Food Safety Testing Market Insights

March 5, 2020
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New York City, NY, 05 March, 2020/ 24 Market Reports: It is estimated for the food safety testing market to grow from USD 17.2 billion in 2018 and reach that of USD 24.7 billion by 2023, witnessing the growth at a CAGR of 7.5% during the forecast period of 2018 to 2023. Increasing demand for convenience and packaged food products, an increase in outbreaks of chemical contamination in food processing industries and the rise in consumer awareness about food safety are the factors that are driving the growth of the market during the forecast period.

Efficient technological trends to draw growth for the market during the forecast period

Increase in consumer awareness for genetically modified organisms in food, and efficient technological trends are the factors that are driving the GMO market at the fastest rate. Lack of information about the nutritional and safety properties of genetically modified food leads consumers to think that they are not safe for consumption, thereby driving the market for GMO testing and labelling.

Meat, poultry and seafood segment to lead the market during the forecast period

The meat, poultry and seafood segment among foods tested dominated the market in 2018 and the trend is expected to continue throughout the forecast period. The contamination of meat & poultry products is often observed during processing, packaging, and storing. Based on the HACCP food safety control system, to control the contamination of meat & poultry products in slaughterhouses and processing plants the Food Safety and Inspection Service (FSIS) has framed the regulations. Due to their nutritional values such as the presence of omega fatty acids and other essential nutrients, the high demand for seafood products such as crustaceans, shrimp, crabs, lobsters, tuna, marlin, and swordfish are driving the growth for the seafood testing service industry.

Europe to lead the global food safety testing market throughout the forecast period

By geography, Europe is estimated to lead the market during the forecast period ass the countries in Europe have recorded many issues related to food safety over the past few years. Thus, the policies are been regulated to provide complete food safety for the public. Asia Pacific region is estimated to grow at the fastest rate in the market during the forecast period. The growing trade has mandated food safety testing to comply with the regulatory standards in the region and thus resulting in the growth of the market.

The following are the major objectives of the study:

To define, describe, and forecast the food safety testing market on the basis of product, application and region.
To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the food safety testing market.

Critical Questions which the report answers:

What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
What are the key revenue generating pockets for food safety testing market and their future potential during next decade?
How competitive landscape is evolving in food safety testing market?