(Entertainment-NewsWire.com, October 11, 2017 ) The Global Food Safety Testing Market was worth $12.29 billion in 2016 and estimated to be growing at a CAGR of 7.60%, to reach $17.72 billion by 2021. Food supply, globally, is under persistent threat, and there is an increasing need for realistic test products that can safeguard food safety Market.
Microbial pathogens such as bacteria, environmental toxins, food allergens, viruses, residues of drugs and agricultural chemicals can damage consumers, if unrestricted. Main reasons that cause food contamination are shortcoming in treating and processing the food to put an end to toxins and other impurities, incorrect handling of food and polluted input food materials.
The growth of the Global Food Safety Testing Market is mainly driven by factors such as increase in the number of foodborne illnesses, growing demand for pathogen testing, strict procedures, better consumer cognizance and globalization of the food business. Corporations involved in the production and circulation of food products are directed by the respective regional and international supervisory bodies, to implement food safety analysis and accreditation. However, the time taken and excessive cost of the testing procedure are the key factors restricting the growth of this market.
The Global Food Safety Testing Market is segmented based on contaminants tested, food type, and technology. On the basis of contaminants tested, the global Food Safety Testing market is segmented into Microbial, GMOs, Metal Contaminants, Pesticides and Residues, Toxins, Food Allergen, and Others. Microbiological testing holds the largest part of the market due to its safety testing in almost all food products. Also, increasing consumer awareness about GMO products and strict guidelines have improved the GMO testing market. On the basis of Food Type, the market is segmented into Meat & Poultry, Dairy Product, Processed Food, Beverages, Fruits & Vegetables, and Others. Meat and poultry are the chief segments in the food safety testing market, due to the amplified microbial impurities in this agricultural product. However, processed foods are the quickest growing sector with a CAGR of 8.1%. On the basis of Technology, the market is segmented into Traditional and Rapid. The rapid technology segment is anticipated to grow at the highest CAGR and it is due to the development of testing methods. The standing of this segment is rising due to its quick, accurate, efficient, and easy-to-use features.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Latin America and Middle East and Africa. North America accounted for the largest share in the global Food Safety Testing market, accounting for around 37% of the global market followed by Europe. The Asia-Pacific market, which is mainly driven by China and India is expected to offer lucrative growth opportunities, owing to the considerable increase in the number of testing procedures.
The major companies dominating this market are Bureau Veritas S.A., ALS Limited, Eurofins Scientific, Intertek Group PLC, Silliker Inc., and DTS Laboratories. Significant strategies such as investments in R&D are being employed by major companies to meet the rising demand for Food Safety Testing.
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Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porters five forces analysis for analyzing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
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