Residue Testing Market Was Valued around USD 4 Billion in 2021, Driven by Adoption of Novel Technologies for Residue Testing

The Global Residue Testing market is valued at USD 4 Billion in 2021, growing at a high CAGR of 6 % from 2022 to 2028. Global Residue Testing Market segmented By Type (Toxins (Mycotoxins and Others), Pesticide Residues (Insecticide, Herbicide, Fungicide and Others), Food Allergens, Veterinary Drugs and Heavy Metal) By Technology (Chromatography based (HPCL, GC, LC, LC-MS/MS), Spectroscopy, Immunoassay), By Application (Dairy Products, Fruits & vegetables, Meat & poultry, Cereals, grains & pulses, Processed foods, Functional Food Ingredients and Nuts, Seeds & Spices) and Geography. Key player's profiles in the report are SCS Global Services, Eurofins Scientific, Bureau Veritas, SGS SA, Intertek Group plc, ALS Limited, AB SCIEX, LLC, Scicorp Laboratories PTY Ltd., Microbac Laboratories, Inc., Symbio Laboratories and SIMA LABS. There has been growing demand for quality food across the developed and developing economies, that prompts the growth of residue testing market significantly across the globe.

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Pesticide Residues are Dominate the Residue Testing Market
Pesticide Residues accounted for xx% of the market and is expected to grow at a CAGR of xx% between 2021 and 2027. advancements in testing technologies, the global organic revolution, the enforcement of strict food safety standards, and international trade in food ingredients are all factors to consider, which drives Residue Testing market. The adoption of residual testing methods across the food value chain driving the market revenue growth. The increased concern for pesticide and residue level in food products, growing demand for organic food products, and increased need to meet food allergen claims on the label are various factors driving the residue testing market. As food trade is growing globally, there is an intense need for food products to follow international regulations.

Europe Leads Residue Testing Market
Europe expected to hold the largest market share in the global residue testing market over the forecast period, and it is projected to grow at a CAGR of 5% in the coming years. The region's Residue Testing market is being boosted by growing need for food safety and expansion of various food industries and testing laboratories. In Europe, food products usually contain permissible levels of pesticide residues. Imported foods and food products produced in Europe are following strict quality process to maintain low levels of pesticides, this is mainly due to stringent regulations on Maximum Residue Limit (MRLs ) in European nations.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players
Global Residue Testing market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In March 2022, Bureau Veritas, a global leader in testing, inspection, and certification (TIC) services, opened its fifth Canadian Microbiology Laboratory in Winnipeg, Manitoba. Rapid Pathogen Testing (E. coli O157:H7, Salmonella, and Listeria) as well as Indicators will be available in the new facility.

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