Food Safety Testing Market to Reach $23.20 Billion, Globally, by 2025 at 7.3% CAGR, Says Allied Market Research

According to the report, the global food safety testing market accounted for $13.14 billion in 2017 and is expected to garner $23.20 billion by 2025, registering a CAGR of 7.3% from 2018 to 2025.

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Implementation of stringent regulations regarding food fraud, rise in economically motivated adulterations (EMA) owing to high competition among food producers, and increased instances of food debasement including the presence of harmful chemicals, adulterations, and certifications have boosted the growth of the market. However, lack of food control infrastructure and harmonization of regulation in the developing countries and complexity in testing techniques hamper the market growth. On the contrary, the rapid technological developments are expected to create lucrative opportunities for the market players in the near future.

Various regulations on food safety particularly in the developed economies, growth in instances of food fraud, and rise in economically motivated adulterations (EMAs), owing to high competition among food producers, drive the food safety testing market.

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However, high cost of food safety testing, lack of food control infrastructure in the developing economies, complexity in testing techniques, and lack of harmonization of regulations are expected to hamper the food safety testing industry growth.

In 2017, the processed food segment was the leading revenue contributor to the global food safety testing market. The processed food segment includes numerous processed products, such as infant formula, packaged food, wine, bakery & confectionery, and other processed food products; hence, there is a large possibility of food adulteration.

key Findings of the Food Safety Testing Market:

•In 2017, the pathogen testing segment dominated the global food testing market, and it is likely to maintain its dominance over the forecast period.
•The processed food segment dominated the global food testing market in 2017, and it is anticipated to grow at a lucrative CAGR of 7.4% during the forecast period, that is, 2018 to 2025.
•The meat & meat product segment by the food tested category is anticipated to witness the fastest CAGR of 7.9% in terms of value during the forecast period.
•North America led the global food safety testing market in 2017 and is anticipated to witness a CAGR of 6.3% during the forecast period, in terms of value.
•By technology, the PCR-based assay segment dominated the food testing market in 2017 and is anticipated to witness the highest CAGR of 7.7% during the forecast period, in terms of value.

The major companies profiled in this report are SGS SA, Eurofins Scientific, Intertek Group plc, Bureau Veritas SA, ALS limited, TUV SUD, AsureQuality Ltd., DNV GL, Bio-Rad Laboratories, and Laboratory Corporation of America Holdings.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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