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Rapid segment is expected to register CAGR of over 7.5% up to 2025. Rising demand for rapid methods with a high level of accuracy and reliability will foster new opportunities for segment growth. Increasing acceptance of rapid food safety testing methods such as convenience-based, PCR-based techniques, and immunoassay that provide faster results in the detection of pathogens compared to the traditional method will supplement the market.Meat, poultry, & seafood segment dominated the food safety testing market accounting for over 25% of the overall demand in 2018. Growing concerns regarding the microbiological limit in meat and poultry driving market expansion. Key factors including improper hygiene conditions and inappropriate cleaning procedures at slaughter homes have resulted increased contamination of the products. Increasing prevalence of foodborne diseases caused by the pathogenic bacteria will support the product demand in projected timeframe.
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Asia Pacific segment is expected to register CAGR of over 7% up to 2025. Increasing number of poisoning outbreaks with consumption of contaminated meat will boost the demand for the product across the region. Globalization of the supply chain and rise in the critical sanitation issues have resulted in the imposition of stringent regulations in the region, this will further steer the product demand.
Major players in the food safety testing market include Neogen Corporation, Aegis, ALS Limited, Intertek Group PLC, Asurequality Limited and Bio-Rad Laboratories. Increasing R&D investments, mergers, acquisitions, joint ventures are some of the key strategies for expanding and building the business among the testing companies. For instance, in December 2016, ALS Limited announced the acquisition of Alcontrol UK Limited, a provider of analytical services for the expansion of its presence in Europe and strengthening the company's life sciences business.
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Rapid advancements in the safety testing methods including microbiological testing using advanced analytical techniques and enzyme-linked immunosorbent assay (ELISA) methods for checking the adulteration levels will support the business expansion. Increase in the number of outbreaks related to contamination and fraudulent practices across the processing industries will provide new growth opportunities.
Stringent government policies, standards and regulations pertaining to facility inspections at the manufacturing facilities and application of financial penalties and legal actions in case of violations of standards are playing a significant role in supplementing the market growth. For instance, health organizations such as FDA and the FSSAI have been encouraging the manufacturers for patent registration and adherence to guidelines, this will further boost the product usage.
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Pathogens segment dominated the food safety testing market and accounted for over 40% of the overall demand in 2018. Increasing consumer consciousness regarding healthy eating habits coupled with the growing level of foodborne illnesses due to contamination will augment the segment growth. Manufacturers are introducing new kits with advanced features for expanding their market share. For instance, in February 2019, LexaGene Holdings Inc. announced to introduce genetic testing technology that is capable of detecting more than 12 categories of pathogens with a higher degree of accuracy and comparatively less time and lower cost.
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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/food-safety-testing-market
Release ID: 88890564