(2018 – 2023) Global Food Safety Testing Market is Anticipated to Reach US$ 7.2% Billion by 2023
Report Title: “Global Food Safety Testing Market – Growth, Trends, and Forecast (2018 – 2023)”
Global “Food Safety Testing Market” (2018 – 2023) Report Provides Overall study of Approximate CAGR, Leading Manufacturers, Key Development, Market Dynamics and SWOT analysis for Key Players. The Food Safety Testing market is expected to register a CAGR of approximately 7.2% during the forecast period of (2018 – 2023)
Food Safety Testing Market Report Covers Leading Manufacturers: ALS Limited., AsureQuality Limited, Bio-Rad Laboratories, Bureau Veritas, Ecolab Inc., Eurofins Scientific, Intertek Group plc, Mérieux NutriSciences, Neogen Corporation, NSF Internatonal, SGS Group, TUV SUD
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The global food safety testing market was valued at USD 11,122.53 million in 2016 and is further expected to witness a CAGR of 7.2% during the forecast period of 2018–2023. Food supply and quality of food are under constant threat globally, and there is a growing demand for effective test products that can ensure food safety. The practice of food safety testing has gained considerable significance over the past years, owing to growing incidences of food-borne illnesses and poisoning by contaminated food products. This necessitates the robust and effective system in place to ensure food security as well as food safety.
Rising Healthcare Cost due to Lacunas in Food Safety Testing
Consumer choice is key for any food-based industry, as the consumers safety, health concerns, and preferences always drive the food market. The additional burden in the form of rising health-care cost and increasing out-of-the pocket expenditure on healthcare by commoners have prompted the governments and regulatory authorities to set a robust food safety policy. Consumer organizations and other non-profit government organizations are a driving force behind food safety policy. Each of these organizations advocate for food safety in a different way, while one focuses on presenting information through science and research, another focuses on showing the real-life impacts of food-borne illness on families, while yet another focuses on consumer education.
The restraining factors for the market are: microbiological testing often requires long time to get the results, which affects manufacturers and delays product marketing. Tough rapid testing has eased the testing market, but its high cost is affecting the market growth. Moreover, multiple test methodologies required by various regulations is another restraining factor for the food safety testing market.
Rising Consumer Awareness Amidst Food-borne Illness Incidences
Globally, incidences of food-borne diseases are increasing at a high rate, and the most common cause of outbreaks are Salmonella typhi, Escherichia coli, Staphylococcus aureus, Vibrio cholera, Campylobacter and Listeria monocytogenes. Over the past few years, the world saw an unprecedented outbreak of food-borne illnesses. The Centre for Disease Control and Prevention (CDCP) has reported that every year, one in 10 people fall sick due to food-borne illness, most importantly, children under five years of age are at a high risk. Major food-borne disease outbreaks have occurred in every continent in the past decade, often amplified by globalized trade. Such incidences have made companies incur heavy loss of sales and brand equity, making consumers aware about the potential health-hazards. The key players of food safety testing are now focusing on R&D in order to bring safe food to the consumers.
Pathogen-Testing Type Leads the Overall Market
With the rise in adulteration and the adverse outcome of ingested foods, such as food poisoning and food-borne illnesses, food safety has become a crucial aspect. The need to identify causes has increased. Pathogen testing dominates the food safety testing market, with fruit & vegetable testing for contaminants being the largest application area. Pathogens are harmful microorganisms that cause deterioration of food quality and trigger serious health issues. Recent concerns about microbial contaminants, such as E. coli and Salmonella, have driven the pathogen safety testing market. Pathogen testing is growing at a faster rate in the food safety testing market, due to the serious health effects of pathogens and the immediate retardation of the quality of food products.
Asia-Pacific Poised at Highest Growth Rate
North America constituted the largest food safety testing market in 2016. Regarding growth, the Asia-Pacific market for food safety testingis likely to record the fastest compounded annual rate, primarily driven by the increase in testing procedures from the potential regions of China and India. The scientific investigations/reports on outbreak of food-borne diseases in the region over the past 29 years, due to adulteration and chemical & microbiological contamination, have forced authorities to concentrate on the issue of food safety. Authorities, like Food Safety and Standards Authority of India, and China Food and Drug Administration (CFDA) have been established to take serious steps toward ensuring food safety.
• February 2018: A mobile food-testing van was launched in Hyderabad. The van was sanctioned by the Food Safety and Standards Authority of India, as part of a Central government scheme, to maintain food safety and hygiene standards, mainly in eateries.
• October 2016: SGS acquired AXYS Analytical Services Ltd. (AXYS), Sidney, British Columbia, Canada. AXYS analyses Persistent Organic Pollutants (POPs), Contaminants of Emerging Concerns (CECs) and the early development stages of the fast growing metabolomics business.
Major Players – ALS LIMITED., ASUREQUALITY LIMITED, BIO-RAD LABORATORIES, BUREAU VERITAS, ECOLAB INC., EUROFINS SCIENTIFIC, INTERTEK GROUP PLC, MÉRIEUX NUTRISCIENCES, NEOGEN CORPORATION, NSF INTERNATONAL, SGS GROUP and TUV SUD, among others.
New product launches, acquisitions, partnerships, investments, and expansions are the preferred strategic approaches adopted by most companies involved in food safety testing.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information,
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Reasons to Purchase Food Safety Testing Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
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