$18.5 Bn Food Safety Testing Market 2017 - Global Forecast to 2022

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02 Oct, 2017, 19:00 GMT

DUBLIN, October 2, 2017 /PRNewswire/ --

The "Food Safety Testing Market by Food Tested (Meat & Poultry, Dairy, Processed Foods, and Fruits & Vegetables), Target Tested (Pathogens, Pesticides, GMOs, and Toxins), Technology (Traditional and Rapid), and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.

The food safety testing market is projected to grow at a CAGR of 7.60% from 2017, to reach a projected value of USD 18.54 Billion by 2022

The growth of this market can be attributed to the global rise in foodborne outbreaks, advancements in testing technologies, globalization of food supply, and stringent international food safety regulations.

Rapid technologies accounted for a larger market share in 2016. The rapid segment is mainly driven by their multifunctional nature. Rapid technologies have multiple applications in the food industry and are used to check the count, type, and metabolites of microorganisms related to food spoilage, preservation, fermentation, safety, and foodborne pathogens. The increasing significance of rapid technologies offering easy-to-use, efficient, and quick results has greatly enhanced their functionality. Smooth and efficient testing is promoted by using rapid technologies in the food industry.

North America accounted for the largest market share in 2016, and this can be attributed due to the increase in outbreaks of foodborne illnesses and stringent well-established regulations pertaining to food safety. Asia Pacific is projected to be the fastest-growing region from 2017 to 2022, due to its large market base for food & beverages, improved standards of living due to the rise in income levels, and increased awareness about food safety in the region.

Developed countries are heavily investing in the advanced technologies for food safety testing, whereas developing countries have been much slower in incorporating the latest technologies. The lack of food control infrastructure & resources in developing countries and lower awareness about food safety regulations among food manufacturers limit the use of food safety testing in the food industry.

Market Dynamics

Drivers

  • Global Increase in Outbreaks of Foodborne Illnesses
  • Implementation of Stringent Food Safety Regulations
  • Globalization of Food Trade
  • Availability of Advanced Technology Capable of Rapid Testing
  • Increase in Demand for Convenience and Packaged Food Products
  • Rise in Outbreaks of Chemical Contamination in Food Processing and Manufacturing Industries

Restraints

  • Lack of Food Control Infrastructure & Resources in Developing Countries

Opportunities

  • Emerging Markets for Food Safety Testing
  • Growth in Consumer Awareness

Challenges

  • Time-Consuming Testing Methods
  • Inappropriate Sample Collection Standardization
  • Lack of Harmonization of Food Safety Regulations

Companies Mentioned

  • ALS Limited
  • Asurequality Ltd
  • Bureau Veritas S.A.
  • Eurofins Scientific
  • Genetic ID NA, Inc.
  • Intertek Group PLC
  • Laboratory Corporation of America Holdings
  • Microbac Laboratories
  • Mrieux Nutrisciences
  • SGS SA
  • TUV Nord Group
  • TUV Sd AG

For more information about this report visit https://www.researchandmarkets.com/research/kc7766/food_safety

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