Food Safety Testing Market- Applications, Covid-19 Impact, Size, Share and Forecast Analysis to 2030
Food Safety Testing Market: Introduction
A recent study published by Transparency Market Research on the foodsafety testing market includes global industry analysis and opportunityassessment for 2020-2030. Revenue generated from the global food safety testing market was valued at US$18.2 Bn in 2020, which is estimated to rise at a CAGR of 8.1 % toreach US$ 39.8 Bn by 2030.
Testing Requirements for Export of Food ProductsPropelling Market Demand
With the ease of business relations between intercontinental countries,the food sector has been flourishing, and increase in import and exportactivities has been observed. Globalization of the food sector and food supplychain has been resulting in increased food safety testing practices. Europeanand North American countries are prominent importers of raw materials for foodproduction. Since the regulations of these countries are stringent, exportersfrom other regions are obliged to test their food products in order to be ableto export them. This increase in import/export activities are driving thegrowth of the food safety testing market.
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Improved Food Safety Regulations Boosting MarketGrowth
Considering the increased rate of urbanization and industrialization inMEA and Asian countries, big firms and companies in the food testing market arepenetrating in emerging markets. The increased M&A activities in the foodtesting market have resulted in expansions, which are subsequently boosting themarket growth. Due to increasing demand for safer and cleaner food products inthe global market by consumers around the world, many governments andauthorities are forced to apply stringent and harsh regulations on foodproducers, processors, importers, and exporters. In order to avoid any penaltyby authorities and to oblige to stringent regulations, many key players in themarket are now getting their food products tested by the authorized foodtesting companies. Seven new seven rules were finalized by FSMA in 2015 andwere implemented in 2017 for importing food.
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Cost and Time-effective Customized Testing ServicesDriving Market Growth
Food companies require sample-specific tests and follow requirements,providing performance that is time-effective. The industry has acknowledged theneed for tailored research in light of these factors. Several analyticallaboratories have acknowledged the need for customized testing services and theprovision of testing services for various customer requirements. It helpscompanies slash testing expenses and save time. It also lets customer obtainreliable data and theoretical insights that establish a long-term partnershipbetween analytical laboratories and businesses.
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High Costs of Food Testing Services and EquipmentHindering Growth
The food & beverage industry is highly fragmented with the presenceof numerous large, medium, and small-scale manufacturers. Since the cost of thefew food testing services and instruments is essentially high, some of thesmall-scale food manufacturers cannot afford these tests. Moreover, food fraudincidents are concentrated at this level due to poor implementation of rulesand regulations. The poor governing of rules and regulations, and the lack offunding by governments are likely to hinder the growth of the food testingmarket. Nonetheless, there is a considerable high demand for food with“free-from” label. For instance, gluten-free beetroot powder is an instant hitin certain sections of consumers. Furthermore, fanning the trend areinitiatives such as ServSafe, emphasizing the importance of safety and qualityof food products.
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CulinaryTourism
With theCOVID-19 outbreak limiting the number of traveling and dining opportunities forindividuals, many opt to experience the fun of a restaurant or destination atthe comfort of their homes. Ready-to-drink beverages are being focused upon toenable the consumers to feel the vibe of a particular destination. This aspectwill churn exponential growth.
Immunity-BoostingItems
A good immunitycan help individuals tackle COVID-19 with ease. Many consumers are switching toimmunity-boosting food and beverage items for improving their resistance againstfurther infections. Many well-established players are paying attention onlaunching immunity-rich food and beverage products. This factor will attractpromising revenues.
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