Global Food Safety Testing Market: Increasing Awareness among Consumers and Reduced Time for Testing to Propel Market Growth
Albany, NY -- (SBWIRE) -- 03/14/2018 -- The global market for food safety testing is a highly fragmented one due to presence of several small and medium sized companies that are competing with large players. In 2016, the top five players in the global food safety testing market accounted for mere 20% of the overall share in the market and it is highly unlikely for any company to come under consolidation. That being mentioned, the players in operating in the global market are expected to benefit from the new opportunities by offering premium services in the potential market landscape of upcoming companies. Some of the key players in the global food safety testing market include names such as Eurofins Scientific SE, SGS SA, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, and Intertek Group Plc. among others.
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The global market for food safety testing stood at an overall valuation of US$0.685 bn in the year 2017. However, the valuation is expected to rise significantly and reach a figure worth US$1.3 bn over the course of the given forecast period of 2017 to 2025. This growth is expected to be achieved with the help an impressive CAGR of 8.9% over the same period of forecast. The key players in the global food safety testing market are expected to concentrate upon more attention from the consumers by keeping a close eye on the rapidly altering patterns of testing, enhancing their products at the same time so as to offer precise tests. Establishing a strong brand is also projected to aid these market players to sustain their client base.
Implementation of Strict Rules for Food Safety to Drive Market Growth
There are a various factors that are vital for the growth of the global food safety testing market. One of the important factors responsible for driving the development of the global food safety testing market include globalization of supply chain of food. Implementation of strict food safety rules by various regulatory agencies is also expected to drive the overall development of the global food safety testing market. This, backed by growing incidences of outbreaks and diseases spread through food is also driving the demand for ways of keeping food safer. In addition to this, media impact on the customers is creating more awareness about the safety of food. It is expected to considerably propel the growth of the global market for food safety testing. Furthermore, with upcoming new and advanced technologies which have significantly accelerated the processes of testing is also helping in augmenting the growth of the global market.
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Lack of Food Control Infrastructure to Hamper Market Growth
However, there are certain factors that may have a negative impact on the growth of the global food safety testing market. One of the key restraining factor for the growth of the global market is the lack of a clear infrastructure for food administration. In addition to this, resources available for setting up a controlled food infrastructure and related safety environment is also limited. It is also expected to significantly hamper the growth of the global market for food safety testing. Furthermore, there is a limited awareness among the customers about the hazardous effects of skipping safety tests on food.
Nonetheless, the players in the global market for food safety testing are expected to benefit from the new opportunities that are expected to arise in the emerging markets as well the increasing awareness among customers.