“GMO testing market is projected to grow at a CAGR of 8.2%” —
The GMO testing market, estimated at USD 1.58 billion in 2017, is projected to grow at a CAGR of 8.2%, to reach USD 2.34 billion by 2022. The market is driven by factors such as the demand for high nutrition food products, consumers’ consciousness regarding GMO foods, and innovations leading to new genetically modified crops and food. The high growth potential in the European region and untapped regions provide new growth opportunities for market players. Lack of implementation of regulations and poor technical knowledge of farmers are factors that are restraining the market growth of GMO testing.
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“Stacked trait segment led the market with the largest share in 2016”
On the basis of trait, the GMO testing market is led by the stacked segment, followed by herbicide tolerance and insect resistance. Stacked trait includes various combinations of traits introduced in crops to ensure protection against insects as well as usage of harsh agrochemicals. In the Asia-Pacific region the stacked varieties also include bio-fortification traits to produce high nutrition food crops.
“U.S.: The future of the GMO testing market”
The U.S. is focusing on the increased usage of advanced technologies and a wider range of foods tested for genetically modified food safety testing. Consumer awareness regarding genetically modified foods is increasing in the importing countries of Europe and Asia. Therefore, the demand for specialized tests on processed food containing GMO srequires new technology development. Also, there is an increase in the export of genetically modified crops in the U.S. With greater applicability of genetically modified food safety testing and focus on achieving greater profits, several food manufacturers are willing to spend on genetically modified food safety testing services that can enhance the salability of products along with building brand value.
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The U.K. was the fastest-growing country-level market for genetically modified food safety testing in the world, and recorded the second highest in terms of value in the European region.
Break-up of Primaries:By Company Type - Tier 1 – 40 %, Tier 2 – 50%,Tier 3 – 10%, By Designation – C level – 40%, D level – 60%, By Region – North America - 9%, Europe – 70%, Asia-Pacific – 18%, RoW – 3%
Leading players such as Thermo Fisher Scientific, Inc.(U.S.), SGS S.A. (Switzerland), Bureau Veritas SA (France), Intertek Group Plc. (U.K.), Eurofins Scientific SE (Luxembourg), TÜV SÜD AG (Germany), Bio-Rad Laboratories, Inc. (U.S.), ALS Limited (Australia), Mérieux NutriSciences Corporation (U.S.), Asure Quality (New Zealand), Romer Labs Diagnostic GmbH (Austria), and Microbac Laboratories, Inc. (U.S.) are profiled in this report.
Research Coverage of GMO testing market:
The report focuses on genetically modified food safety testing services for different applications and regions. It aims at estimating the market size and future growth potential of this market across different segments—trait, type, technology, crop & processed food tested, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, vendor DIVE matrix, recent developments, and key market strategies.
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