The food safety testing market is estimated to be valued at US$ 39.8 Bn by 2030. Growing consumer alertness regarding safety and quality of food is projected to play a key role in market development
Major market players are focused on reformation of food certification processes by simplifying documentation and data logging
ALBANY, N.Y., Sept. 15, 2021 /PRNewswire/ -- Government bodies of many countries around the world are growing efforts to advance safety measures and quality of food products. This factor is anticipated to drive sales opportunities in the global food safety testing market in the upcoming years.
Analysts at Transparency Market Research (TMR) note that the global food safety testing market would expand at a CAGR of 8.1% during the forecast period of 2020–2030. The increased demand for food safety labels is expected to create promising growth opportunities in the market in the near future.
Food Safety Testing Market: Key Findings
Introduction of Innovative Technologies to Restructure Food Safety Testing Processes
With the introduction of various regulations on food safety, companies in the food industry are compelled to fulfill these regulations, which insure quality of their products. This factor is driving the demand for innovations and food safety testing activities.
Increase in Health, Wellness Trend to Boost Market Growth
The growing health awareness among major share of the global population is leading to increased spending on fitness activities and well-being. Thus, they are carefully selecting proper and protein-rich diet. This trend of food fortification is likely to impact the market growth positively.
Food Safety Testing Market: Growth Boosters
Growing popularity of gluten-free snacks and bakery products manufactured using vitamin and protein ingredients is offering growth avenues in the market for food safety testing
In recent years, the food industry has experienced increased demand for nutritional food and functional food products. Growing trend of consuming food products that are clean and safe is observed in recent years. These factors are likely to generate new growth opportunities in the food safety testing market in the upcoming years.
Europe is a dominant region in the food safety testing market, and it is expected to continue to lead the market during the forecast period
Adoption of food safety testing practices is increasing, owing to the globalization of food industry and food supply chain industry
Different food-related regulations in many North American and European countries, which are key importers of raw materials required for food production, are stringent. This factor compels exporters from other regions to perform tests on their food products before exporting to these regions. This growth in import/export activities across the global food industry is likely to create lucrative avenues for players in the food safety testing market.
Major players in the global market are increasing their participation in merger and acquisition activities in order to expand into newer geographies. The market is witnessing majority of merger and acquisition activities in MEA and Asian countries.
Companies engaged in the food safety testing market are growing their investments in R&D activities for product innovations. In addition, they are incorporating innovative manufacturing technologies such as AI.
Food Safety Testing Market: Key Players
The report profiles key players working in the food safety testing market. Thus, the research document provides all important data including company overview, product portfolio, financial overview, recent developments, and business strategies of each player operating in the market.
The list of key players in the food safety testing market includes the following:
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