Food safety testing market size to increase by USD 9.20 billion between 2022 and 2027 | North America will account for 41% of market growth - Technavio

NEW YORK, Nov. 6, 2023 /PRNewswire/ -- The food safety testing market size is forecast to grow by USD 9,209.62 million between 2022 and 2027, and the growth momentum will be accelerating at a CAGR of 7.84% during the forecast period. By region, the global food safety testing market is segmented into North America, Europe, Asia, and Rest of World (ROW). North America will account for 41% of market growth during the forecast period. Factors such as the increase in the budgetary allowance for food safety in the US and rising concerns regarding foodborne diseases are driving the growth of North America's food safety testing market. The growth of the market is driven by factors such as the increase in the involvement of government agencies, the growing importance of food safety standards, and the rising demand for analytical instruments in the food and beverage industry. However, changes in food regulations will affect market growth. For more insights on the historic data (2017 to 2021), and forecast market size (2023 to 2027) – Request a report sample

Key Growth Driver

The growing importance of food safety standards is one of the major factors driving the growth of the market. Governments across the world are increasing the stringency of regulations on food products to ensure the safety of consumers. For instance, in Europe, the EFSA has set the maximum level of zearalenone in cereals intended for human consumption to be 75 ug/kg and 50 ug/kg for bread, pastries, and biscuits. Similarly, in India, the FSSAI has published rules and regulations and specified permissible limits for heavy metals in food products. Such regulations are fostering the growth of the global food safety testing market.

Regional Analysis

Company Profiles

The food safety testing market report includes information on the key products and recent developments of leading vendors, including:

• ADPEN Laboratories Inc. - The company offers food safety testing process designed with analytical support which includes routine quality control analysis, FDA/customs detained imported food products analysis, and seafood species identification testing in order to meet industry regulation and compliance.
• Agilent Technologies Inc. - The company offers food safety testing which provides analytical testing at every step along with the supply chain to ensure food safety and quality meet the industry standard.
• ALS Ltd. - The company offers testing, inspection, auditing, and consulting services to dairy producers, food manufacturers, and drink manufacturers for a wide range of food products.
• AsureQuality Ltd. - The company offers poultry feed and egg testing in order to check for nicarbazin, coccidiostats, and anticoccidials compounds.

Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others. Request a Sample

Market Segmentation

• By type, the market is segmented into meat and poultry, fruits and vegetables, processed foods, dairy, and others.
• By technology, the market is segmented into rapid and traditional.
• By geography, the market is segmented into North America, Europe, Asia, and Rest of World (ROW).

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What are the key data covered in this food safety testing market report?

• CAGR of the market during the forecast period.
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the food safety testing market and its contribution to the parent market.
• Accurate predictions about upcoming trends and changes in consumer behavior.
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW).
• A thorough analysis of the market's competitive landscape and detailed information about vendors.
• Comprehensive analysis of factors that will challenge the growth of food safety testing market vendors. 

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Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio