The food safety testing market is projected to grow at a CAGR of 7.60% between 2017 and 2022
The global food safety testing market was valued at USD 12.01 billion in 2016, and is projected to reach a value of USD 18.54 billion by 2022, growing at a CAGR of 7.60% from 2017. The food safety testing market is driven by the global rise in foodborne outbreaks, advancements in testing technologies, globalization of food supply, and stringent international food safety regulations. The lack of food control infrastructure & resources in developing countries and lack of awareness about food safety regulations among food manufacturers have been considered as the restraining factors for the market.
Rapid technologies are projected form the faster-growing segment during the forecast period
One of the major drivers for the growth of rapid technologies is their multifunctional nature to offer time-efficient and flexible testing options to end users. The increasing significance of rapid technologies offering easy-to-use, efficient, and quick results has greatly enhanced their functionality. Incorporating rapid technologies provides their end users with increased quality and turnaround time for each test.
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GMOs are projected be the fastest-growing targets tested for food safety during the forecast period
One of the drivers for the growth of GMOs segment is the rise in consumer concerns about genetically modified organisms in food. Strict food regulations, globally, have made GMO testing a mandatory requirement in several countries. Also, consumers in developed countries such as the US demand more organic food and non-GMOs products, which will further drive the market for GMO testing.
Asia Pacific is projected be the fastest-growing region for food safety testing during the forecast period
Asia Pacific is projected to be the fastest-growing region from 2017 to 2022, due to its large market base for food & beverages, improved standards of living due to the rise in income levels, increased awareness about food safety, and growth in the number of food safety testing companies in the region.
Break-up of Primaries:
- By Company Type – Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation – C level: 25%, Directors: 30%, and Others*: 45%
- By Region – North America: 20%, Europe: 25%, Asia Pacific: 45%, and RoW: 10%
*Others include sales managers, marketing managers, and product managers.
Leading players profiled in this report are as follows:
- SGS SA (Switzerland)
- Eurofins Scientific (Luxembourg)
- Intertek Group plc (UK)
- Bureau Veritas SA (France)
- ALS Limited (Australia)
- Mérieux NutriSciences (US)
- TÜV SÜD (Germany)
- TÜV Nord Group (Germany)
- AsureQuality Ltd (New Zealand)
- Microbac Laboratories, Inc. (US)
- Genetic ID NA, Inc. (US)
- Laboratory Corporation of America Holdings (US)
Research Coverage:
The food safety testing market has been segmented on the basis of technology, food tested, and target tested, which are further divided into their respective subsegments. It has also been segmented on the basis of region into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In terms of insights, this research report has focused on various levels of analyses—industry analysis, company profiles of top players, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the food safety testing market, high-growth regions, countries, drivers, restraints, and opportunities.
Reasons to buy this report:
- To get a comprehensive overview of the global food safety testing market
- To gain wide-ranging information about the top players in this industry, their service portfolios, and key strategies adopted by the players
- To gain insights about country- and region-based market trends and growth prospects in the food safety testing market
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