NEW YORK, Nov. 29, 2016 /PRNewswire/ --
"Pesticide residue testing market projected to grow at a CAGR of 7.0%"
The pesticide residue testing market is projected to reach USD 1.63billion by 2022, at a CAGR of 7.0% from 2016 to 2022. The market is driven by factors such as implementation of stringent food safety regulations, international trade of food materials, and advancements in testing technologies. The high growth potential in emerging markets and untapped regions provides new opportunities for market players. The lack of food control infrastructure & resources in developing countries, and the lack of awareness about food safety regulations among food manufacturers are the factors restraining the market growth.
"The herbicides segment is projected to be the fastest growing segment in the pesticide residue testing market during the forecast period"
The herbicide segment is projected to grow at the highest CAGR during the forecast period, due to the highest production and application of herbicides in the agriculture. The increase in food trade and contamination of agriculture produces and food products, especially in imported food products is also a significant driver. The exposure to these substances has caused concerns of possible health consequences, which in turn has increased the demand for herbicides residue testing. This is followed by fungicides, which is projected to remain the second-largest market through 2022.
"LC-MS/GC-MS technology led the market with the largest share in 2015"
LC-MS/GC-MS technology accounted for the largest share of the pesticide residue testing market in 2015. It is a powerful technique that has very high sensitivity, making it useful in many applications. It separates the components of a sample based on intrinsic affinity for both, a mobile phase and a stationary phase, after which it detects the separated components using ultraviolet, fluorescence, or electrical conductivity based on their properties. The stakeholders demand new emerging technologies for analytical testing and ensure certification denoting high quality of their products. This has been driving the market for LC-MS/GC-MS in pesticide residue testing.
"Europe led the market with the largest share in 2015"
Europe was the largest pesticide residue testing market in 2015. Governing organizations present in the market have enforced various pesticide residue testing policies. The Asia-Pacific market is projected to be the fastest-growing market during the forecast period due to the increasing food safety concerns among the consumers and the growing processed food market.
The breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study, is as follows:
- By Company type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 30%, Asia-Pacific – 20%, and RoW – 05%
The key players in the pesticide residue testing market include:
- Eurofins Scientific (Luxembourg)
- Intertek Group plc (U.K.)
- SGS S.A. (Switzerland)
- Bureau Veritas S.A.(France)
- Silliker Inc. (U.S.)
The above-mentioned companies collectively accounted for the largest portion of the pesticide residue testing market in 2015. Other players that also have a strong presence in this market are as follows:
- ALS limited (Australia)
- AsureQuality Limited (New Zealand)
- SCS Global Services (U.S.)
- Microbac Laboratories, Inc. (U.K.)
- Symbio Laboratories (Australia)
The report focuses on pesticide residue testing services across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments—type, technology, food tested, class, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analyses, recent developments, and key market strategies.
Reasons to buy the report:
The report would help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall pesticide residue testing market and the subsegments. This report will help stakeholders to better understand the competitive landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the key trends of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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