The food safety testing market, valued at USD 19.81 billion in 2022, is forecasted to grow to USD 21.25 billion in 2023 and is projected to reach USD 36.01 billion by 2030, registering a compound annual growth rate (CAGR) of 7.82% over the forecast period.
Food safety testing involves a range of evaluations designed to ensure that food products are safe for human consumption. These assessments have become increasingly vital in the food industry due to heightened consumer awareness of food safety standards and greater caution around packaged foods. Key drivers of market growth include the rising prevalence of foodborne illnesses and the growing global population.
This analysis is presented in the report Food Safety Testing Market, 2023-2030 by Fortune Business Insights™.
Information Source: https://www.fortunebusinessinsights.com/food-safety-testing-market-108286
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- ALS Limited (Australia)
- AsureQuality Ltd (New Zealand)
- Bio-Rad Laboratories, Inc. (U.S.)
- Bureau Veritas (France)
- Deibel Laboratories (U.S.)
- Eurofins Scientific SE (Luxembourg)
- Intertek Group PLC Solutions (U.K.)
- Mérieux NutriSciences (U.S.)
- SGS S.A. (Switzerland)
- Thermo Fisher Scientific Inc. (U.S.)
Segmentation:
Rising Incidence of Pathogen-Related Diseases Drives Demand for Pathogen Testing
The market, based on test type, is divided into pathogens, genetically modified organisms, allergens, chemicals & pesticides, and others. The pathogen testing segment dominates the market share, driven by the increasing prevalence of pathogen-related illnesses and the critical need to mitigate foodborne diseases.
Increasing Demand for Protein-Rich Foods Spurs Testing in Meat, Poultry, and Seafood
By food type, the market is segmented into meat, poultry & seafood, dairy products, processed foods, fruits & vegetables, and others. The meat, poultry & seafood segment is projected to hold the largest market share, fueled by the rising global demand for protein-rich diets.
Conventional Testing Gains Popularity for Superior Accuracy
The technology segment is categorized into rapid and conventional testing methods. Conventional testing continues to lead due to its higher accuracy compared to rapid testing techniques.
Regional Insights: Market Spread Across Key Geographies
Geographically, the market spans North America, Europe, Asia Pacific, South America, and the Middle East & Africa, with each region contributing uniquely to market growth.
Report Coverage:
The report offers a comprehensive analysis of the market, combining quantitative and qualitative insights. It highlights the latest trends and significant industry developments, such as partnerships, new product launches, and mergers. Additionally, the report explores the impact of the COVID-19 pandemic on the market and evaluates the regulatory frameworks across major countries.
Drivers and Restraints:
Increasing Cases of Food Adulteration to Boost Product Use
The global rise in food adulteration cases has led to an increase in food-related illnesses caused by harmful chemicals and unsafe ingredients. This concerning trend has compelled governments to enforce stricter food safety regulations, fueling the demand for food safety testing solutions.
Nevertheless, the market's growth could face challenges due to a shortage of skilled professionals equipped to handle sophisticated food safety testing equipment.
Regional Insights:
North America to Dominate Global Market Due to Rising Food Imports
North America is anticipated to dominate the global food safety testing market, with the U.S. being one of the largest food importers worldwide. The growing volume of food imports has intensified the need for robust food safety regulations, thereby boosting the adoption of food safety testing solutions.
In contrast, Europe is expected to witness steady growth, propelled by an increase in cases of acute poisoning caused by consuming foods containing high levels of pesticide residues and other harmful substances.
Competitive Landscape:
Leading Companies to Focus On New Product Launches and Mergers to Remain Competitive
Prominent players in the food safety testing market include Eurofins Scientific S.E., Intertek Group, Bureau Veritas, SGS S.A., and ALS Ltd. These companies are focused on launching innovative and advanced testing solutions to enhance their brand positioning. Furthermore, they are actively engaging in acquisitions of smaller firms to expand their global footprint and strengthen their market presence.
Notable Industry Development:
February 2023: ImagoAI, an A.I. food-tech company, launched a new and affordable rapid mycotoxin test. The test claims to offer results in 30 seconds for corn silage and corn mycotoxins.
Comments
0 comment