Residue Testing Market Size, Share, Growth Key Factors Analysis, Industry Trends And Forecast 2024-2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Residue Testing Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The residue testing market size has grown strongly in recent years. It will grow from $4.72 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to food safety regulations, increased pesticide usage, consumer awareness, quality assurance in agriculture, stringent veterinary drug controls, environmental pollution concerns, public health concerns.

The residue testing market size is expected to see strong growth in the next few years. It will grow to $6.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to focus on microbial residue testing, global harmonization of standards, consumer demand for transparency, preventive residue management, climate change impact on residue levels. Major trends in the forecast period include rapid testing technologies, blockchain for traceability, strategic collaborations in testing services, customization of testing protocols, multi-residue analysis methods, mycotoxin detection..

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Key Market Players:
Major companies operating in the residue testing market report are Eurofins Scientific SE, Bureau Veritas SA, SGS SA, Intertek Group plc, Symbio Laboratories Pty Ltd., ALS Limited, AsureQuality Limited, Microbac Laboratories Inc., QTS Analytical Ltd., NSF International, Arbro Pharmaceuticals Private Limited, Fera Science Limited, AB Sciex LLC, Meth Lab Cleanup Company LLC, Trilogy Analytical Laboratory Inc., Waters Agricultural Laboratories Inc., Neogen Corporation, Mérieux NutriSciences Corp., Romer Labs Division Holding GmbH, TÜV SÜD AG, Nelson Laboratories LLC, Pacific BioLabs Inc., Pace Analytical Services LLC, Avomeen Analytical Services, Brooks Applied Labs LLC, EMSL Analytical Inc., Exova Group Limited, Food Safety Net Services, IEH Laboratories & Consulting Group, Maxxam Analytics, Micro Quality Labs Inc., Midwest Laboratories Inc., RJ Lee Group Inc., Silliker Inc., SRC Analytical Laboratories, Summit Environmental Technologies Inc., TestAmerica Laboratories Inc., Whitehouse Laboratories

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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The residue testing market covered in this report is segmented -
1) By Type: Chromatography, Spectroscopy, Immunoassay, Other Types
2) By Product Type: Pesticide Residues, Toxins, Heavy Metals, Food Allergens, Other Types
3) By Application: Meat and Poultry, Dairy Products, Processed Foods, Fruits and Vegetables, Cereals, Grains and Pulses, Nuts, Seed and Spice, Other Applications

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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