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.
San Francisco, CA -- (SBWIRE) -- 07/24/2017 -- 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.
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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.
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In another major industry development, Eurofins Scientific has acquired ASL Análises Ambientais, which is a Brazilian major for environmental testing services.
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.
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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.
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