The global nutritional analysis market is expected to grow from USD 5.4 billion in 2021 to USD 7.9 billion by 2026, at a CAGR of 8.3% from 2021 to 2026. The changing consumption habits due to the changing lifestyles and increasing demand for convenience foods have been fueling the demand for nutritional analysis of food products. With the continuous introduction of new products claiming nutrition and health benefits, the development of the food industry has presented new opportunities for nutritional analysis service providers.
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Some of the prominent key players are:
• SGS SA (Switzerland)
• Intertek Group Plc (UK)
• Eurofins Scientific (Luxembourg)
• Bureau Veritas (France)
• ALS Limited (Australia)
• Mérieux NutriSciences (US)
Driver: Increasing consumer awareness related to food nutrition and increasing health consciousness among consumers
Consumer buying behavior for food & grocery products has always been influenced by several economic, cultural, psychological, and lifestyle factors. Consumers are becoming aware of the vital relationship between diet, health, and disease. They need detailed, precise, and reliable information related to the food they consume. Food labels provide them with this information. Food labeling is a medium through which consumers can acquire knowledge about the food they are considering buying. However, to be useful, the information must deal with aspects of most concern to consumers, and it should be formulated so that consumers can understand and use it. Consumers use different sources of information to know about food labels. Television commercials can be a major source of information for consumers. Government nutritional labeling regulations are usually based on consumer surveys related to consumer understanding and the use of nutritional labeling. Hence, the nutritional analysis market is also affected by consumer understanding and the use of nutritional labeling, as it may help consumers buy the right product.
Opportunity: Increasing stringent regulations for food and beverages by regulatory bodies
Consumers demand fresh, pure-quality water enriched with minerals and vitamins due to growing health concerns. As a result, water hardness test strips will increase significantly in the coming years. Environmental Protection Agency (EPA) has developed the National Primary Drinking Water Regulations with enforceable standards on the number of contaminants allowed in drinking water. These standards protect consumers from contaminants that may pose a risk to human health. All public water providers (municipal and civil bodies) must comply with these requirements while supplying water to their consumers. EPA has a set of standards known as the National Secondary Drinking Water Regulations. The government recommends these standards and guidelines to the water providers, which must be strictly followed.
North America is estimated to hold the largest market share during the forecast period
North America dominated the nutritional analysis market due to the strong R&D, technology innovation, and increased mergers and acquisitions in nutritional analysis in the region. The North American nutritional analysis market has been growing steadily due to cases of foodborne disease outbreaks. The nutritional analysis market here is witnessing dynamic growth due to the increasing concerns related to how food is being processed, fermented, brined, or brewed, which requires proper lab testing. Food labeling is subject to increasingly complex regulations globally. Ensuring food products are correctly labeled according to local, regional, and international laws can be a challenging task. Canada is the fastest-growing country in the North American nutritional analysis market, at a CAGR of 8.9% during the forecast period.
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