WELLESLEY, Massachusetts, November 11, 2014 /PRNewswire/ --
BCC Research reveals in its new report, Global Markets and Technologies for Food Safety Testing, the global food safety testing market is expected to grow to $13.6 billion by 2019, with a five-year compound annual growth rate (CAGR) of 5.3%. Spurred by Europe, the genetically modified organism (GMO) segment is moving at a CAGR of 4.9%.
As a result of the relatively high statistical incidence of food-borne illness around the world, the global food-safety testing industry remains a dynamic and flourishing market. In addition, food safety-testing measures and the technologies behind them are getting better, faster, and in some cases cheaper. These factors will assist in driving significant growth in this market for the foreseeable future.
Testing for pathogens such as Salmonella and Campylobacter is the largest and fastest-growing segment of the overall food-safety market, which is expected to reach $12.2 billion in 2019 and register a CAGR of 5.5%. While incidences are relatively low in the United States, food-borne pathogens are a leading cause of death on a global level.
GMO testing is a worldwide phenomenon but particularly in Europe, where the European Commission requires documentation of GMO-containing foods and where consumers are highly critical of transgenic traits and demand that food labels reflect their use. Valued at $371 million in 2013, this category is the second fastest-growing segment in the overall market and is predicted to grow to $476 million by 2019, with a healthy 4.9% CAGR.
Testing for toxins does not occur as routinely as it does for bacteria, and its market value is not as high. Nonetheless, this category is the second largest segment in the market. This segment is expected to attain a market value of $503 million by 2019, registering a tepid 2.5% CAGR.
"Overall, the substantially heightened consumer awareness of the vulnerability of the food supply, the desire of the food industry to protect itself at every processing and/or production stage, and a more stringent regulatory environment is driving near-term growth in this market," said BCC Research food and beverage analyst Kevin Gainer. "At present, the sheer number of bacteria, and the amount of routine testing conducted, give pathogens the lion's share of the world food-safety testing market."
Global Markets and Technologies for Food Safety Testing provides an overview of the global food safety testing market. It includes analyses of global market trends, with data from 2013, estimates for 2014, and projections of CAGRs through 2019.
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About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Our clients include the top companies in industries around the world as well as universities, business schools, start-ups, consulting firms and investment companies. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.
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