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Shelf Life Testing Market Growth Factors, Applications, Regional Analysis, Key Players And Forecast 2033
Shelf Life Testing Market Growth
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According to The Business Research Company's, The shelf life testing market size has grown strongly in recent years. It will grow from $4.2 billion in 2023 to $4.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to stringent quality and safety regulations, consumer demand for freshness, globalization of the food supply chain, focus on food waste reduction, expansion of pharmaceutical industry, introduction of biodegradable packaging.
The shelf life testing market size is expected to see strong growth in the next few years. It will grow to $6.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to consumer awareness of product labeling, focus on nutritional integrity, increasing complexity of food formulations, rising demand for natural preservatives, emergence of personalized nutrition, shift towards plant-based products. Major trends in the forecast period include advancements in analytical technologies, technological innovations in preservation methods, packaging innovations, customized testing solutions, collaboration and partnerships.
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Market Drivers and Trends:
Rising demand for organic food is expected to propel the growth of the shelf-life testing market going forward. Organic food refers to produce grown and processed without synthetic pesticides, fertilizers, or genetically modified organisms, adhering to strict organic farming standards. Shelf-life testing ensures the quality and safety of organic food products by assessing their durability, freshness, and adherence to organic standards over time. For instance, in September 2023, according to Made in CA, a Canada-based online magazine, in Canada, the consumption of organic food has seen a notable increase in recent years, accompanied by a 5.4% rise in the number of certified organic food producers between 2019 and 2021. The organic food market's value in Canada reached around $6.5 billion in 2021, experiencing an annual growth rate exceeding 8%. Therefore, the rising demand for organic food is driving the shelf-life testing market.
Technological advancements are a key trend gaining popularity in the shelf life testing market. Major companies operating in the market are leveraging technologies such as artificial intelligence to provide advanced shelf-life prediction and gain a competitive advantage in the market. For instance, a Netherlands-based food tech startup OneThird provides shelf life prediction solutions using spectroscopy and other data sources to predict shelf life. OneThird's cloud platform and AI algorithms allow us to share this information and connect with partners.
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Major Key Players of the Market:
SGS SA, Bureau Veritas, Eurofins Global, Intertek Group plc, Mérieux NutriSciences Corp., ALS Limited, AsureQuality Limited, RJ Hill Laboratories, SCS Global Services, Agrifood Technology, Symbio Laboratories, Premium Analytical Services, AES Laboratories Pvt. Ltd., EnviroLogix Inc., EMSL Analytical Inc., Neogen Corporation, Charm Sciences Inc., TÜV NORD GROUP, Medallion Labs, Q Laboratories Inc., Microbac Laboratories Inc., Silliker Inc., Covance Inc., NSF International, Food Safety Net Services, Genevac Ltd., R-Biopharm AG, Romer Labs, 3M Company, Thermo Fisher Scientific Inc., MilliporeSigma, Bio-Rad Laboratories Inc.
Shelf Life Testing Market 2024 Key Insights:
• The shelf life testing market size is expected to see strong growth in the next few years. It will grow to $6.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Rising Demand For Packaged Foods Fuels Growth In Shelf-Life Testing Market
• Tech Advancements Drive Shelf Life Testing Market
• Europe was the largest region in the shelf life testing market share in 2023
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