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Food Safety Testing Market Size, Industry Growth Rate, Top Trends, Key Players, Share Analysis And Forecast To 2033
Food Safety Testing Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the food safety testing industry. This report on food safety testing market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The food safety testing market size has grown strongly in recent years. It will grow from $23.3 billion in 2023 to $25.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increased consumer awareness of food safety concerns, stringent government regulations and compliance standards, rise in incidence of food borne illnesses and outbreaks, globalization of the food supply chain and imports, growth in focus on quality assurance and risk management, heightened concerns about chemical and contaminant residues in food.
The food safety testing market size is expected to see rapid growth in the next few years. It will grow to $37.99 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to adoption of rapid and high-throughput testing technologies, emphasis on block chain and traceability for food safety assurance, research and development in next-generation testing platforms, expansion of testing services in e-commerce and direct-to-consumer markets, increasing demand for genetic testing in food authentication, growing importance of environmental monitoring in food production. Major trends in the forecast period include block chain and digital traceability, next-generation sequencing (NGS), AI and machine learning in data analysis, rapid and point-of-use testing kits, allergen and gluten testing, remote sensing and spectroscopy.
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Key Market Players:
SGS SA, Eurofins Scientific SE, Intertek Group PLC, Bureau Veritas SA, ALS Limited, TÜV SÜD AG, AsureQuality Limited, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc. are prominent players in the food safety testing industry.
Market Drivers:
According to the Food Safety Testing Market Report 2024 by The Business Research Company, The rise in demand for convenience and processed food is expected to drive the food safety testing market. Increase in income level of people due to the growth of the economy specifically in the developing nations has led to a rise in demand for processed and convenience foods. Food safety testing is used in the processed food industry to ensure the quality of packaged food. For instance, according to a joint study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), India, and Grant Thornton, UK, the processed food area can draw in $33 billion in investments by 2024 and has a degree for huge interests in food handling advances and handling hardware, as the complete food creation in India is assessed to double by 2024. Therefore, rise in demand for convenience and processed food drives the growth of food testing market.
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Market segments for food safety testing include:
1) By Contaminant: Pathogens, Pesticides, Genetically Modified Organisms (GMOs), Toxins, Others Containments
2) By Technology: Traditional, Rapid
3) By Application: Meat, Poultry, And Seafood Products, Dairy And Dairy Products, Processed Food, Beverages, Cereals And Grains
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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