The
global market for food safety testing is a highly fragmented one due
to presence of several small and medium sized companies that are
competing with large players. In 2016, the top five players in the
global food safety testing market accounted for mere 20% of the
overall share in the market and it is highly unlikely for any company
to come under consolidation. That being mentioned, the players in
operating in the global market are expected to benefit from the new
opportunities by offering premium services in the potential market
landscape of upcoming companies. Some of the key players in the
global food safety testing market include names such as Eurofins
Scientific SE, SGS SA, Thermo Fisher Scientific Inc., Bio-Rad
Laboratories, and Intertek Group Plc. among others.
The
global market for food safety testing stood at an overall valuation
of US$0.685 bn in the year 2017. However, the valuation is expected
to rise significantly and reach a figure worth US$1.3 bn over the
course of the given forecast period of 2017 to 2025. This growth is
expected to be achieved with the help an impressive CAGR of 8.9% over
the same period of forecast. The key players in the global food
safety testing market are expected to concentrate upon more attention
from the consumers by keeping a close eye on the rapidly altering
patterns of testing, enhancing their products at the same time so as
to offer precise tests. Establishing a strong brand is also projected
to aid these market players to sustain their client base.
Implementation
of Strict Rules for Food Safety to Drive Market Growth
There
are a various factors that are vital for the growth of the global
food safety testing market. One of the important factors responsible
for driving the development of the global food safety testing market
include globalization of supply chain of food. Implementation of
strict food safety rules by various regulatory agencies is also
expected to drive the overall development of the global
food safety testing market. This, backed by growing
incidences of outbreaks and diseases spread through food is also
driving the demand for ways of keeping food safer. In addition to
this, media impact on the customers is creating more awareness about
the safety of food. It is expected to considerably propel the growth
of the global market for food safety testing. Furthermore, with
upcoming new and advanced technologies which have significantly
accelerated the processes of testing is also helping in augmenting
the growth of the global market.
Lack
of Food Control Infrastructure to Hamper Market Growth
However,
there are certain factors that may have a negative impact on the
growth of the global food safety testing market. One of the key
restraining factor for the growth of the global market is the lack of
a clear infrastructure for food administration. In addition to this,
resources available for setting up a controlled food infrastructure
and related safety environment is also limited. It is also expected
to significantly hamper the growth of the global market for food
safety testing. Furthermore, there is a limited awareness among the
customers about the hazardous effects of skipping safety tests on
food.
Nonetheless,
the players in the global market for food safety testing are expected
to benefit from the new opportunities that are expected to arise in
the emerging markets as well the increasing awareness among
customers.
No comments:
Post a Comment