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The Global Food Safety Testing Market was valued at US$ 10.66 Billion in 2016 and is expected to reach US$ 19.92 Billion by 2025, projecting a CAGR of 7.40% during the forecast period, according to a new report published by Coherent Market Insights. Favorable agricultural practices, fair practices followed while manufacturing, hygiene practices, hazard analysis, and critical control point all over the world are expected to stimulate the growth of the food safety testing market at the global level. Some of the major drivers pushing the demand for the same include rising consumer awareness towards food safety, stringent government regulations on food and beverage products, and increasing trade activities across regions, among others.Factors hindering the growth of the market include less awareness among the consumers regarding various food borne diseases, the growing unorganized market, and the benefits offered through food safety in the emerging countries.
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Key Trends and Analysis of the Food Safety Testing Market:
Pathogen contaminant segment dominated the contaminant segment in 2016, according to Coherent Market Insights. Increasing awareness of pathogenic contaminated food and its adverse effects on human body is one of the major contributing factors for the growth of this segment. According to World Health Organization (WHO), over 125,000 children under 5 years of age die due to food borne diseases every year.
Based on technology, rapid technology is projected to dominate the market throughout the forecast period. Efficient, heightened accuracy, and time saving are some of the factors responsible for the high demand of rapid technology food testing.
Based on food tested, meat and poultry accounted for highest market share in 2016 and is expected to lead the market throughout the forecast period. Unprocessed meat is an ideal growth medium for pathogens like E Coli, which could have severe adverse effects on human health, if not tested properly. Due to this factor, there is a high need to check meat and poultry products for quality assessment.
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Key Takeaways of the Market:
According to Coherent Market Insights, North America dominated the global food safety testing market and was worth US$ 3.86 Billion in 2016. The region is projected to witness a CAGR of 7.28% during the forecast period. U.S. was the major revenue generator in the food safety testing market in North America in 2016 and is expected to maintain its dominance in the near future. This is due to the presence of strict government regulations imposed on food and beverage products.
Further, continuous monitoring by the Food and Drug Administration (FDA) on domestic and imported food to avoid potential risk of food borne diseases has further strengthened the growth of this market in the U.S. The demand for the same in Canada is expected to surge in the future on account of rising initiatives by the regulating bodies due to increasing E Coli related issues in the country
Asia Pacific is the fastest growing market for food safety testing. Rapid penetration of various companies operating in the field of food and beverages coupled with rising awareness among the consumers regarding food safety in this region is expected to stimulate the growth of the food safety testing market in this region. Emerging economies such as China, India, and Japan are potential markets for food safety testing. Rising demand for processed food items which is backed by the change in the lifestyle of the consumers in terms of feeding habits is expected to fuel the growth of this market in the future.
Intertek Group plc, Eurofins Scientific, SGS SA, Bureau Veritas, Det Norske Veritas, ALS Laboratory, and Bio-Rad Laboratories are some of the leading players in global food safety testing market.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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Website: https://www.coherentmarketinsights.com/market-insight/food-safety-testing-market-753
Release ID: 242682
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