Food Traceability and Origin Certifications Gain Traction in the Testing, Inspection & Certification Market. FMI Analysts Predict Market Valuation to Surpass US$ 4,18,640.80 million by 2033.
The testing, inspection, and certification industry significantly contributes to the global economy as it helps improve the quality of products used across industries by various end users. Also, TIC services help reduce yield recalls and maintain compliance with regulatory authorities and standards governing different sectors.
NEWARK, Del, Nov. 06, 2023 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI) report, the testing, inspection & certification market size is poised to cross US$ 2,49,780.10 Million in 2023 and is likely to attain a valuation of US$ 4,18,640.80 Million by 2033. The testing, inspection & certification industry share is projected to rise at a CAGR of 5.30% from 2023 to 2033.
Testing, Inspection, and certification (TIC) services for food traceability and origin certification are growing swiftly in response to customer expectations for transparent and traceable food supply chains. To ensure compliance with food safety rules and quality standards, TIC organizations use sophisticated tracking systems and auditing methods to verify the source and travel of food items from farm to table. TIC providers assist organizations in improving supply chain transparency, developing customer confidence, and limiting food fraud and contamination risks by delivering rigorous food traceability certification services.
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Businesses increasingly seek TIC services to ensure the authenticity of environmental claims, eco-labels, and green certifications in response to rising customer demand for eco-friendly products. To authenticate the environmental credentials of goods and ensure compliance with sustainability norms and laws, TIC businesses use thorough evaluation frameworks and industry experience. TIC suppliers help companies create brand credibility, satisfy customer expectations, and gain a competitive edge in the sustainability-driven industry by providing dependable eco-labeling and green claims verification services.
With the rapid development of the cannabis industry, the need for TIC services for cannabis testing and certification is increasing. To ensure adherence to demanding industry rules and consumer safety standards, TIC firms use specialized testing procedures and regulatory knowledge to analyze the quality, safety, and compliance of cannabis products. TIC providers help companies develop confidence with customers, satisfy regulatory standards, and navigate the complicated and growing cannabis industry landscape by delivering dependable cannabis testing and certification services.
“The testing, inspection, and certification sector is at a turning point, with cutting-edge solutions influencing the status quo. This transition is driven by technological advances and changing industrial patterns, which have increased demand for dependable, evidence-based solutions. Companies that invest in R&D to capitalize on these advances will be in a position to lead the charge in this transformative era. The TIC industry is no longer only about assuring quality and safety; it is also about creating the future of industries via innovation and compliance,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Testing, Inspection & Certification Market Report:
- In 2022, the global market size stood at US$ 2,38,065.90 Million.
- The testing services segment captured 61.8% of market shares in 2023.
- The in-house sourcing segment occupied 59.9% of market shares in 2023.
- The market size in India is expected to rise at a 4.80% CAGR through 2033.
- The market size in France is likely to surge at a 4.30% CAGR through 2033.
- The market size in Japan is expected to flourish at a 5.60% CAGR through 2033.
- The market size in Canada is likely to develop at a 5.70% CAGR through 2033.
- The market size in China is expected to increase at a 6.50% CAGR through 2033.
Competitive Landscape:
Regulatory modifications and the growing relevance of sustainability and safety requirements have added a new layer of competitiveness. TIC organizations that swiftly adapt to new legislation, give sustainable certifications, and offer effective risk management solutions will gain a competitive advantage.
Recent Developments Observed by FMI:
- Scanna introduced its newest x-ray product line in January 2023 for the Industrial Non-Destructive Testing (NDT) industry. The method of assessing the quality of items, equipment, and components without harming them is known as non-destructive testing (NDT).
- In May 2023, Axess Digital released 3DView, a new application in Bridge (inspection software), to enable smooth collaboration and sharing of 3D models without requiring specialized devices or software. Clients and stakeholders can communicate effectively about their assets and inspection findings with 3DView, regardless of location or device.
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Key Companies Operating in the Global Testing, Inspection & Certification Industry:
- SGS
- Bureau Veritas
- Intertek Group
- TÜV SÜD
- Eurofins Scientific
- DEKRA
- DNV GL
- ALS Limited
- Applus+
- UL LLC
- Element Materials Technology
- Kiwa
- MISTRAS Group
- SAI Global
- Lloyd’s Register Group
- Exova Group
- Cotecna
- TUVRheinland
- TÜV Nord Group
- TV Rheinland
Testing, Inspection & Certification Market Segmentation Analysis:
By Service Type:
- Testing Service
- Inspection Service
- Certification Service
By Sourcing Type:
- In-house Sourcing
- Outsourced
By Application:
- Medical & Life Science
- Consumer Goods & Retail
- Agriculture & Food
- Chemical
- Construction & Infrastructure
- Energy & Power
- Industrial & Manufacturing
- Mining
- Oil & Gas and Petroleum
- Public Sector
- Automotive
- Aerospace
- Marine
- Rail
- Supply Chain & Logistics
- IT & Telecommunication
- Sports & Entertainment
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
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About the Industrial Automation Division at Future Market Insights (FMI)
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the industrial automation sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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