Dairy Testing Market by Type, Quality), Technology, Product And Region - Forecast to 2022
NEW YORK, Oct. 5, 2017 /PRNewswire/ -- "The dairy testing market is projected to grow at a CAGR of 7.4%."
The dairy testing market is projected to reach USD 5.90 billion by 2022 from USD 4.13 billion in 2017, at a CAGR of 7.4%. The market is driven by an increase in the outbreak of foodborne illnesses, globalization of dairy trade, and stringent safety and quality regulations for food. Lack of coordination between market stakeholders and improper enforcement of regulatory laws & supporting infrastructure in developing economies are the major restraints for this market.
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"Safety testing led the market with the largest share in 2016."
The safety testing segment was the largest in 2016 and is projected to grow at a high CAGR during the forecast period. This is due to significant emphasis being laid on safety testing of food output, with regulatory authorities focusing on addressing regulatory loopholes, preventing adulteration, malpractices, and labeling mandates.
"Rapid technology projected to be the fastest-growing segment from 2017 to 2022."
The rapid technology segment dominated the market in 2016 and is projected to be the fastest growing by 2022. This is due to its low turnaround time, higher accuracy, sensitivity, and ability to test a wide range of contaminants in comparison to traditional technology.
"Milk & milk powder to be the dominant product segment."
The dairy testing market, by product, was dominated by the milk & milk powder segment which is also projected to grow at the highest CAGR during the forecast period. Economically motivated adulteration, poor storage hygiene, faulty supply chains, and contaminated equipment have led to milk being contaminated, which upon consumption can cause serious health problems to humans.
"Europe led the market with the largest share in 2016."
Europe was the largest dairy testing market in 2016 as it has the most stringent regulations in place to make sure that dairy products are safe for human as well as animal consumption. It also has the highest number of testing laboratories among all other regions and tests the most number of dairy samples. The market in the Asia Pacific region is projected to be the fastest from 2017 to 2022 and is driven by major dairy producing countries such as China, Australia & New Zealand, and India as they are becoming more aware of food safety and are implementing regulations for testing.
The breakdown of the primaries on the basis of company, designation, and region, conducted during the research study, is as follows:
• By Company type: Tier 1 – 50%, Tier 2 –25%, and Tier 3 – 25%
• By Designation: C-Level – 35%, D-Level– 25%, Others*-40%
• By Region: North America – 12%, Europe – 13%, Asia Pacific – 63%, and, South America-12%
*Others include sales managers, marketing managers, and product managers.
Note: Tier 1: Revenue > USD 500 million; Tier 2: USD 100 million > Revenue > USD 500 million; Tier 3: Revenue < USD 100 million
Key dairy testing players include the following:
• SGS
• Bureau Veritas
• Intertek
• Eurofins
• TÜV SÜD
• TÜV NORD GROUP
• ALS Limited
The above-mentioned companies collectively accounted for the largest portion of the dairy testing market in 2016. Other players also have a strong presence in this market. These players are as follows:
• Neogen Corporation
• AsureQuality
• Mérieux NutriSciences
• Microbac Laboratories
• Romer Labs
The key players in the dairy testing market adopted acquisition as their key growth strategy to increase their market share and profits. Expansions accounted for the second-highest percentage of the total developments.
Research Coverage
The report analyzes the dairy testing market across different type and regions. It aims at estimating the market size and future growth potential of this market across different segments such as type, technology, product, and region. Furthermore, the report also includes in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall dairy testing market and the subsegments. This report will help stakeholders to better understand the competitor landscape, gain more insights to better position their businesses, and make suitable go-to-market strategies. The report will also help the stakeholders to understand the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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