FREMONT, California, May 21, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'Global Food Safety Testing Systems & Services Market - Analysis and Forecast (2018-2022)', the global food safety testing systems & services market is expected to reach $19.6 billion by 2022, growing at a CAGR of 7.7% from 2017 to 2022. The robust growth in the market is attributed to the growing outbreak of foodborne illness, advancements in the usage of the latest technology for the food safety testing, stringent regulations, and globalization of food supply.
Browse more than 73 Data Tables and 192 Figures spread through 313 Pages and in-depth TOC on "Global Food Safety Testing Systems & Services Market"
The high growth in the market is driven by the rising awareness among the consumers about the use of safe food products along with the need to protect the environment. Further, the increasing concerns over global food security and sustainability have led to extensive investments by the governments across the globe. The key players in the global food safety testing systems & services market are working upon different patterns of testing and enhancing their technology to provide better testing solutions. Some of the most established system providers in the industry are 3M, Thermo Fisher, BioMerieux, Merck, Agilent Technologies and Bio-Rad Laboratories, among others. Key service providers operating in the industry are SGS, Bureau Veritas, Intertek, TUV SUD, AsureQuality, Eurofins, and ALS Ltd.
According to Sonali Mazumdar, analyst at BIS Research, "In 2017, the PCR technology dominated the global food safety testing systems & services market by technology with a market share of 31.9%. However, during the forecast period, inductive coupled plasma (ICP) technology is expected to display the fastest growth rate. These technologies are used in various applications in the food industry and are used to check upon the type, count, and metabolites of microorganisms which are related to food spoilage, preservation, fermentation, safety, and foodborne pathogens." Increasing rate of adoption of the rapid technology among the food manufacturers and laboratories coupled with the increasing foodborne illness are the factors supporting the growth of the market."
By target tested segment, pathogens dominated the food safety testing systems & services market due to the shift from traditional methods to high price rapid technology-based solutions. However, during the forecast period, the Genetically Modified Organism (GMO) testing market is expected to display the fastest growth rate. The production of GMO crops is on the rise because of the increased nutritional demand of the crop which in turn leads to the rise in the GMO safety testing market. Moreover, rising stringent regulations for GMO testing and condemnation of the genetically modified (GM) foods are the key driving factors in the European and North American region. By food type tested segment, meat & poultry testing systems & services market generated the highest revenue in the year 2017, followed by dairy and processed foods. However, rising consumer preferences for seafood and other aquaculture products and the growing role of stringent regulations in the market are expected to boost the seafood testing services market over the next five years.
The key players operating in this market have increased the number of mergers & acquisitions over the recent years, to generate public awareness about their existing and new products and technologies and to compete with the competitors' product portfolio. This strategy has been the most widely adopted one by the players in this market. For instance, in November 2017, Eurofins Scientific acquired Spectro Analytical Labs Ltd. to expand their testing services in India. The key established players in the market are focusing on mergers & acquisition strategy to enter into new ventures and technologies which will help in enhancing their existing product portfolio.
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This report is a meticulous compilation of research on more than 100 players in the food safety testing ecosystem and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 20 companies which include 3M, ALS Ltd., AsureQuality Ltd., Bio Rad Laboratories, BioMerieux, Merck, Neogen Corporation, Qiagen, SGS SA, Eurofins Scientific, Intertek Group plc., Bureau Veritas SA, Mérieux NutriSciences, Microbac Laboratories, Inc., Genetic ID NA, Inc., and TUV SUD, among others.
Key questions answered in the report:
- What was be the size, in terms of value ($million) of the food safety testing systems & services market in 2017 and what will be the growth rate during the forecast period 2018-2022?
- What is the market size for food safety testing systems & services for different types of target tested including pathogens, residue, toxins, allergens, GMO, and others?
- What was the revenue generation of food safety testing systems & services for different food tested in 2017 and what is their growth prospect?
- What is the market size of different technologies in food testing with their respective growth prospects and the key developments?
- What is the food safety testing systems & services market size for different regions on the basis of various target tested and food tested?
- What are the key trends and opportunities in the market pertaining to countries included in different geographical regions?
- How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of food safety testing?
- What are the major driving forces that tend to increase the demand for food safety testing systems & services during the forecast period?
- What are the major challenges inhibiting the growth of the global food safety testing systems & services market?
- What kind of new strategies is being adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the food safety testing market by analyzing through market share analysis for both the systems manufacturers and service providers?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on Healthcare, Automotive, Aerospace and Agriculture and other key industries that are seeing rapid technological disruption.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
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