Global food testing market overview and outlook
- The food safety testing market is forecast to grow at a CAGR of ~10% during the next five years, driven by growth in demand for convenience and packaged foods, increase in outbreaks of chemical contamination in food processing industries, and the rise in consumer awareness about food safety
- Within the various food segments being tested, currently the market is dominated by the meat and poultry segment, followed by dairy and dairy products and processed foods; going forward, this segment along with the fruits and vegetables segment is expected to grow at a faster pace compared to other segments
- Within regions, Europe accounts for the largest share in the food testing market, which is mainly attributable to stringent regulatory measures aimed at ensuring complete food safety for the population
- Going forward, Asia Pacific will likely grow at a rate exceeding that of other geographies, on account of growing international trade which has necessitated food testing standards to be implemented across countries
- Governments from different countries in the region have put various regulations in place for consumers, producers, and regulators to ensure optimum food safety and quality which in turn is fueling food safety testing market
- The global food safety testing market is moderately fragmented owing to the presence of many regional service providers and multinational players
- Key players operating in the market include Bureau Veritas S.A., Bio-Rad Laboratories, ALS Limited, Neogen Corporation, and Intertek Group PL
Market Growth Drivers and Trends
Key factors driving the global food testing market are:
- Stringent food safety regulations
- Globalization in food trade
- Rise in consumer awareness about food safety
- Technological advancements in testing industry
Potential Challenges
Key factors likely to restrain or slow down growth in the global food testing market:
- Limited supporting infrastructure in developing countries
- Prevalence of traditional methods coupled with higher cost of rapid technology
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Global Food Testing Market Research Scope
The base year of the study is 2019, with forecast done up to 2024. The report provides a detailed assessment of the global food testing market, including insights on the market dynamics, key drivers, challenges, regulations impacting the market, technology assessment and value chain analysis.
We have also estimated the current market size for food testing market globally and by geography and end-use industry; 5-year outlook of the market, factors driving growth along with regional insights and trends
The study also presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the global food safety testing market.
Author – Prasanth R Krishnan
Associate Director – Operations
Connect to the author of the report at reports@avalonglobalresearch.com or contact us at https://www.agrknowledge.com/contact-us