NEW YORK, April 12, 2016 /PRNewswire/ -- "Food safety testing market is projected to grow at a CAGR of 9.9%"
The food safety testing market is projected to reach USD 791.5 million by 2020, growing at a CAGR of 9.9% from 2015 to 2020. The market is driven by factors such as an increase in the outbreak of foodborne illnesses, the implementation of stringent food safety regulations, and the growing demand & supply of food products in China. The need for rapid results has resulted in a higher market growth rate for rapid technology.
"Pathogen testing segment accounted for the largest market share in 2014"
Among the contaminants of food safety testing—pathogens, GMOs, toxins, pesticides, and others (food allergens and chemical residues)—pathogen testing accounted for the largest market share in 2014, followed by GMOs. Pathogen testing is used on a large scale in China. Pathogen contamination is largely associated with cross contamination cases, mainly in food service outlets, which has further resulted in the growth of the pathogen testing market in China.
"The rapid technology segment accounted for the largest share in 2014"
On the basis of technology, the food safety testing market is dominated by rapid technology. The focus from conventional food safety testing methods has been shifting towards rapid testing methods, owing to their quick results and low turnaround time, thereby driving the market growth for rapid technology.
"Revised Food Safety Laws (2015) in China to fuel the growth of food safety testing market"
High occurrence of food poisoning cases, increasing intensity of food scandals, and continuous cases of adulteration and frauds have prompted the establishment of even stricter food safety laws, which were brought into effect from 2015. The mandatory need for regulatory compliances along with heavy penalties is expected to boost the food safety and hygiene practices among food manufacturers and processors in China.
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