EDINA, Minnesota, January 31, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'Global Food Safety TestingMarket- Analysis and Forecast (2017-2021)', the global food safety testing market is expected to reach $17.7 billion by 2021, growing at a CAGR of 7.2% from 2017-2021. The strong growth is attributed to the rising outbreak of foodborne illness, advancements in using the latest technology for food safety testing, stringent regulations, and globalization of food supply.
The emerging nations, especially the countries such as China, India, Brazil, and Argentina are witnessing a massive growth in the food safety testing market. This robust growth in the developing regions is largely propelled by the growing urban population and increasing disposable incomes, which in turn have stimulated the growth in the food safety testing market. As a result of these demographic changes, the global food industry has undergone extensive structural changes.
High growth in the market is driven by the rising awareness among the consumers about the use of safe food products along with the need to protect the environment. Further, the rising concerns over global food security and sustainability have led to extensive investments by the governments across the globe
According to Rakhi Tanwar, analyst at BIS Research, "Rapid technology held approximately 60% of the total food safety testing market in the year 2016", followed by the traditional technology. Increasing rate of adoption of the rapid technology amongst the food manufacturers and laboratories coupled with the increasing foodborne illness are the factors supporting the growth of the market."
The share of traditional testing methods is expected to decrease in the next few years but the market in this segment will still grow as these methods are considered as the 'Gold Standard' of testing. The major driver for growth in this segment is the high cost of Rapid methods and these methods will be required to decide factors such as which decontamination process is required, whether any change in process is required or whether there is any need of personal protective equipment to prevent cross-contamination.
Rapid technology is mainly driven by their multifunctional nature. Rapid technologies have multiple applications in the food industry and are used to check the count, type, and metabolites of preservation, fermentation, safety, microorganisms related to food spoilage, and foodborne pathogens. Increasing significance of rapid technologies providing easy-to-use, efficient, and quick results has enhanced their functionality.
Food safety testing market by contaminant was dominated by pathogen detection which accounted for 64.9% of the total revenue generated by the food safety testing system in the year 2016. With the increasing pressure on global food production and adoption of food safety testing technologies, the demand for pathogen detection is expected to increase, which in turn would enhance the growth of the food safety testing market. According to a study by Neogen Corporation, one of the key players in the food safety testing market, approximately 23.2% tests were performed globally for the detection of pathogens such as Salmonella, Listeria, and E.coli accounted for approximately 93% of the total tests performed. The market for the testing of other pathogens is also going to increase due to the emergence of new threats such as norovirus, Cyclospora, and Giarda.
Pesticide testing is one of the important segments in the food safety testing market and is expected to grow in future. The key driver for the growth in this segment is that food manufacturers and food-related companies are complying with the MRLs (Maximum Residue Limit) of a pesticide.
The market has a presence of a large number of small-sized to medium-sized companies that compete with each other and the large enterprises. The key players operating in this market have ramped up their merger & acquisition over the recent years, in order to generate public awareness about their existing and new products and technologies and to compete with the competitors' product portfolio. This has been the most widely adopted strategy by the players in this market. For instance, in November 2017 Eurofins Scientific acquired Spectro Analytical Labs Ltd. ("Spectro") to expand their testing services in India. The major established players in the market are focusing on mergers & acquisition to enter into new ventures and technologies which will help in enhancing their existing product portfolio.
This report is a meticulous compilation of research on more than 100 players in the food safety testing ecosystem and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 16 companies which include SGS SA, Eurofins Scientific, Intertek Group plc., Bureau Veritas SA , ALS Limited, Mérieux NutriSciences), AsureQuality Ltd., Microbac Laboratories, Inc., Genetic ID NA, Inc., and Laboratory Corporation of America Holdings, among others.
Key Questions Answered in the Report:
What will be the size, in terms of value ($million) of the food safety testing market in 2016, and growth rate during the forecast period, 2017-2021?
What was the revenue generation of food safety testing for different food tested in 2016 and what is their growth prospect?
What is the market size of different contaminant, technology, and food tested for value and their respective growth prospects and the key developments?
What is the food safety testing market size for different regions, on the basis of various contaminant and technology?
What are the key trends and opportunities in the market, pertaining to countries included in different geographical regions?
How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of food safety testing?
What are the major driving forces that tend to increase the demand for food safety testing during the forecast period?
What are the major challenges inhibiting the growth of the global food safety testing market?
What kind of new strategies is being adopted by the existing market players to make a mark in the industry?
What is the competitive strength of the key players in the food safety testing market by analyzing through market share analysis?
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
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