Implementation of stringent regulations regarding food fraud and rise in incidents of food debasement drive the growth of the global food safety testing market
PORTLAND, Ore., Nov. 30, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Food Safety Testing Market by Contaminant (Pathogen, Genetically Modified Organism (GMO), Chemical & Toxin, and Others), Food Tested (Meat & Meat Product, Dairy & Dairy Product, Cereal, Grain, & Pulse, Processed Food, and Others), and Technology (Agar Culturing, PCR-based Assay, Immunoassay-based, and Others) - Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global food safety testing industry generated $13.14 billion in 2017, and is projected to reach $23.20 billion by 2025, witnessing a CAGR of 7.3% from 2018 to 2025.
Prime determinants of growth
Implementation of stringent regulations regarding food fraud, increase in economically motivated adulterations (EMA) with intense competition, and rise in incidents of food debasement such as adulterations, presence of harmful chemicals, and certification drive the growth of the global food safety testing market. However, complexity in testing techniques and lack of standardization of regulations restrain the market growth. Contrarily, technological advancements and untapped potential in emerging economies present new opportunities in the coming years.
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- Major food governing bodies such as the U.S. Food & Drug Administration (FDA) have released food safety practices for food production companies, restaurants, hotels, and supply chain companies. These practices ensure safety of employees, workers, and consumers.
- The food safety management systems such as Hazard Analysis and Critical Control Points (HACCP) and Good Manufacturing Practices (GMP) have been implemented to reduce the risks related to coronavirus infection.
- Governments have been releasing updated precautionary measures from time to time regarding food handling, packaging, and delivery of food to ensure safety.
The pathogens segment to maintain its dominant share during the forecast period
Based on contaminants, the pathogens segment accounted for the highest market share in 2018, holding more than two-fifths of the global food safety testing market, and is expected to maintain its dominant share during the forecast period. This is attributed to rise in cases of food poisoning and occurrence of diarrhea and vomiting that can lead to life-threatening dehydration in babies and young children. However, the chemicals & toxins segment is projected to manifest the largest CAGR of 8.1% from 2018 to 2025, owing to increase in monitoring of contamination levels, enactment of control measures including remediation, and consideration of sociopolitical implications to provide safe food.
The PCR-based assay segment to offer lucrative opportunities
Based on technology, the PCR-based assay segment held the largest market share, contributing to nearly half of the global food safety testing market in 2018, and is expected to continue its lead position by 2025. Moreover, this segment is estimated to register the highest CAGR of 7.7% from 2018 to 2025. This is due to capability to offer faster and more accurate results as compared to traditional microbiological culture methods. The report also analyzes the segment including agar culturing, immunoassay-based, and others.
North America to maintain its leadership status by 2025
Based on region, North America accounted for the highest share in terms of revenue with more than two-fifths of the global food safety testing market in 2018, and is projected to maintain its leadership status by 2025. This is attributed to implementation of various regulations on food safety and increase in incidents of major food fraud activities. However, Asia-Pacific is projected to portray the highest CAGR of 9.1% during the forecast period. This is due to surge in demand for packaged food in the developing countries that led to need for food safety practices and the consumer awareness about food safety.
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Leading market players
- SGS SA
- Eurofins Scientific
- Intertek Group plc
- Bureau Veritas SA
- ALS limited
- TUV SUD
- AsureQuality Ltd.
- DNV GL
- Bio-Rad Laboratories
- Laboratory Corporation of America Holdings
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SOURCE Allied Market Research