New York, Nov. 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Food Authenticity Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06365030/?utm_source =GNW
EMSL Analytical Inc., Romer Labs Diagnostic GmbH and Genetic ID NA Inc.
The global food authenticity market is expected to grow from $6.76 billion in 2021 to $7.35 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The Russian-Ukrainian war has disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, a spike in commodity prices and supply chain disruptions, affecting many markets around the world. The food authenticity market is expected to reach $9.58 billion in 2026 with a CAGR of 6.8%.
The food authenticity market consists of the sale of food authenticity services by entities (organizations, independent traders and partnerships) that are used to reveal the identity or purity of food and food products. Food authenticity means an accurate and appropriate representation of the food and its ingredients to the customer (whether another food company or the end consumer).
A food is considered genuine or authentic if the food or its contents match the original condition and label information. Food authenticity gives consumers value for money and increases their overall level of trust in food.
The main types of testing targeted at food authenticity are meat speciation, false labeling, adulteration testing, country of origin, and aging. and economic reasons.
The different food tests include meat and meat products, dairy and milk products, cereals, grains and legumes, processed foods and others. The technology involved is based on polymerase chain reaction, liquid chromatography-mass spectrometry, isotope method, immunoassay/Elisa-based, and others.
North America was the largest region in the food authenticity market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in the Food Authenticity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
Rise in food fraud is expected to propel the growth of the food authenticity market in the future. Food fraud, like food defense, falls under food protection.
Both can be economically motivated, but the goal of food fraud is monetary gain, while the goal of food defense is to harm through any type of intentional and malicious adulteration or economic disruption, and is often motivated by ideological considerations. Food authenticity is a positive way to address the problem of food fraud.
It is a process that proves whether a food or food ingredient is original or authentic and can be verified as such. For example, in June 2022, an annual operation against food fraud coordinated by Interpol, an intergovernmental organization based in Austria, and Europol, a government agency based in the Netherlands, announced that from December 2020 to June 2021, 15,451 tonnes of illegal items worth 55 million dollars (53.8) million euros were collected in 72 countries. Compared to the previous operation carried out by Europol, named OPSON IX, which covered the same period from 2019 to 2020, the increase was 28% and 16% respectively. Hence, growing food fraud is driving the growth of the food authenticity market.
New product innovations are a key trend gaining popularity in the food authenticity market. Major companies operating in the food authenticity industry are focusing on developing new cutting-edge technologies to gain a competitive advantage.
For example, in February 2021, HEBE LIFE, a British nutricosmetics and rejuvenating supplement company, launched Eltronis’ cloud-based software solution, called Engage.Eltronis is a specialized and secure printing company based in Romania.
With Engage, marketers will have a simple yet complex tool to connect their products to the internet through consumers’ smartphones. Engage is meant to help brands fend off knockoffs.
Eltronis states that the design of the HEBE LIFE label contains various security components that make it impossible to duplicate, while the material allows it to be effectively attached to the supplement packaging.
In March 2021, ALS, an Australia-based company that provides testing, inspection, certification and verification services, acquired Investiga Group for an undisclosed amount. Through this acquisition, ALS would serve as a platform to enhance ALS’ leadership and footprint in the and expand its offering to its clients as part of its strategic growth plan for non-cyclical businesses.
Investiga Group is a Brazil-based company that specializes in sensory studies, consumer studies, pharmaceutical and food industries.
The countries covered in the Food Authenticity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
The Food Authenticity Market research report is part of a series of new reports that provide statistics on the Food Authenticity market, including global market size, regional shares, competitors holding a Food Authenticity market share, detailed Food Authenticity market segments, market trends and opportunities, and any other elements. data you may need to thrive in the food authenticity industry. This Food Authenticity Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of current and future industry scenarios.
Read the full report: https://www.reportlinker.com/p06365030/?utm_source=GNW
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