PORTLAND, Oregon, August 30, 2018 /PRNewswire/ --
Increasing cases of foodborne illnesses due to food contamination and rising consumer inclination toward better quality & safe food are expected to fuel the demand for pathogen testing in the global food safety testing market by the end of forecast period
Allied Market Research published a report, titled, Food Safety Testing Market by Contaminant (Pathogens, Genetically Modified Organisms (GMO), Chemicals & Toxins and Others), Food Tested (Meat & Meat Products; Dairy & Dairy Products; Cereals, Grains, and Pulses; Processed Foods; and Others), Technology (Agar Culturing, PCR-Based Assay, Immunoassay-Based, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report has been prepared based on a thorough market analysis using crucial inputs from industry experts. It offers an in-depth study of the market size and share, market dynamics such as drivers, restraints, and Porter's five forces analysis, key investment pockets, market forecast, and key players providing solutions in the industry. According to the report, the global food safety testing market was valued at $13.14 billion in 2017 and is estimated to reach $23.20 billion by 2025, registering a CAGR of 7.3% from 2018 to 2025.
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Increase in economically motivated adulterations (EMA) due to high competition and rise in incidence of food frauds as well as various regulations on food safety especially in the developed economies are identified as the key factors responsible for the robust growth of the food safety testing market. However, high cost of food safety testing, lack of food control infrastructure in the developing economies, complexity in testing techniques, and lack of harmonization of regulations hinder the growth of the market. Furthermore, improving stringency of food safety regulations and trend of globalization in food supply trade are expected to provide lucrative opportunities to the market players in future.
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Chemicals & toxins to take over pathogens by 2025
The report segments the market based on contaminant into pathogens, genetically modified organisms (GMO), chemicals & toxins, and others. The pathogens segment held about 42% of the total market share in 2017 and is projected to maintain its lead position through 2025, which is followed by the genetically modified organisms (GMO) segment. However, the chemicals & toxins segment is estimated to grow at the fastest CAGR of 8.10% during the forecast period.
Processed food segment to continue maintaining its lion's share through 2025
Based on the food tested, the report segments the global market into meat & meat products, dairy & dairy products, cereals, grains & pulses, processed food, and other ingredients. The processed food segment contributed about one-third share of the total market in 2017 and would continue to maintain its dominance through 2025. In terms of growth, the meat & meat products segment is likely to grow at the fastest CAGR of 7.90%, making it a profitable area for industry players.
PCR-based assay to contribute nearly half of the market share
The technologies discussed in the report include agar culturing, PCR-based assay, immunoassay-based, and others. The PCR-based assay segment contributed nearly half of the overall market share in 2017 and is expected to maintain its lead position through 2025, contributing a revenue of $11,487 million.
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Asia-Pacific to be the fastest-growing region through 2025
Geographically, the report offers a thorough market analysis for regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). North America generated the highest revenue in 2017 and is expected to maintain its leading position through 2025. However, Asia-Pacific is projected to lead in terms of growth through 2025, registering a CAGR of 9.1% from 2018 to 2025.
Frontrunners of the global industry
The market players analyzed in the study include SGS SA, Eurofins scientific, Intertek Group Plc., Bureau Veritas SA, ALS limited, TUV SUD, AsureQuality Ltd., DNV GL, Bio-Rad Laboratories, and Laboratory Corporation of America Holdings. Furthermore, the report includes strategies, such as partnerships, new product launches, mergers & acquisitions, collaborations, and others, which have been adopted by market players to gain a strong foothold in the industry.
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Processed Food Segment to Maintain its Lion's Share through 2025
Asia-Pacific to Grow at the Fastest CAGR of 9.1% in the Global Food Safety Testing Market by 2025
SOURCE Allied Market Research