Food Safety Testing Market Analysis 2018-2023 Eurofins, SGS SA, Intertek Group PLC, Bureau Veritas S.A., ALS Limited, Microbac Laboratories, Inc, Bureau Veritas SA, Neogen Corporation, SCS Global Services and many more…
The total food safety testing market is valued at USD 12.9 billion as on 2017 and is anticipated to reach USD 20 billion by the end of 2023, growing at a CAGR of 7.5%. The main growth driving factors include stringent international standards and regulation, improvements in food safety, performance and quality, continuous food inspection, and advances in food testing technologies. Factors like increasing incidences of foodborne illness, globalization of food supply chain management, easy accessibility of advanced Rapid Technologies and increasing awareness about chemical contamination in food industrial sector are the prime drivers that fuels the growth of the Global food safety testing market. In addition, the strict government rules and norms coupled with the increasing demand of ready to eat food products are also responsible in driving the need for testing of food products that are available in the market.
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Food Safety Testing
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However, the expensive cost of food safety testing services along with the lack of food safety infrastructure in developing regions are expected to hamper the growth of this market. Moreover, the long and time consuming testing processes, and lack of standardization in sample collection serves to be the major challenges of safety testing market. The growing consumer awareness about food safety and its methods coupled with the increasing count of capital investments are anticipated to create great opportunities for food safety testing market in the developing countries.
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The food safety testing market is segmented on the basis of contaminants, testing technologies, end users and region. On the basis of contaminants this market is further fragmented into the pathogens, toxins, genetically modified organisms (GMO), pesticides and others. The pathogen category for the elaborated into E. Coli, Campylobacter, Listeria, Salmonella and Other. Among which, the pathogen segment is expected to have the largest Market share in 2017; due to its major role in making the food toxic and degrading the food quality. Moreover, the increasing prevalence of foodborne illness and other conditions are further expected to propel the growth of this market.
On the basis of testing technologies, the food safety testing market is classified into chromatography, culture media, rapid assays, emerging technologies, biosensors or biochips and others. Chromatography is expected to dominate the market during the forecast period, accounting to the increasing research and development activities, technical advancements in food safety processes and optimization of food testing methods. However, the applications of biosensors or biochips is further expected to create awareness about food safety measures and thus it is responsible for fueling the growth of food safety testing market.
On the basis of end users the food safety testing market is fragmented into meat & poultry, dairy products, processed food, seafood, beverages, fruits & vegetables, and others. Processed foods led this market during the base years, but the increasing consumption of meat and poultry products is expect to hold the largest market share during the forecast. As meat and poultry products are more susceptible to contamination. However, the adoption of Hazard Analysis Critical Control Points or HACCP in slaughterhouse and processing plants prevents the contamination of food products and assures the delivery of quality food products to the consumers.
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The leading major players in the market are Eurofins, SGS SA, Intertek Group PLC, Bureau Veritas S.A., ALS Limited, Microbac Laboratories, Inc, Bureau Veritas SA, Neogen Corporation, SCS Global Services, Microbac Laboratories, Laboratory Corporation of America Holdings, Mérieux Nutrisciences, Asurequality Ltd., Romer, Labs Division Holding GmbH, and Genetic ID NA, Inc.
Secondary Research:
Our research methodology involves in-depth desk research using various secondary sources. Data is gathered from association/government publications/databases, company websites, press releases, annual reports/presentations/sec filings, technical papers, journals, research papers, magazines, conferences, tradeshows, and blogs.
Key Data Points through secondary research-
· Macro-economic data points
· Import Export data
· Identification of major market trends across various applications
· Primary understanding of the industry for both the regions
Competitors analysis for the production capacities, key production sites, competitive landscape
· Key customers
· Production Capacity
· Pricing Scenario
· Cost Margin Analysis
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