The Future of Residue Testing Market 2023: Opportunities and Challenges Ahead || Eurofins Scientific SE, Bureau Veritas S.A., SGS S.A, Intertek Group plc

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Residue Testing Market Size, Growth Rate, And Forecast

The global residue testing market is expected to grow from $4.48 billion in 2022 to $4.78 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The residue testing market is expected to grow to $6.15 billion in 2027 at a CAGR of 6.5%.

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Residue Testing Market Drivers

The increasing outbreaks of chemical contamination in food processing industries are expected to propel the residue testing market. Chemical contamination refers to the appearance or addition of chemical substances in foods. Increasing chemical contamination requires inspection, testing, and certification to purify the product, for which residue testing is utilized. For instance, in May 2022, according to WHO, a UN agency for international public health, it was estimated that in 600 million, almost 1 in every 10 people fall ill after eating contaminated food. Further, around 4,20,000 die every year due to contaminated food, losing 33 million healthy life years. Therefore, the increasing outbreaks of chemical contamination are driving the growth of the residue testing market.

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Residue Testing Market Segments
• By Type: Chromatography, Spectroscopy, Immunoassay, Other Types

• By Product Type: Pesticide Residues, Toxins, Heavy Metals, Food Allergens, Other Types

• By Application: Meat and Poultry, Dairy Products, Processed Foods, Fruits and Vegetables, Cereals, Grains and Pulses, Nuts, Seed and Spice, Other Applications

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the residue testing market.

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Residue Testing Market Key Players
Major competitors in the residue testing market are Eurofins Scientific SE, Bureau Veritas S.A., SGS S.A, Intertek Group plc., Symbio Laboratories, ALS Limited, AsureQuality Limited, Microbac Laboratories Inc., QTS Analytical, NSF International, Arbro Pharmaceuticals Private Limited.

The Business Research Company's "Global Residue Testing Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.

The Table Of Content For The Residue Testing Market Include:
1. Executive Summary
2. Residue Testing Market Characteristics
3. Residue Testing Market Trends And Strategies
4. Residue Testing Market - Macro Economic Scenario
5. Residue Testing Market Size And Growth
………………
27. Residue Testing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Residue Testing Market
29. Residue Testing Market Future Outlook and Potential Analysis
30. Appendix

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