Food Safety Testing Market is anticipated to grow at a CAGR of 7.2% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Food Safety Testing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global food safety testing market is estimated to be over US$ 17.0 Bn by 2019. The market is anticipated to grow at a CAGR of 7.2% from 2019 to 2030.
The consistent growth of the food safety testing market can be attributed to several factors, which have led to its wide-scale adoption. Rising incidences of foodborne disorders and stringent food safety regulations are anticipated to further contribute to this substantial market growth between 2019 and 2030. However, the lack of food control infrastructure in developing countries is one of the major factors hampering market growth globally. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborations and acquisitions. For instance, In January 2020, Neogen Corporation acquired Productos Quimicos Magiar (Magiar), which has networks in Argentina and Uruguay, to expand its presence in South America.
According to the WHO, death of approximately 125,000 children was caused due to the consumption of unsafe food whereas the Centre for Disease Control and Prevention (CDCP) reported that one out of ten individuals falls sick due to foodborne illnesses every year. The prevalence of this is mainly seen among children under the age of 5 years. Therefore, to avoid deaths due to foodborne illnesses, food safety testing procedures have witnessed a significant surge in recent times.
Moreover, government bodies across the globe have been actively introducing several stringent regulations for consumers, producers, and regulators to ensure food safety. For instance, The Food Safety and Standards Authority of India (FSSAI) declared a minimum imprisonment of 7 years and heavy penalties to curb adulteration.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Food Safety Testing Market by Target Tested (Pathogens, Pesticides, Allergens, and GMOs), Technology (Agar Culturing, PCR-based Assay and Immunoassay-based), Food Tested (Meat, Poultry, & Seafood; Dairy Products; Processed Food, and Fruits & Vegetables)-Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/food-safety-testing-market/148
However, the limited availability of food testing resources and the absence of stringent regulations significantly affect the efficiency of food testing procedures. Similarly, varying rules & regulations of different ministries, such as Agriculture, Health, Commerce, and Fishery, makes law enforcement extremely cumbersome.
Asia Pacific was identified as the fastest-growing market for food safety testing and is anticipated to contribute significantly to the global market. This robust growth can be attributed to the developments in the food & beverage industry, growing population, improvements in standard of living, and changing lifestyle, among others.
Some of the prominent players in the food safety testing market include SGS SA, Eurofins Scientific, Intertek Group plc, Bureau Veritas, ALS Limited, TÜV NORD GROUP, NEOGEN CORPORATION, Mérieux NutriSciences, AsureQuality, and FoodChain ID, among others.
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