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Food Authenticity Testing Services Market 2023 Growth Drivers, Regional Outlook, Competitive Strategies and Forecast up to 2033

In 2023, the US$ 5893 million for the food authenticity testing service market is estimated to reach a revised size of US$ 10112.8 million by 2033. This market is expected to expand at a CAGR of 6% during the analysis period.
Consumers have become increasingly skeptical about the authenticity of food products designed to meet specific needs, such as vegan, free-form, and organic. This is due to intentional ingredient substitution, misleading consumers with false claims, and disruptive labeling.
To differentiate their products from conventional offerings, food manufacturers have adopted food authentication techniques to capture significant market share. Consumers are increasingly concerned about food safety and clean labels, so adoption may be on the rise.
The increasing incidence of fraud, false labeling, certification, and adulteration in food products is one factor driving the market growth. Additionally, consumers are becoming more knowledgeable about food quality, increasing market growth.
“The epidemic of economically motivated infestation (EMA) to overcome competition has forced governments to impose strict regulations on food inspection and authenticity regulations, pushing markets toward a multi-billion-dollar valuation.” – says a lead analyst at Future Market Insights.
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Key Takeaways from Market Study
• The food authenticity testing service market is expected to grow at a CAGR of 6% over the forecast period.
• It is estimated that the food authenticity testing service market in North America will remain strong during the forecast period.
• Due to its large population, Asia Pacific is expected to be the fastest-growing region for food authenticity testing services
• Testing meat speciation authenticity is bolstered by a high incidence of meat consumption
• The food authenticity testing services market in China is expected to witness significant growth at a CAGR of around 4.4%.
Competitive Landscape:
The global food authenticity testing service market is dominated by a small number of players aiming to concentrate their presence in emerging markets. They launch products, introduce innovations, acquire strategic companies, and establish laboratories and research facilities in areas that are not developed. By offering innovative products, market players can maintain supply and demand, thus assisting the growth of the overall market.
Several prominent companies dominate this market, including ALS Ltd, EMSL Analytical, Inc., Genetic ID NA Inc., Eurofins Scientific SE, Merieux NutriSciences Corporation, Intertek Group PLC, Microbac Laboratories Inc., SGS SA, Romer Labs, others.
Recent Developments:
• In collaboration with Eurofins GeneScan Technologies GmbH in October 2019, UgenTec’s real-time PCR analysis software platform, FastFinder, may be used to develop assay plugins for Eurofins GeneScan Technologies’ portfolio of molecular biology kits. Furthermore, the partnership can help Eurofins scale up its assays with automated results reports and fast sample-to-result times for food, feed, and seed testing.
• With the acquisition of Vanguard Sciences Inc. in January 2018, SGS expanded its global network of agriculture and food laboratories by integrating the company’s two food laboratories. Agricultural and food testing is provided by two laboratories, including product testing and research (including testing of processes and products).
• SGS announces the opening of its new food testing laboratory in Papua New Guinea. In addition to food safety, quality, and sustainability, SGS offers a comprehensive range of services.
Food Authenticity Testing Services Market Segmentation by Category
By Food Tested:
• Meat & Meat Products
• Dairy & Dairy Products
• Processed Foods
• Other Food Tested
By Target Testing:
• Meat Speciation
• Country of Origin & Ageing
• Adulteration
• False Labelling
By Technology:
• PCR-Based
• Liquid Chromatography-Mass Spectrometry (LC-MS)
• Isotope
• Immunoassay Based/ELISA
• Other Technologies
By Region:
• North America
• Latin America
• Europe
• The Middle East and Africa
• East Asia
Information Source: https://www.futuremarketinsigh....ts.com/reports/food-

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The global automotive garage equipment market is estimated to be valued at ~US$ 32.9 Billion by 2029, increasing at a CAGR of ~ 4.3% during the projected period of 2022 and 2029. This growth is significantly driven by stringent emission and other regulations of vehicle diagnostics equipment in the automotive industry.

High Demand for Garage Equipment from Independent Garages Propelling the Market Growth.

The global automotive garage equipment market has been segmented based on vehicle type, equipment type, garage type and regions, such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Middle East & Africa, and Japan.

Shifting consumer preference towards independent garages in comparison to franchise garage is one the major factors driving the growth of garage equipment’s in the market. Independent garages offer similar services and capabilities as franchise garages along with economical price bands as OEMs. According to primary surveys about ~80% of the consumers in Asia prefer independent garages over OEM dealerships due to the maneuverability, ease, and flexibility offered by them at a reduced cost and time. As a result, the growing demand for independent repair shops is in turn expected to drive the need for garage equipment
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Light vehicles garages are projected to emerge as the major contributor to the demand for garage equipment, reason being demand for new and advanced garage equipment products. This will in turn create significant demand for advanced garage equipment, such as vehicle diagnostics & testing equipment, wheel & tire alignment equipment, etc.
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The report investigates the automotive garage equipment market and provides critical insights for the forecast period of 2022 – 2029. As per the key findings of the report, the global automotive garage equipment market is anticipated to experience substantial growth over the forecast period due to increase in the demand for replacement and maintenance of automotive components.

FMI’s study opines that growing popularity of independent garages among consumers is one of the key trends that is shaping the global automotive garage equipment market. However, the onset of innovative technologies and R&F activities is expected to enhance the functionalities and capabilities of modern automotive garage equipment.

Significant Growth Opportunities in the APEJ Automotive Garage Equipment Market

Asia Pacific Excluding Japan is projected to show heavy upsurge in the automotive garage equipment market owing to increasing penetration of new franchises and up gradation in independent repair shops and garages particularly in India and china. The region accounts for largest two wheeler fleet and higher density of light and heavy vehicles. China is projected to witness heavy growth owing to increase in number of light and two wheelers and India is projected to hold significant share in the automotive garage equipment market owing to growth in independent garages and repair shops. Propensity of these countries towards technological advancements in the garage equipment’s is creating an opportunity for the market during the forecast period.

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Automotive Garage Equipment Market: Vendor Insights

The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive garage equipment market. Few examples of key players in the market are:

Symach Srl, Nussbaum Automotive Solutions, SAMVIT GARAGE EQUIPMENTS, MAHA Maschinenbau Haldenwang Gmbh & Co. KG, Snap-on Incorporated, Robert Bosch GmbH, Continental AG, and Forward Lift Company (Dover Corporation), and Standard Tools and Equipment Co., among others.


Key Segment

Vehicle

2 Wheelers
Light Vehicles
Heavy Vehicles
Equipment

Lifting Equipment
Body Shop Equipment
Wheel & Tire Alignment
Vehicle Diagnostics & Testing
Washing Equipment
Other Tools

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