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Food Testing Kits Market: Growth Opportunities and Challenges

11-26-2019 11:36 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

Food Testing Kits Market

Food Testing Kits Market

The food testing kits market was valued at USD 1.58 Billion in 2016. It is projected to reach USD 2.38 Billion by 2022, growing at a CAGR of 7.2% from 2017. Food testing kits include the kits for testing and detection of pathogens, meat species, GMOs, allergen, mycotoxin, and others (which include pesticides and other residues in food). Technologies used for testing are PCR-based, immunoassay-based, and enzyme substrate-based. Market players are tapping new opportunities by engaging in organic strategies such as the expansion of their global presence and product offerings through new product launches.

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The immunoassay-based food testing kits segment is estimated to be the largest in 2017

The immunoassay-based segment is estimated to account for the largest share in the food testing kits market, in terms of value, in 2017. The immunoassay-based segment dominated the market for technology in 2016. Immunoassay-based technology is used for screening of a wide variety of targets tested in food, such as pathogens, meat species, GMOs, allergens, pesticides, mycotoxins, and other residues. Also, it is cost-efficient and offers rapid test results. These are some of the factors fueling the growth of immunoassay-based segment in the food testing kits market.

The meat, poultry, and seafood segment is estimated to be largest among samples tested in 2017

Meat, poultry, and seafood are widely tested for contaminants such as pathogens, other meat species, GMOs, and allergens. Stringent regulatory policies by leading authorities to prevent contamination of and allergies caused by meat & meat products in slaughterhouses and processing plants form a significant factor responsible for the growth of this segment in the food testing kits market.

North America is estimated to be the most lucrative market for food testing kits

The North American region is projected to dominate this market by 2022. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The market in this region is driven by the increasing export activities, which need onsite testing and faster test results to meet the standards & regulations enforced by different countries and regions.

The market for food testing kits in developing countries lacks food control infrastructure and resources; also, there is lack of support from international agencies such as FAO, the WHO, and the World Bank. There is also lack of harmonization of food safety regulations and implementation of heavy duty on import of test kits in various regions, which is also restraining market growth. These are few restraining factors that affect the growth of food testing kits market, globally.

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This report includes a study of business strategies, along with the product portfolios of leading companies. More than 100 developments were tracked for the 12 companies in the food testing kits market. It includes the profiles of leading companies such as Thermo Fisher (US), Agilent (US), Eurofins (Luxembourg), bioMérieux (France), and Neogen (US).

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MarketsandMarkets™ INC.
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Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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