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(MoneyNewsWire.Net, April 11, 2018 ) The food safety testing market is projected to grow at a CAGR of 7.60% from 2017, to reach a projected value of USD 18.54 Billion by 2022. The growth of this market can be attributed to the global rise in foodborne outbreaks, advancements in testing technologies, globalization of food supply, and stringent international food safety regulations.
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Rapid technologies accounted for a larger market share in 2016. The rapid segment is mainly driven by their multifunctional nature. Rapid technologies have multiple applications in the food industry and are used to check the count, type, and metabolites of microorganisms related to food spoilage, preservation, fermentation, safety, and foodborne pathogens. The increasing significance of rapid technologies offering easy-to-use, efficient, and quick results has greatly enhanced their functionality. Smooth and efficient testing is promoted by using rapid technologies in the food industry.
North America accounted for the largest market share in 2016, and this can be attributed due to the increase in outbreaks of foodborne illnesses and stringent well-established regulations pertaining to food safety. Asia Pacific is projected to be the fastest-growing region from 2017 to 2022, due to its large market base for food & beverages, improved standards of living due to the rise in income levels, and increased awareness about food safety in the region.
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Developed countries are heavily investing in the advanced technologies for food safety testing, whereas developing countries have been much slower in incorporating the latest technologies. The lack of food control infrastructure & resources in developing countries and lower awareness about food safety regulations among food manufacturers limit the use of food safety testing in the food industry.
The market is dominated by key players such as include the SGS SA (Switzerland), Eurofins Scientific (Luxembourg), Intertek Group plc (UK), Bureau Veritas SA (France), and ALS Limited (Australia). Other players include Mérieux NutriSciences (US), TÜV SÜD (Germany), TÜV Nord Group (Germany), AsureQuality Ltd (New Zealand), Microbac Laboratories, Inc. (U.S.), Genetic ID NA, Inc. (US), and Laboratory Corporation of America Holdings (US). The key players have adopted strategic developments such as new service launches, mergers & acquisitions, expansions, investments, collaborations, partnerships, and agreements in order to explore the market in new regions.
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