San Francisco, CA -- (SBWIRE) -- 05/17/2019 -- Food Safety Testing Market: Snapshot
The food safety testing market has become a crucial part of the growing food and beverage industry around the world in recent years. The key factor responsible for the rapid growth of the food safety market is the variety of food purchasing and consumption options now available to urban consumers, which has led to a corresponding reaction from regulatory bodies. The rapid evolution of the food and beverage industry to cater to the changing demographic patterns around the world is likely to ensure strong growth of the food safety testing market in the coming years.
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The rising number of pathogen outbreaks due to food poisoning is likely to be a prime driver for the global food safety testing market in the coming years. Steady globalization of the food and beverage industry has resulted in rising demand for long-distance shipping of food products, which leaves significant scope for pathogenic contamination. This has forced several innovations in the food packaging industry in recent years in order to minimize the interaction of the food with its environment. Complementing this, the food safety testing market has grown by leaps and bounds to accommodate the rising number of new players in the lucrative food and beverage industry.
Regionally, North America and Europe are likely to remain the leading contributors to the global food safety testing market. The processed food industry has grown rapidly in these regions due to the widespread prevalence of an affluent urban demographic and popularity of processed food. The popularity of junk food in the U.S. is a key driver for the North America food safety testing market, along with the growing demand for exotic fruits, which entail international shipping.
Food Safety Testing Market: Overview
Food safety is extremely crucial for all types of foods to ascertain that they are suitable for human consumption. This includes processed or canned foods as well as farm-fresh products. The entry of contaminant or chemicals at any stage of the food value chain right from procuring raw materials to production till it reaches the consumers can lead to food poisoning, thereby necessitating the testing of such toxins.
Food Safety Testing Market: Key Trends
The global food safety testing market is displaying steady growth due to strict food safety stipulations, increasing consumer awareness about the importance of consuming safe food, and an increasing number of food poisoning flare-ups. The increasing globalization practices in food supply trade that has high chances of entry of contaminants is expected to present further opportunities for the food safety testing market. According to the World Health Organization, in 2014, over 2.5 million deaths were recorded from diarrheal diseases due to food contamination.
Moreover, increasing consumer affordability and changing lifestyle displays positive indication for the processed food industry, thereby positively influencing the market's growth. Processed food products, bakery, ready to eat meals, preserved and canned food, and infant diet that have inherent contaminant retention nature need to adhere to food safety norms. Under-cooking, improper handling or improper storage are other factors that lead to contamination of these foods.
In developed countries, FDA and EU compliances give authority to consumers to trace the value chain of products, which will favor the industry's growth. This allows consumers to track an unwanted substance that may have entered the value chain at some point.
Food Safety Testing Market: Market Potential
Capacity expansion and mergers and acquisitions are strategic moves that players in this market are focused on for growth. In a recent industry development, SGS S.A., a leading bioanalytical contract solutions provider has announced the expansion of its elemental analysis testing capabilities of its facility located at Villeneuve-la-Garenne, France. The company has invested in a brand new inductively coupled plasma mass spectrometry system in order to address the latest ICH Q3D regulatory guidelines for elemental impurities.
In another major industry development, Eurofins Scientific has acquired ASL Análises Ambientais, which is a Brazilian major for environmental testing services.
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Food Safety Testing Market: Regional Outlook
The global food safety testing market can be analyzed with respect to the regional segments of North America, Europe, Asia Pacific, and Rest of the World. In North America, the U.S. accounted for a considerable revenue contribution to the market. The high medical expense incurred due to contaminant illness and development of the genetically modified organism (GMO) food industry that need to adhere to food safety standards are stimulating growth.
The U.K. and Germany account for a significant revenue contribution to the Europe market for food safety testing. In the U.K., almost one million individuals suffer from contaminant illnesses and more than 20 thousand individuals receive hospital treatment because of foodborne illness every year. Efforts from governments as well as consumers to reduce such outbreaks are supporting the regional market's growth.
The high degree of food safety compliances that exist in Europe and North America is positively influencing the China food safety testing market to retain export trade.
Food Safety Testing Market: Competitive Landscape
Some of the leading players in this market include Eurofins Laboratories, Idexx Laboratories, ALS Laboratory, and Bio-Rad Laboratories. The food safety testing market features a high to moderate degree of competition due to the presence of a number of small-sized and large-sized firms. Top players in the market are focused on acquisitions and expansions to stay competitive in this market.
The study presents reliable qualitative and quantitative insights into:
Market segments and sub-segments
Market trends and dynamics
Supply and demand chain of the market
Market valuation (revenue and/or volume)
Forces defining present and estimated future state of the competitive landscape
Value chain and stakeholder analysis
Highlights of the report:
A detailed analysis of key segments of the market
Recent developments in the market's competitive landscape
Detailed analysis of market segments up to second or third level of segmentation
Historical, current, and projected future valuation of the market in terms of revenue and/or volume
Key business strategies adopted by influential market vendors
Outline of the regulatory framework surrounding and governing numerous aspects of the market
Growth opportunities in emerging and established markets
Recommendations to market players to stay ahead of the competition