The global nutritional analysis market size is estimated to be valued at USD 5.4 billion in 2021 and projected to reach USD 7.9 billion by 2026, recording a CAGR of 8.3% during the forecast period. The market is strongly driven by shifting consumer preferences, rising health awareness, growing millennial population, and increase in supplementary income among consumers. The convergence of major industry trends is giving rise to new opportunities for key players in the industry.
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On the basis of product types, the beverages segment accounts for the largest share in 2020. This growth is attributable to the rise in the demand for different formats of beverages globally, specifically functional and fortified beverages, flavored beverages, and other similar beverages. The beverages and snacks segments together accounted for 35% share in the global nutritional analysis market based on product types.
The product labeling segment of the nutritional analysis market accounted for the largest share in 2020 due to the rise in the demand for clean-label food products. The dominance is also attributable to the recent trend among health-conscious consumers that desire transparency in food products purchased or consumed. Nutritional labeling has received considerable attention in the food industry due to the rising consumer interest in terms of health & diet issues. Food labels are a source of information and are most often the first means for directly connecting with a consumer. Accurate nutritional labeling of food products is a useful tool to market products to diverse niche customers. The millennial population has a wider dietary choice and is health, quality, and safety conscious. Hence, they demand accurate nutritional information on processed food products.
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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This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the nutritional analysis market. It consists of the profiles of leading companies such as SGS SA (Switzerland), Intertek Group Plc (UK), Eurofins Scientific (Luxembourg), Bureau Veritas (France), ALS Limited (Australia), Mérieux NutriSciences (US), Thermo Fisher Scientific (US), AsureQuality Limited (New Zealand), TÜV Nord Group (Germany), and DTS Food Laboratories (France).