Food Safety Testing Market Worth $24.6 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 29, 2019 /PRNewswire/ -- According to the new market research report "Food Safety Testing Market by Target Tested (Pathogens, Pesticides, GMOs, Mycotoxin, and Allergens), Technology (Traditional and Rapid), Food Tested (Meat, Poultry, Seafood, Dairy, Processed Foods, and Fruits & Vegetables), and Region-Global Forecast to 2023", published by MarketsandMarkets™, Consumers are becoming more sensitive about the impact of food products on their health. With the increasing prevalence of various diseases across regions, consumers are diverting their expenditure toward food products that are certified for their safety and quality. To align with consumer preferences and requirements, manufacturers are focusing on allocating their investments on food safety testing services to ensure the safety of consumption. By 2023, the food safety testing market is projected to reach USD 24.6 billion, recording a CAGR of 7.7% from 2018.
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A shift in the preferences of health-conscious consumers has led to an increase in demand for food products that adhere to the consumer's health requirements. Increasing preference for health-enriching food products has encouraged manufacturers to adopt technologies that offer accuracy in the testing services conducted. Key manufacturers are also conducting these tests to ensure that food products comply with the numerous regulations in various countries. Besides consumer safety, food safety testing services are more pronounced in multiple regions due to the increasing number of international events, including sports, conducted every year. Due to these factors, the adoption of food testing services continues to remain high in the food & beverage industry.
The Pathogens Segment to Be a Leading Revenue Contributor to the Food Safety Testing Market
Ongoing advancements in technology are transforming the conventional food testing patterns across regions. With the increase in food contamination and foodborne illnesses, companies are ensuring food safety by conducting pathogen-food safety tests. Pathogens are contagious microorganisms that cause food contamination. Some of the major pathogens identified are Campylobacter, E. Coli, Listeria, and Salmonella, which are responsible for foodborne illness and toxicity. To retain customer loyalty and expand their customer base, key companies are focusing on conducting pathogen tests on their products. Due to these factors, the pathogens segment is projected to contribute significantly, in terms of revenue, to the food safety testing market during the forecast period.
Browse in-depth TOC on "Food Safety Testing Market"
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Rapid Technology Solutions to Outperform Traditional Technology Solutions in the Market
With the increasing incidences of foodborne diseases, key companies are focusing on adopting novel techniques to ensure food safety in their products. Ongoing technological advancements have encouraged key companies to adopt rapid technology for enumeration of microorganism and their by-product, characterization, isolation, and early detection. Leading companies are opting for this technology to monitor the type, count, and metabolites of microorganisms that lead to increased instances of foodborne pathogens and spoilage. Unlike traditional technology solutions, rapid technology offers quick and accurate results. Due to these factors, the demand for rapid technology solutions is projected to remain higher than traditional technology solutions in the food safety testing market during the forecast period.
North America To Present Lucrative Growth Opportunities for Key Players in the Food Safety Testing Market
The introduction of several regulations on food safety, particularly in the US & Canada, has compelled the leading companies in the food & beverage industry to focus more on food safety. Key manufacturers are adopting intelligent technology that monitors the quality of food and tracks the presence of pathogens to prevent food spoilage. With the increasing number of leading players in the food & beverage industry, the demand for food safety solutions is projected to remain high in North America during the forecast period.
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To retain their position at the forefront of the food safety testing market, key players are focusing on adopting strategies such as new product launches and product innovations. Some of the leading players in this market include Eurofins (Luxembourg), Bureau Veritas (France), ALS Limited (Australia), Intertek (UK), and SGS (Switzerland).
Ongoing advancements in technology have encouraged key companies and market leaders to focus on offering products with food safety labels, to retain customer loyalty and enhance their presence across regions. These factors, together, are likely to provide the necessary impetus for the growth of the global food safety testing industry over the forecast period.
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