The
growing awareness about food adulteration among consumers has led to
the adoption of various food safety testing equipment and technology.
A burgeoning food services industry and substantial growth of the
food and beverages sector have led to the need for technologies to
monitor food safety and prevent adulteration. Over the past few
years, the rising instances of massive food recalls in various parts
of the world, especially in advanced nations such as the U.S., has
made a considerable dent in the reputation of several food companies.
This has catapulted the demand for food safety testing systems in
these regions.
In
recent years, next-generation sequencing technologies have gained
prominence over conventional methods such as polymerase chain
reactions and Elisa since they offer high-throughput food safety
testing. In terms of revenue, the valuation of the food
safety testing market is expected to reach US$658.5 mn by the
end of 2017. The market is market is projected to expand at a CAGR of
8.9% during 2017–2025.
Which
contaminant testing in food safety is expected to witness substantial
adoption of the technology?
The
major contaminants that can be tested for ensuring food safety are
pathogens, chemicals, genetically modified organisms, and toxins. The
rising consumption of thermally processes food in developed nations
and robust governmental regulations in inspection and monitoring of
processed food, such as meat, are expected to bolster the adoption of
food safety testing for pathogens. The rising demand for testing
food products for the presence of bacteria such as salmonella and
E.coli is expected to expand the opportunities in the market in the
coming years. In addition, the increasing number of food borne
illnesses has further triggered governments in various nations to
implement systems for testing pathogens. This segment is projected to
account for a substantial market share of 42.5% in 2017.
ALS
Global, a globally prominent analytical testing services provider,
announced in June 2017 that it has acquired Wisconsin-based
Marshfield Food Safety and the valuation of the deal amounted to
US$20 million. The Australian company believes that this will help
ALS to consolidate its presence in the U.S. food safety testing
market. The U.S.-based company specializes in nutrition-based testing
and offer testing of food products against salmonella. The
acquisition is considered vital for both companies as this will
expand opportunities for numerous clients in analytical testing and
inspection services for food safety.
Which
geographic regions are anticipated to provide exciting growth avenues
for market players?
The
major regional markets are North America, Latin America, Europe, Asia
Pacific, and Middle East & Africa (MEA). Of these, Europe is the
leading market for food safety testing and is expected to contribute
the major revenue of about 36.3% by the end of 2017. North America is
a prominent market, and combined with Europe, its accounts for a
whopping market share at present. Meanwhile, Asia Pacific is expected
to rise at an impressive CAGR of 8.6% during the forecast period. The
substantial growth of this regional market is propelled by massive
spending in research and development of food testing technologies and
substantial growth of food trade. The stellar demand for food safety
testing in various emerging markets of Asia Pacific is further
propelled by recent government support to adopt these technologies in
various food services premises.
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