Food authenticity refers to the assurance that the food products we consume are what they claim to be, without any adulteration, substitution, or mislabeling. The food authenticity market is driven by the increasing cases of food fraud and the growing demand for traceability and transparency in the food supply chain. In this article, we will discuss the current market size and market share of the industry, the key players in the industry, major trends and drivers affecting the industry, opportunities and threats in the industry, regulatory and legal issues affecting the industry, target demographics of the industry, their preferences and behaviors, and pricing trends in the industry.
The global food authenticity market size is expected to grow at a compound annual growth rate (CAGR) of +7% from 2021 to 2028.
The major trends and drivers affecting the food authenticity market include the increasing cases of food fraud, growing demand for traceability and transparency in the food supply chain, rising consumer awareness regarding food safety, and the stringent regulations imposed by various government bodies. The COVID-19 pandemic has also boosted the demand for food authenticity testing as consumers are becoming more health-conscious and are focusing on consuming safe and authentic food products.
The major opportunities in the food authenticity market include the increasing demand for traceability and transparency in the food supply chain, the growing popularity of blockchain technology, and the increasing adoption of DNA testing for food authenticity testing. However, the market is also facing some threats, such as the lack of standardization in food authenticity testing, the high cost of testing, and the limited availability of skilled professionals.
The food authenticity market is subject to several regulatory and legal issues, including regulations related to food labeling, food safety, and consumer protection. The industry is also subject to the regulations of various government bodies, such as the Food and Drug Administration (FDA) in the United States and the European Food Safety Authority (EFSA) in Europe. The increasing focus on food safety and quality by regulatory authorities is expected to drive the growth of the market during the forecast period.
The target demographics of the food authenticity market include food manufacturers, retailers, and consumers. Food manufacturers and retailers are looking for reliable and efficient solutions for food authenticity testing to ensure that their products are safe and authentic. Consumers are becoming more health-conscious and are demanding safe and authentic food products. They are also looking for products that are sustainably sourced and have minimal environmental impact.