Food Safety Testing Market (Contaminants- Pathogens, Genetically Modified Organisms, Chemicals, and Toxins; End-use - Food, Agriculture, and Environment; Technology - q-PCR and d-PCR) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 06/09/2017 -- The global market for food safety testing has a largely fragmented vendor landscape, featuring the presence of a large number of small and large service providers, and the top five companies collectively holding only about 20% of the overall market in 2016, says Transparency Market Research in a recent report. It has also been observed that premium service providers are exploring growth avenues in high-potential markets, hinting towards a possible rise in the level of consolidation of the market over the next two to three years.
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Key players in the market have emphasized on garnering the attention of the consumers by keeping pace with their ever-changing testing patterns. Product innovation to perform more accurate tests has seen an increasing demand from the supply side, to increase the brand appeal and also to provide better services, which is one of the most important parameters considered by consumers. Some of the leading players in the market are Bio-Rad Laboratories, Inc., Intertek Group Plc, SGS SA, Eurofins Scientific SE, and Thermo Fisher Scientific, Inc.
Transparency Market Research estimates that the market will exhibit a promising 8.9% CAGR over the period between 2017 and 2025, rising to a valuation of US$1304.5 mn by the end of 2025 from an estimated US$658.5 mn by the end of 2017.
Europe to Continue Holding Massive Share in Global Market's Revenue
In terms of geography, the food safety testing market in Europe is expected to dominate the global market in terms of revenue contribution throughout the report's forecast period. The regional market is expected to exhibit a promising CAGR of 9.3% over the report's forecast period, continuing to retain its top spot in terms of revenue contribution as well as rate of growth as compared to other regional markets. In terms of type of contaminants, including pathogens, genetically modified organisms, chemicals, and toxins, the global market is expected to be dominated by the segment of pathogens over the forecast period. The segment is estimated to account for 42.5% of the global food safety testing market in 2017.
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Rising Instances of Food Contamination to Remain Key to Demand
A number of factors have contributed towards establishing the market for food safety testing as one of the most important segment of the global food and beverages industry in the past few years. Factors such as the rising incidences of food contamination, the consecutive rise in demand for food safety testing tools and mechanisms from food manufacturers, and the rising production of genetically modified organisms-based foods and food products have helped the market thrive across the globe.
The rising increasing awareness about foodborne diseases and various technologically advanced techniques and equipment deployed for food safety testing is also boosting the market. The vast rise in the population of individuals that are highly susceptible to food contaminations, including children aged five years and below, geriatrics, and people suffering from chronic disease such as diabetes, cancer, and AIDS, is also contributing to the overall development of the global good safety testing market. "According to a report by the World Health Organization (WHO), over 600 million people globally across the globe suffered from foodborne diseases or food contamination in 2010," notes the lead author of the report.
Lack of Uniform Regulatory Guidelines to Hamper Growth Prospects
Despite having excellent growth opportunities, certain factors could hamper the growth of the global food safety testing market over the forecast period. These include the lack of uniformity in global regulatory guidelines and the lack of adequate infrastructure and testing laboratories in developing countries. Different regions have different guidelines for trading of consumer goods including food and feed, agricultural products, and other products. This is expected to adversely affect the growth of the global food safety testing market. Also, owing to the allocation of low budget and resources to food testing laboratories in developing countries, upgrades to food testing equipment and software are not easily achieved. This factor could also hamper the growth of the global food safety testing market to a certain extent.
This review of the global food safety testing market is based on a recent market research report published by Transparency Market Research, titled "Food Safety Testing Market (Contaminants- Pathogens, Genetically Modified Organisms, Chemicals, and Toxins; End-use - Food, Agriculture, and Environment; Technology - q-PCR and d-PCR) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
For the study, the market has been segmented as follows:
Global Food Safety Testing market - By End-use
Meat, Poultry & Sea Food
Bakery & Confectionery
Fresh & Frozen Fruits & Vegetables
Pesticide & Residue Analysis
Global Food Safety Testing market - By Technology