TIC includes the important industrial process which ensures that individual components, manufactured products, and multi-component systems meet the necessary requirements for their intended purpose.

Inspection and testing are the operating parts of quality control which supports cost, productivity, market share, and on-time delivery which becomes a critical factor for the survival of any manufacturing company. Product standardization norms and developed technological advancements across various industrial segments along with consumer goods and retail industry led by globalization that has resulted in the growth of the TIC market during the forecast period.

Intensifying IT infrastructures, advancement in technologies, conduct audits, damage assessments, and certification procedures, implying that the testing, inspection, and certification market are the growth factors that are fueling the market growth. This is also due to the fact that TIC services shall enhance and protect brand reputation, enable trade and verify products’ safety.

The Global TIC Market for Consumer Goods & Retail Industry is expected to grow at a CAGR of 4.5% during 2023-2030.

The growth of the market is being driven by the increasing demand for safe and quality products in the consumer goods and retail industry. Organizations are increasingly outsourcing their TIC needs to third-party providers in order to ensure compliance with regulatory requirements and to improve their supply chain efficiency.

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The market is segmented by sourcing type, service type, and industry vertical. By sourcing type, the market is segmented into in-house and outsourced. The outsourced segment is expected to grow at a faster rate during the forecast period due to the increasing demand for third-party TIC services.

By service type, the market is segmented into testing, inspection, and certification. The testing segment is expected to grow at the fastest rate during the forecast period due to the increasing demand for product safety testing.

By industry vertical, the market is segmented into food and beverage, personal care and cosmetics, home care, and others. The food and beverage segment is expected to grow at the fastest rate during the forecast period due to the increasing demand for safe and quality food products.

The key players in the global TIC market for consumer goods & retail industry include SGS, Bureau Veritas, Intertek, Eurofins Scientific, and Dekra. These players are focusing on expanding their geographic presence and product portfolio in order to gain a competitive edge in the market.

Here are some of the key trends in the global TIC market for consumer goods & retail industry:
Increasing demand for safe and quality products
Outsourcing of TIC needs to third-party providers
Growing demand for third-party testing services
Expansion of product portfolio by key players

The global TIC market for consumer goods & retail industry is a dynamic and growing market. The market is expected to witness significant growth in the coming years due to the increasing demand for safe and quality products.