TIC Market for Food & Beverage Industry was USD 16 billion in 2020, registering a CAGR of 9% during the forecast period 2021-2027

The TIC market for the food & beverage industry is expected to witness a CAGR of 9% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting tests, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the food & beverage industry. The factor driving the growth of the TIC market in the food & beverage industry is globalization which has provided standardization of products and goods that are used in the food & beverage industry.

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Moreover, rapid urbanization, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the food & beverage industry. Nevertheless, the mounting awareness among consumers regarding food safety will provide promising opportunities for the growth of the TIC market in the food & beverage industry.

The COVID-19 outbreak has affected food operations globally due to negative advertisements on social media about health risks associated with eating animal products. This has resulted in driving the demand for plant-origin food certifications.  

The launch of Lloyd’s Register Courses in 22000 V5 certification was approved by FSSC. The Global Food Safety Initiative (GFSI) recognized Scheme, FSSC 22000 V5 certification, assists firms in integrating their food safety management system with other management systems.

Based on service type, the TIC market for the food & beverage industry is segmented into testing, inspection, and certification. Food testing is important for the effective production of quality and safe products. Testing is done in compliance with food safety regulations and to protect public health, so the food & beverage industry is always under scrutiny. Testing includes analytical testing to evaluate nutraceuticals or supplements, botanicals, and natural products to ensure quality and compliance with standards. There are various testing done in the food & beverage industry such as chemical &nutritional testing, allergen testing, microbiology testing, food shelf life testing, food packaging testing, meat species testing, etc.

North America is anticipated to have the largest share in the TIC market for the food & beverage industry owing to the existence of major TIC players, increased adoption of TIC services in different industry verticals like food &beverage, healthcare, automotive, etc., growing demand for organic and processed foods, early adopters of new technologies, rising investments in technological development, and mandatory government regulations on food and drone testing, resulting in the growth of TIC market for food &beverage industry in the region.

Some of the key players operating in the TIC market in the food & beverage industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, Lloyd Register Group Limited, DEKRA SE, Applus+, and DNV GL.

Tags: TIC Market for Food and Beverage Industry, Food and Beverage Industry