The agricultural testing market is projected to grow at a CAGR of 6.64%
NEW YORK, March 20, 2018 /PRNewswire/ -- The agricultural testing market is projected to grow at a CAGR of 6.64%.
The agricultural testing market, is estimated to be valued at USD 4.56 billion in 2017 and is projected to reach 6.29 billion by 2022, at a CAGR of 6.64% from 2017 to 2022. The market is driven by the global increase in the outbreaks of foodborne illnesses, and the implementation of stringent safety and quality regulations for agricultural commodities and food in developed economies, and rapid industrialization leading to the disposal of untreated industrial waste into the environment. Lack of coordination between market stakeholders and supporting infrastructure in developing economies, and the improper enforcement of regulatory laws are the major restraints for the growth of this market.
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Soil testing segment estimated to lead the market with the largest share in from 2017.
The soil testing segment is estimated to dominate the market for agricultural testing in 2017.It is also projected to grow at the highest CAGR during the forecast period.
Testing of soil samples is majorly conducted to be able to determine its nutrient and contaminated content, composition, and various other characteristics of soil such as its acidity and pH levels. The growing contamination of soil, caused by wastewater and industrial effluents, has been propelling the importance of soil testing; this, in turn, is driving the market for agricultural testing.
The safety testing segment is projected to be the fastest-growing application for agricultural testing from 2017 to 2022.
The agricultural testing market, by application, is estimated to be dominated by the quality assurance segment in 2017.The dominance of quality assurance in agricultural testing is attributable to the fact that it aids in proactively resolving major problems related to soil fertility, available water quality for irrigational facilities, and identify required nutrients essential for a more robust growth and development of crops and other agricultural produce.
The market for safety testing is projected to be the fastest-growing during the forecast period.Safety testing of agricultural samples is conducted to test samples for targets such as toxins, pathogens, heavy metals, pesticides, GMOs, and other organic contaminants.
A growing importance given to safety laws for agricultural produce and food commodities is expected to boost the market for this segment during the forecast period.
Europe set to lead the agricultural testing market with the largest share in 2017.
The European market is estimated to be the largest in 2017, owing to the stringency in food safety, environmental, and agricultural regulations and laws pertaining to the nutritional content, chemicals and labeling in the region.Europe also has the highest number of testing laboratories among all regions.
The Asia Pacific market is projected to grow at the highest CAGR from 2017 to 2022 and is driven by China, Japan, India, and Australia.
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 I: 28%, Tier II: 33%, and Tier III: 39%
• By Designation: C Level: 49%, D Level: 21%, Others: 30%
• By Region: North America: 25%, Europe: 30%, Asia Pacific: 40%, and RoW: 5%
Key agricultural testing service providing players include the following:
• SGS (Switzerland)
• Eurofins (Luxembourg)
• Intertek (UK)
• Bureau Veritas (France)
• TÜV Nord Group (Germany)
• ALS Limited (Australia)
• Merieux (US)
• AsureQuality (New Zealand)
• RJ Hill Laboratories (New Zealand)
• Agrifood Technology (Australia)
• Apal Agricultural Laboratory (Australia)
• SCS Global (US)
The key players in the agricultural testing market adopted acquisitions as their key growth strategy to increase their market share and profits. Expansions and investments accounted for the second most important form of growth strategy to be adopted by market players.
Research Coverage
The report analyzes the agricultural testing market across different types of samples and regions.It aims at estimating the market size and future growth potential of this market across different segments such as sample, application, technology, and region.
Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
Reasons to buy this report:
• To get a comprehensive overview of the global agricultural testing market
• To gain wide-ranging information about the top players in this industry, their service portfolios, and key strategies adopted by them
• To gain insights of the major countries/regions in which the agricultural testing market is flourishing
Read the full report: https://www.reportlinker.com/p02975909
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