Food Safety Testing Market 2020-2030: New Innovations in Food Safety Testing & Technological Developments by - TMR

Food Safety Testing Market: Introduction

A recent study published by Transparency Market Research on the food safety testing market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global food safety testing market was valued at US$ 18.2 Bn in 2020, which is estimated to rise at a CAGR of 8.1 % to reach US$ 39.8 Bn by 2030.

Target Region for Market

As of 2020, Europe holds the dominant market share in terms of value, and during the forecast period, it is expected to continue to lead the global market. Asia Pacific is in second position after Europe, holding the major share in the global market over the upcoming years.

North America
Europe
Asia Pacific
Latin America
Oceania
Middle East & Africa

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Testing Requirements for Export of Food Products Propelling Market Demand

With the ease of business relations between intercontinental countries, the food sector has been flourishing, and increase in import and export activities has been observed. Globalization of the food sector and food supply chain has been resulting in increased food safety testing practices. European and North American countries are prominent importers of raw materials for food production. Since the regulations of these countries are stringent, exporters from other regions are obliged to test their food products in order to be able to export them. This increase in import/export activities are driving the growth of the food safety testing market.

Food Safety Testing Market: Players

Some of the key manufacturers operating in the food safety testing market, as profiled in the study, are -
Thermo Fischer Scientific Inc.
UL LLC
EMSL Analytical Inc.
Microbac Laboratories, Inc.
Silliker, Inc.
Covance Inc.
Improved Food Safety Regulations Boosting Market Growth

Considering the increased rate of urbanization and industrialization in MEA and Asian countries, big firms and companies in the food testing market are penetrating in emerging markets. The increased M&A activities in the food testing market have resulted in expansions, which are subsequently boosting the market growth. Due to increasing demand for safer and cleaner food products in the global market by consumers around the world, many governments and authorities are forced to apply stringent and harsh regulations on food producers, processors, importers, and exporters.

In order to avoid any penalty by authorities and to oblige to stringent regulations, many key players in the market are now getting their food products tested by the authorized food testing companies. Seven new seven rules were finalized by FSMA in 2015 and were implemented in 2017 for importing food.

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Cost and Time-effective Customized Testing Services Driving Market Growth

Food companies require sample-specific tests and follow requirements, providing performance that is time-effective. The industry has acknowledged the need for tailored research in light of these factors. Several analytical laboratories have acknowledged the need for customized testing services and the provision of testing services for various customer requirements. It helps companies slash testing expenses and save time. It also lets customer obtain reliable data and theoretical insights that establish a long-term partnership between analytical laboratories and businesses.

High Costs of Food Testing Services and Equipment Hindering Growth

The food & beverage industry is highly fragmented with the presence of numerous large, medium, and small-scale manufacturers. Since the cost of the few food testing services and instruments is essentially high, some of the small-scale food manufacturers cannot afford these tests. Moreover, food fraud incidents are concentrated at this level due to poor implementation of rules and regulations.

The poor governing of rules and regulations, and the lack of funding by governments are likely to hinder the growth of the food testing market. Nonetheless, there is a considerable high demand for food with "free-from" label. For instance, gluten-free beetroot powder is an instant hit in certain sections of consumers. Furthermore, fanning the trend are initiatives such as ServSafe, emphasizing the importance of safety and quality of food products.

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Food Safety Testing Market Segmentation

Food Safety Testing Market by Application
Bakery & Confectionery
Dairy Products
Processed & Packaged Food
Infant Food
Alcoholic & Non-alcoholic Beverages
Functional Food
Meat & Poultry Products
Seafood

Food Safety Testing Market by Test Technology
Traditional
Rapid

Food Safety Testing Market by Target Test
Pathogen
Allergen
Residues & Contaminants
Chemical & Nutritional
Shelf-life

The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting the expansion of the market. It also offers actionable insights into the future trends in the food safety testing market. Furthermore, small businesses and new entrants in the food safety testing market can make use of the information presented in this study based on which, they can make appropriate business decisions in order to gain momentum in the market.

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Key Questions Answered in TMR's Food Safety Testing Market Report

Which region will continue to remain the most profitable regional market for food safety testing market players?
Which factors will induce a change in the demand for food safety testing during the assessment period?
How will the changing trends impact the food safety testing market?
How can market players capitalize on the low-hanging opportunities in the food safety testing market in developed regions?

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This release was published on openPR.