Food Safety Testing Market worth US$ 28.8 Billion 2025 with a CAGR of 9.5%
Food safety is a method to reduce the risk of foodborne illnesses among individuals by handling, preparing, and storing food in a proper way. Food safety involves various measures and guidelines to be followed to prevent health related hazards from food. It ensures that the food products are contaminated with potentially harmful bacteria, viruses, parasites, toxins and chemicals. Various governing bodies such as World Health Organization (WHO) and The Food and Drug Association (FDA) made it compulsory to implement food safety testing regulations and methods in order to avoid food contaminations and food poisoning.
The report "Global Food Safety Testing Market, By Test (Allergen Testing, Chemical & Nutritional Testing, Genetically Modified Organism (GMO) Testing, Microbiological Testing, Residues & Contamination Testing, and Others), By Application (Meat, Poultry, & Seafood Products, Dairy & Dairy Products, Processed Food, Beverages, and Cereals & Grains), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.”
Key Highlights:
· In January 2018, Eurofins extended its offerings in food and feed testing, with the acquisition of Craft Technologies Inc., which is a leading contract laboratory that provides analysis of vitamins, nutrients, bioflavonoids, carotenoids, and phytochemicals
· In June 2018, Eurofins acquired the leading Finnish expert company, VTT Expert Services, which is involved in inspection, testing, and certification of construction products. The acquisition of VTT Expert Services added new services and accreditations to the Eurofins’ service portfolio
Analyst View:
Growing number of adulteration cases, foodborne disease outbreaks, and toxicity have increasingly manifested the threat to food safety. According to data reported by the Centre for Disease Control and Prevention (CDCP) every year, one in 10 people fall sick due to foodborne illness. Most importantly, children under five years of age are at high risk. As per WHO, around 125,000 children are dying, each year, due to foodborne illnesses. Thus, consumer interest in food safety and quality has propelled. Growing Policy Focus and Greater Resource Allocation on Food Safety and others are some of the additional drivers which are helping to drive the market growth during the forecasted period.
The food safety testing market faces significant hurdles in the form of time-consuming testing methods that are still in practice, along with the risk of false positives and human error in certain testing devices and techniques. Methods, like ELISA that exhibit efficiency with its rapid outcome have challenges with false positives; risking food safety.
Key Market Insights from the report:
The global food safety testing market accounted for US$ 14.4 billion in 2017 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented on the basis of test, application, and region.
· By test, the global market is segmented into allergen testing, chemical & nutritional testing, genetically modified organism (GMO) testing, microbiological testing, residues & contamination testing, and others
· By application, meat, poultry, & seafood products is projected to dominate the target market
· By region, the market in North America rules the global market in terms of revenue and is projected to continue its dominance in the coming years, due to government’s laws for food safety especially in US and Canada in the region
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Competitive Landscape:
The prominent player operating in the global food safety testing market includes NSF International, SGS GROUP, Bureau Veritas, Eurofins, Merieux Nutrisciences, Intertek, TUV SUD, ALS Limited, Asurequality Limited, and UL LLC.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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