The
global food safety testing market has witnessed impressive growth
over the last few years due to rising incidence of food contamination
there is a growing demand for food safety testing by food
manufacturers. Owing to increasing awareness about foodborne diseases
and various technologically advanced techniques and equipment
deployed for food safety testing, the market for food safety testing
has been treading along a healthy growth path over the past few years
and the market is expected to continue to exhibit strong growth over
the next few years as well. The vast expansion of the global food and
beverages industry, coupled with the growth of the food service
industry, has also been a key factor driving the growth of the global
food safety testing market.
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Market Research estimates that the revenue generated from food safety
testing will value at US$658.5 mn by the end of 2017. The market is
expected to exhibit a CAGR of 8.9% from 2017 to 2025, rising to a
valuation of US$1304.5 mn by the end of 2025.
In
terms of contaminants, the report segments the global food safety
testing market into pathogens, genetically modified organisms,
chemicals, and toxins. Of these, the segment of pathogens is
estimated to account for a massive 42.5% of the global market in
2017. The segment is expected to witness promising growth prospects
over the report’s forecast period chiefly owing to value the
increasing demand for testing bacteria such as salmonella and E.coli
in food products. Increasing incidences of food contamination-related
illnesses is the key factor driving this trend.
The
segment of the genetically modified organisms segment is also
anticipated to exhibit promising growth over the report’s forecast
period, charting a CAGR of 8.9% in terms of value.
An
exhaustive analysis and geographic assessment of the global
food testing safety market has demonstrated that the global
food safety testing market is largely dominated by developed
economies across regions such as North America and Europe.
Collectively, North America and Europe are expected to account for a
massive 64.6% of the global market by the end of 2017 and account for
a slightly larger share in the global market by the end of the
forecast period. Europe is presently the leading contributor of
revenue to the global market, and is estimated to hold about 36.3% of
the market by the end of 2017.
Rising
incidences of food contamination, technologically highly advanced
food testing laboratories, and stringent regulations related to food
safety in most countries in these regions contribute to the strong
positions of North America and Europe in the global food testing
safety market. While Europe holds the top spot in the global food
safety testing market, the most promising growth rate is expected to
be seen in the APAC region over the report’s forecast period. APAC
market is expected to exhibit a promising CAGR of 8.6%, attributed
chiefly to the growing food trade in this region. Furthermore,
companies are focusing on making major investments in R&D
activities, which is further driving growth of the food safety
testing sector in the region.
Some
of the leading companies operating in the global food safety testing
market are Bio-Rad Laboratories, Inc., Intertek Group Plc, SGS SA,
Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited.
Laboratory Corp. of America Holdings, AsureQuality Limited, Bureau
Veritas SA, and Scientific Analysis Laboratories Limited.
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