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Food safety & hygiene compliance market size to touch $15.3 bn by 2027
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Tuesday, 20 August, 2019, 08 : 00 AM [IST]
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The global food safety and hygiene compliance market is estimated to reach $15.3 billion by 2027. This was among the findings of a recently-added market study report that gives meticulous investigation of the current scenario of the market size, share, demand, growth, trends, and forecast 2019-2027.
The global food safety hygiene compliance market is experiencing steady growth in the forecast period on account of the increase in food demand. But there is also a threat of critical diseases, such as food-borne illnesses which have created an urge to implement and follow food safety regulations.
With continuous globalisation in food production and supply chain process, food manufacturers are bound by pressure to ensure quality and safety of food products with an international food safety authorities.
The technological advancements have led to a highly competitive market. The developed countries in terms of modern technology, a better standard of living, infrastructure, and many others are the factors which drive the economies of countries. The blend of all factors is projected to boost entire food safety and hygiene compliance market.
The global food safety and hygiene compliance market accounted for $9.1 billion in 2018, and is expected to grow at a CAGR (compound annual growth rate) of six per cent during the forecast period 2019-2027, to account for $15.3 billion by 2027.
Food safety and hygiene compliance market by solution is segmented into hardware, solution, and services.
The services food safety and hygiene compliance market holds the highest share, whereas software is expected to be the fastest-growing segment.
The services provided by the food operators and food production business consists of auditing, training, testing, validation, and consultation services.
Under the consulting services, the consultants of health and safety work closely with companies to ensure proper adherence with the new federal regulations.
The installation and maintenance services are encompassed with auditing, inspection/testing, compliance, and certification services. To maintain the functionality of systems and software, managed services are used.
A key trend which will predominantly affect the food safety and hygiene compliance market in a coming year pertaining to numerous developments in terms of safety and packaging technologies.
The constant growth in population, the surge in disposable income, and an increase in the working people are creating a need for more packaged and readily available food.
This trend is expected to boost the need for food safety techniques which further fuel the growth of hygiene compliance industries.
Several companies are also involved in the development of nanomaterial which will have an impact on the taste of food, health benefits, and safety of food.
Thus, the development of nanotechnology and smart packaging materials in food is expected to drive the demand for food safety and hygiene compliance industry to identify the impact of these technologies for safety purposes.
These factors are anticipated to gain traction in the coming times having a significant effect on the food safety and hygiene compliance market.
The participants who typically take part in such a process include industry experts, such as vice-presidents, business development managers, market intelligence managers, and national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specialising in the food safety and hygiene compliance industry.
The report has segmented the global food safety and hygiene compliance market on the basis of type, solution, end-user and region.
Food safety and hygiene compliance market size by type
• Personal hygiene
• Facility hygiene
• Food safety monitoring
Food safety and hygiene compliance market share, by solution
• Hardware
• Software
• Services
Food safety and hygiene compliance market growth, by end-user
• Full-service restaurants
• Quick service restaurants
• Grocery/retailers
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