The meat testing market is projected to grow at a CAGR of 7.7%
LONDON, June 28, 2018 /PRNewswire/ -- The meat testing market is projected to grow at a CAGR of 7.7%.
The meat testing market is estimated at USD 7.94 billion in 2018 and is projected to reach USD 11.48 billion by 2023. It is projected to grow at a CAGR of 7.7% during the study period. The market is primarily driven by trends such as growth in consumer awareness regarding food safety and diseases caused by consuming contaminated meat products. Another growth factor is the stringent regulations made by various government bodies, to be followed by meat and meat product producers.
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Factors such as the unorganized supply chain and distribution channel in the meat processing factor restrain the growth of the meat & seafood testing market to some extent.
The species identification segment is projected to grow at the highest rate during the forecast period.
On the basis of target tested, the species identification segment is projected to grow at the highest CAGR.The demand for meat authenticity is increasing gradually.
The concerns about adulteration have been growing since the 2013 horse meat scandal. These incidences fuel the growth of the species identification segment.
Beef is projected to be the fastest-growing segment during the forecast period.
Based on the sample type, the beef segment is projected to be the fastest-growing during the forecast period.Beef includes the meat of cow, buffalo, ox, and calf.
Food fraud incidences such as the 2013 horsemeat scandal in Europe have increased the significance of beef testing to ensure the safety of beef products.
On the basis of technology, PCR testing is projected to grow at the highest rate during the forecast period.
Based on technology, PCR testing is the fastest-growing segment. PCR is the dominant meat & seafood testing technology as the test results are quick as compared to other technologies; this aids the decision-making process for product recalls, further distribution of products, and other related strategies of stakeholders.
Asia Pacific is projected to register the highest growth rate during the forecast period.
Asia Pacific is projected to be the fastest-growing market between 2018 and 2023.Improvements in the food export & import industry have presented new opportunities for the meat industry leading to the growth of the meat testing market in this region.
China has been a potential meat-importing & exporting country; it is, hence, a key market for testing services.
Break-up of Primaries
• By Company Type: Tier 1 - 38%, Tier 2 - 42%, and Tier 3 - 20%
• By Designation: C-level Executives - 33%, Director-level – 42%, and Others - 25%
• By Region: North America - 18%, Europe - 45%, Asia Pacific - 29%, and RoW - 8%
The key players profiled in this report are as follows:
• SGS (Switzerland)
• Intertek (UK)
• Eurofins (Luxembourg)
• TÜV SÜD (Germany)
• ALS Limited (Australia)
• Mérieux NutriSciences (US)
• LGC Limited (UK)
• AsureQuality (New Zealand)
• Microbac Laboratories (US)
• Romer lab (Austria)
• Genetic ID (US)
• Bureau Veritas (France)
Research Coverage
The report segments the meat testing market on the basis of sample type, technology, target tested, and region. In terms of insights, this research report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles, which together comprise and discuss the basic views on the emerging & high-growth segments of the meat testing market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to Buy This Report
• To get a comprehensive overview of the meat testing market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights about the key countries/regions in which the meat testing market is flourishing
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