The food safety testing market was valued at USD 19.81 billion in 2022 and is projected to grow to USD 21.25 billion in 2023. By 2030, the market is expected to reach USD 36.01 billion, reflecting a compound annual growth rate (CAGR) of 7.82% during the forecast period.
Food safety testing encompasses various assessments conducted to evaluate the safety of food items for human consumption. These tests have become essential in the food industry as consumers worldwide are increasingly aware of food safety standards and are more cautious when purchasing packaged foods. Contributing factors to market growth include the rising incidence of foodborne illnesses and the expanding global population.
This information is detailed in the report titled Food Safety Testing Market, 2023-2030, published 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:
Increasing Incidence of Pathogen-Related Diseases Boosts Adoption of Pathogen Tests
Based on test type, the market is classified into pathogens, genetically modified organisms, allergens, chemicals & pesticides, and others. The pathogen testing segment holds the majority of the food safety testing market share due to the growing prevalence of pathogen-related illnesses and need to decrease the incidence of food-related diseases.
Growing Consumption of Protein-Rich Foods to Fuel Testing of Poultry, Meat & Seafood
Based on food tested, the market is segmented into meat, poultry & seafood, dairy products, processed foods, fruits & vegetables, and others. The meat, poultry & seafood segment is expected to capture the largest market share as the global consumption of protein-rich foods is increasing every year.
Conventional Tests Gain Traction Due to Their Higher Accuracy
The market is categorized by technology into two segments: rapid and conventional testing. The conventional testing segment holds a larger market share due to its higher accuracy compared to rapid tests.
In terms of geography, the market encompasses North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides both quantitative and qualitative insights into the market, detailing the latest trends and key industry developments, including partnerships, new product launches, and mergers. It also examines the impact of the COVID-19 pandemic on the market and assesses the regulatory landscape in major countries.
Drivers and Restraints:
Increasing Cases of Food Adulteration to Boost Product Use
Instances of food adulteration have surged globally in recent years, leading to a rise in food-related illnesses caused by chemicals and ingredients that are unsafe for human consumption. This alarming trend has prompted governments to implement stricter food safety regulations, which will, in turn, drive the demand for food safety testing solutions.
However, the growth of the food safety testing market may be impeded by a shortage of trained personnel capable of operating complex food safety testing equipment.
Regional Insights:
North America to Dominate Global Market Due to Rising Food Imports
North America is projected to lead the global market, with countries like the U.S. ranking among the top food importers worldwide. The rising volume of food imports has heightened the demand for stringent food safety regulations, which will, in turn, increase the utilization of food safety testing solutions.
Meanwhile, Europe is expected to experience stable growth in the coming years, driven by a rise in cases of acute poisoning resulting from the consumption of foods with high pesticide residues and harmful substances.
Competitive Landscape:
Leading Companies to Focus On New Product Launches and Mergers to Remain Competitive
Leading companies in the food safety testing market include Eurofins Scientific S.E., Intertek Group, Bureau Veritas, SGS S.A., and ALS Ltd. These organizations are introducing innovative and advanced testing products to strengthen their brand positions. Additionally, they are actively acquiring smaller firms to broaden their global 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.
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