The testing, inspection, and certification market for the food & beverage industry is USD 16 billion in 2020, registering a CAGR of 9% during the forecast period 2021-2027. Testing in TIC means an industry activity that assures manufactured products, individual components, and multi-component systems are suitable for the predetermined purpose.

Inspection and testing are the operating parts of quality control, which is the most critical factor for the survival of any manufacturing company. Quality control directly supports other factors such as cost, productivity, on-time delivery, and market share. The testing, inspection, and certification market report is composed of conformity assessment agencies, which provide services from audit and inspection to testing, verification, quality assurance, and certification.

The mandatory regulatory standards are anticipated to affect the food certification industry during the forecast period. The growing government-enforced regulations, considerable industry standards, certification requirements, and huge penalties against non-compliance parties are projected to drive the demand for TIC in the food & beverage industry.

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Moreover, the increase in attention of manufacturing companies to offer quality products will enhance customer retention, mounting demand for interoperability testing for connected devices and IoT, globalization, and rise of global trade, and emerging digital technologies will boost the growth of the TIC market in the food & beverage industry.

Geographically, APAC is anticipated to have a high CAGR during the forecast period owing to the rising investment in R&D, rapid urbanization, huge manufacturing capabilities and exports, improved lifestyles, and increasing consumer awareness about the importance of certification. Moreover, the developed countries have their manufacturing units in the region, especially in China and India.

Some of the key players operating in the TIC market in 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.

Name some key players operating in the TIC market in food & beverage industry.
Some of the key players operating in the TIC market in 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.

Source: VynZ Research