“Food Safety Testing Market expected to develop at a CAGR of 7.4%”
The food safety testing market is anticipated to extent at a CAGR of 7.4%, USD 17.16 billion by 2021. The market is driven by factors such as global increase in outbreaks of foodborne illnesses and increase in regulations in developed countries. The high growth potential in emerging markets and untapped regions provides new opportunities for market players.
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“GMOs is projected to be the fastest-growing segment of contaminant that is tested for through 2021”
The GMOs segment is projected to grow at the highest CAGR during the forecast period due to the evolution in farming technology, diverse GM processed food manufacturing, and high investment in biotech R&D. The requirement to monitor and verify the presence and the amount of GMOs among agricultural crops and in products derived thereof has generated a demand for testing methods that are capable of detecting, identifying, and quantifying either the DNA introduced or the protein expressed in GM plants.
“Rapid technology led the market in 2015”
Rapid technology accounted for the largest share of the food safety testing market in 2015. The importance of this technology is increasing due to its quick, accurate, and easy-to-use characteristics. The stakeholders demand new and emerging technologies for analytical testing and ensure certification denoting the high quality of their products. This has been driving the market for rapid technology in food safety testing.
Market Drivers of Food Safety Testing Industry:
• Worldwide increase in outbreaks of foodborne illnesses
• Implementation of stringent food safety regulations
• Globalization of food supply
• Availability of advanced technology capable of rapid testing
• Media influence on consumer awareness about food safety
Market Restraints of Food Safety Testing Industry:
• Lack of food control infrastructure & resources in developing countries
• Lack of awareness about safety regulations among food manufacturers
Market Opportunities in Food Safety Testing Industry:
• Increasing demand for convenience food in emerging market has led the food safety testing market to grow
• Increasing consumer awareness about food safety
Challenges in Food Safety Testing Industry:
• Time-consuming testing methods
• Inappropriate sample collection standardization
• Lack of standardization of food safety regulations
Major players included in the Food Safety Testing Market:
• Eurofins Scientific S.E (Luxembourg)
• Intertek Group plc (U.K.)
• SGS S.A. (Switzerland)
• Bureau Veritas S.A. (France)
• Silliker Inc. (U.S.)
• DTS Laboratories (Australia)
• ALS Limited (U.S.)
• AssureQuality (New Zealand)
• ILS Limited (U.K.)
• Covance (U.S.)
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The breakdown of the primaries on the basis of company, designation, and region, conducted during the research study, is as mentioned below.
· By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
· By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
· By Region: North America – 45%, Europe – 30%, Asia-Pacific – 20%, and RoW – 05%
“North America led the market with the largest share in 2015”
North America was the largest food safety testing market in 2015. Governing organizations are present in the market and have enforced various food safety testing policies. The Asia-Pacific market is projected to be the fastest-growing market during the forecast period.
Reasons to buy Food Safety Testing Market report:
This research report has focused on various levels of analyses—industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles—which comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the global food safety testing market; high-growth regions; and market drivers, restraints, and opportunities.
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The Food Safety Testing Market report provides insights on the following pointers:
• Market penetration: Comprehensive information on food safety testing offered by the top players in the global market.
• Product development/innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the food safety testing market.
• Market development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for food safety testing across regions.
• Market diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global food safety testing market.
• Competitive assessment: In-depth assessment of market share, strategies, products, and manufacturing capabilities of the leading players in the global food safety testing market.
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