesday, November 28th, 2017 | 865 Views
Global Food Authenticity Market Valued To Reach US$8.3 Billion Asia Pacific is estimated to witness the highest growth from 2017 to 2023, according to market intelligence company Allied Market Research.
The global food authenticity market was valued at US$4.97 billion in 2016, and is projected to reach US$8.3 billion by 2023, registering a compound annual growth rate of 7.7 percent during the forecast period. In 2016, the polymerase chain reaction technology segment accounted for more than one-third share of the total market.
Food fraud is committed when food is deliberately altered for financial gains with the intention of deceiving consumers or customers. The Food Standards Agency specifies two main types of food frauds, namely sale of food that is unfit and potentially harmful and deliberate mis-description of food.
Food authenticity testing is not just a tool to identify gross substitution such as whisky, horsemeat, or olive oil; it is now possible to differentiate between Welsh or Scottish lamb, farmed or wild salmon, and pure or sweetened fruit juice.
The global market is driven by various regulations on food safety particularly in the developed economies, growth in instances of food fraud, and rise in economically motivated adulterations, and these are due to high competition among food producers.
In 2016, the processed food segment was the leading revenue contributor to the global food authenticity market. The processed food segment includes numerous processed products, such as infant formula, packaged food, wine, bakery and confectionery, and other processed food products; hence, there are large chances for food frauds.