ALBANY, New York, June 6, 2017 /PRNewswire/ --
According to the latest market report published by Transparency Market Research titled 'Food Safety Testing Market': Global Industry Analysis and Forecast 2017-2025', globally the revenue generated from food safety testing has been estimated to be valued over US$ 658.5 Mn in 2017, which is projected to increase at a CAGR of 8.9% during the forecast period (2017-2025).
Various factors, right from the rising incidence of food contamination there is a growing demand for food safety testing by food manufacturers. Owing to increasing awareness about foodborne diseases and various technologically advanced techniques and equipment deployed for food safety testing, boosting market growth. The significant expansion of the food and beverage industry, coupled with the growth of the food service industry, has been the primary factor driving the growth of the global food safety testing market, by 2025 end
Over the last decade, key players in the market have emphasized on garnering the attention of the consumers by keeping pace with their ever-changing testing patterns. Product innovation to perform more accurate tests has seen an increasing demand from the supply side, to increase the brand appeal and also to provide better services, which is one of the most important parameters considered by consumers. Various macroeconomic factors such as rising disposable income and increasing food trade in Asia Pacific region and other developing regions are expected to fuel the demand for food safety testing over the forecast period. Diagnostic test products are primed for sturdy growth over the forecast period, aiding the expansion of the market. The growth of these products can be attributed to the increased inspection of food plants by regulatory bodies.
There are certain factors which might hamper the growth of the global food safety testing market such as lack of uniformity in global regulatory guidelines. Different regions have different guidelines for trading of consumer goods including food and feed, agricultural products, and other products. This is expected to adversely affect the growth of the global food safety testing market. Another factor adversely affecting the market growth is budget constraints. Food testing laboratories in developing countries allot low budget and resources due to budget constraints for upgrading food testing equipment and software.
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By contaminants type, the global food safety testing market is segmented into pathogens, genetically modified organisms, chemicals and toxins, and others. Among all the segments, Pathogens segment is estimated to account for 42.5% of market Share, in the overall global food safety testing market, in 2017.
By end-use, the global food safety testing market is segmented into food, agriculture and environment. Among all the segments, food segment is expected to dominate the global food safety testing market by the end of forecast period. Factors such as Increasing awareness regarding genetically modified fruits and vegetables and increasing regulatory restrictions on GMO-derived foods are factors expected to drive growth of this segment over the forecast period.
By technology, the global food safety testing market is segmented into q-PCR and d-PCR. Among technology type, the d-PCR segment is expected to account for high CAGR in the market over the forecast period. q-PCR is expected to closely follow the d-PCR segment during the forecast period.
Some of the major companies operating in the global food safety testing market are Bio-Rad Laboratories, Inc., Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited. Laboratory Corp. of America Holdings, AsureQuality Limited, Bureau Veritas SA, and Scientific Analysis Laboratories Limited.
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The market has been segmented as below:
Global Food Safety Testing market - By Contaminants
- Genetically Modified Organisms
- Chemicals and toxins
Global Food Safety Testing market - By End-use
- Snack Foods
- Meat, Poultry & Sea Food
- Dairy Products
- Bakery & Confectionery
- Fresh & Frozen Fruits & Vegetables
- Frozen Foods
- Water Testing
- Pesticide & Residue Analysis
- Soil Testing
Global Food Safety Testing market - By Technology
- q-PCR-Based Testing
- d-PCR-Based Testing
Global Food Safety Testing market - By Region
- North America
- Latin America
- Asia Pacific
Middle East & Africa (MEA)
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SOURCE Transparency Market Research