Eurofins, SGS and Intertek Gain Edge Over the Competition in the Food Safety Testing Market
HYDERABAD, India, August 18, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the global food safety testing market. The report titled "Global Food Safety Testing Market Segmented by Type of Contaminant and Geography ," discusses the current landscape and outlook of the market.
The global food safety testing market is expected to grow at a CAGR of 7.5-8 % during the forecast period of 2016 - 2021. Food safety testing is an analytical testing method, based on technology to obtain accurate results to determine the quality and safety of food.
In 2015, the North American region held a market share of 38% in the food safety testing market. The Asia-Pacific market for food safety testing is likely to record the fastest compounded annual rate of nearly 10%, primarily driven by the increase in testing procedures from the growing economies of China and India.
Factors driving the market for food safety testing include the rise in the number of foodborne illnesses, stringent regulations, greater consumer awareness and globalization of food trade. Companies engaged in manufacturing and distribution of food products are mandated by respective regional and international regulatory agencies to implement food safety testing and certification.
Market segmentation is based on contaminants type - microbiological, GMO testing, metal contaminants, pesticides and residues, toxins, food allergens and others.
Microbiological testing holds the largest market share due to its application in almost all food products. Increased demand for pathogen testing is the primary driver for the market. However, growing consumer awareness about GMO products and stringent EU regulations have fueled GMO testing. Market segmentation by food type includes dairy, fruits & vegetables, meat & poultry, beverages, processed foods and others. Meat & poultry are the largest segments, due to the increased microbial contaminations in agricultural commodity. However, processed foods are the fastest growing segment with a CAGR of 7.8%
Some of the major players capturing the market are SGS S.A., Intertek Group PLC, Bureau Veritas S.A., ALS Limited, Eurofins Scientific, DTS Laboratories among others. Companies are currently targeting developing regions such as Asia-Pacific, due to a growing regulatory environment.
About Mordor Intelligence:
Mordor Intelligence is a global market research and consulting firm. Our singular focus is to provide research insights for business success. Our research team has expertise in diverse fields like Agriculture, Healthcare, ICT, Chemicals, Manufacturing, Logistics, Electronics and Automotive. However diverse the expertise maybe, everyone in our team shares one common trait - 'we love data and we love providing solutions to clients using that data'. Seeing your business flourish based on our solutions and strategy is what we love the most.
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