As global competition continues to grow and supply dwindles in many areas, food fraud is a major concern. The value of the food authenticity market, which was around $5 billion last year, is expected to reach $8.3 billion by 2023, achieving a compound annual growth rate (CAGR) of 7.7%, according to Allied Market Research.
Last year, polymerase chain reaction (PCR) technology took up about one third of the market and is expected to achieve a 8.3% CAGR from 2017 to 2023. Processed food (includes infant formula, packaged food, wine, and bakery and confectionary products) accounted for another third of the global market from a revenue standpoint. Meat speciation is expected to achieve the highest revenue growth, with a 8.2% CAGR.
According to Allied Market Research, Asia-Pacific is expected to experience the highest growth between 2017 and 2023, while Europe continues to lead the worldwide market in this area. North America, which is the second-leading revenue contributor worldwide, is anticipated to achieve a 7.4% CAGR in revenue.