LONDON, Sept. 28, 2016 /PRNewswire/ -- "Residue testing market projected to grow at a CAGR of 6.4%"
The residue testing market is projected to reach USD 4.41 billion by 2021 at a CAGR of 6.4% from 2016. The market is driven by factors such as increase in outbreaks of chemical contamination in food processing industries, growth in allergic reactions among consumers, and implementation of stringent food safety regulations.
The high growth potential in emerging markets and untapped regions provides new opportunities for market players.
"The pesticide residues segment expected to be the largest in the residue testing market by 2021"
The pesticide residues segment accounted for the largest market share and is projected to grow at the highest CAGR during the forecast period, due to rise in health concerns and implementation of stringent food safety regulations. The increase in food trade and contamination of food with pesticides, especially in imported food products, has attracted the attention towards pesticide residue testing. It is followed by toxins, which is projected to remain the second-largest market by 2021.
"Chromatography technology led the market with the largest share in 2015"
Chromatography technology accounted for the largest share of the residue testing market in 2015. The importance of this technology is increasing due to its quick, accurate, and easy-to-use characteristics. The vital benefits of these methods for the detection of contaminants include speed, simplicity of operation, efficient analysis, and minimal labor for sample preparation. 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 chromatography in residue testing.
"Europe led the market with the largest share in 2015"
Europe was the largest residue testing market in 2015. Governing organizations present in the market have enforced various residue testing policies. The Asia-Pacific market is projected to be the fastest-growing market in the forecasted period.
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 – 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%
Key players 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 have collectively accounted for the largest portion of the residue testing market in 2015. Other players also have a strong presence in this market. These players are as follows:
- ALS limited (Australia)
- Asurequality Limited (New Zealand)
- SCS global services (U.S.)
- Microbac Laboratories (U.K.), and
- Symbio Alliance (Australia)
Objectives of the study:
- To define, segment, and project the size of the residue testing market with respect to type, food tested, technology, and region
- To analyze the market structure by identifying various subsegments of the global residue testing market
- To provide detailed information about crucial factors that are influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
- To analyze opportunities in the market for stakeholders and details of the competitive landscape for market leaders
- To forecast the size of the global residue testing market and its various submarkets with respect to four main regions, namely, North America, Asia-Pacific, Europe, and Rest of the World (RoW)
- To project the market size, in terms of value (USD million) of the segments, which include type, food tested, and technology,
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as new service launches, acquisitions, expansions & investments, partnerships, collaborations and accreditations in the residue testing market
The stakeholders for the report are as follows:
- Residue testing service providers
- Residue testing laboratories
- Food processors
- Food manufacturers
- Government and research organizations
- Trade associations and industry bodies
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