Tuesday, 19 March 2019

The Food Safety Testing Market to hit $24 billion by 2025: Global Market Insights, Inc.

Asia Pacific food safety testing market is anticipated to register 8% CAGR from 2019 to 2025 owing to enhanced focused on food safety, improvement in standard of living and increasing consumer spending on foods.

Market

North America holds around 39% share in the global food safety testing market in 2018. High demand for rapid technology particularly for routine testing supported by significant research & development investments is proliferating the industry share. Innovations in instrument-based testing will positively influence the market growth in the region. Also, the country observes an increase in pathogens outbreaks from raw chicken & products, meat & meat products, shell eggs, dairy products, papayas and other fruits. Stringent regulations for improving the transparency between food processors and consumers by developing the labelling norms are surging the services demand.

Global Food Safety Testing Market will cross USD 24 billion by 2025; according to a new research report by Global Market Insights, Inc. Globally, food security is at constant risk due to food adulteration & contamination, leading to outbreak of food borne diseases. The WHO estimated that diarrheal diseases have caused around 2.4% i.e. 1.4 million of the total deaths in 2016. The act of food safety testing has significantly increased over the past few years owing to growing demand for tested food products and rising interest for increasing reliability & accuracy of test solutions, that can guarantee food safety. Apart from government, consumer forums and other nonprofit organizations are playing a significant role in paving a way for food safety.

The industry observes trends such as preference towards rapid technologies such as in-house testing kits particularly for routine tests owing to advantages such as reduced time for obtaining results and improved accuracy. Also, technological upgradations related to real-time PCR and immunoassay technology will augment the food safety testing business revenues. For instance, in August 2017, Bio-Rad laboratories launched CFX Maestro, a software for real-time instruments such as PCR for data analysis, to gain competitive advantage.

Increase in demand for inspection of organic products, processed & ready-to-eat meals, and meat products is driving the food & beverages industry landscape. Growing export & imports levels of owing to favorable FDI policies, globalization, and economic development has further resulted in rise of food contamination levels.

Prevalence of traditional methods accompanied by higher cost of rapid technology can restrain the adoption of new technologies, thereby hampering the business revenues. Also, lack of infrastructure in developing economies to control the food adulterations can impact the market development.

Global food safety testing market from pathogens generated over USD 6 billion in 2018. Pathogens can be found in multiple food categories including such as meat, dairy, processed food, and fruits & vegetables, thus supporting the pathogen food safety testing demand. High occurrence of pathogens outbreaks such as listeria and salmonella in processed food and meat products is driving the market growth.

Rapid food safety testing technology holds a significant share in the food safety testing market and is forecast to witness over 7.5% CAGR up to 2025. High prevalence in North America and Europe owing to technological advancements and increasing competitiveness in the industry has surged the market growth. Increasing reliability of rapid inspection methods and reduced time for getting outcomes are propelling the industry share. However, traditional technology account for a higher share in Asia Pacific, Latin America, and Middle East & Africa owing to cost effectiveness.

Meat, poultry, & seafood dominates the global food safety testing market and is anticipated to to reach around USD 7 billion in 2025. Also, the global meat production has grown to around 320 million tonnes in 2014 as compared to 230 million tonnes in 2000 owing to increase global meat consumption per capita, health consciousness, and increasing consumer spending on processed meat products due to busier lifestyles. Contamination of meat, and meat products have resulted in serious health issues, thus enhancing the demand for tested products. Shifting trend towards processed meat products in Asia Pacific, and Middle East & Africa along with the necessity to improve the regulatory framework on food safety will drive the business expansion.

The global food safety testing market is moderately fragmented with presence of many multinationals and regional players. The key industry participants include Eurofins Scientific, SGS AG, Bureau Veritas S.A., Idexx Laboratories Inc., Neogen Corporation, Intertek Group PLC, and Bio-Rad Laboratories. The key strategies observed in the industry include mergers & acquisitions, strategic R&D investments, and geographic expansions to enhance business revenues.

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