Press release
Food Safety Products and Food Safety Testing Market Progressing with Concerns for Food Safety
The global food safety products and food safety testing market has been exhibiting substantial growth over the last couple of years owing to the rising prevalence of food-borne disease worldwide. The growing awareness regarding the rising incidences of food borne diseases and the employment of technologically advanced equipment and techniques are further expected to fuel the adoption of food safety products and food safety testing equipment. Concerns regarding food safety have impelled consumers to adopt food safety tests and food safety products. The primary challenges that the food industry faces today are traceability, identification, and prevention of food contaminants. The implication of stringent regulations regarding food safety to prevent contamination of food has impelled food product manufacturers and consumers have increased the use of food safety tests and food safety products.
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With the progress of food and beverage manufacturing industry and expansion of the food service industry, the global market for food safety products and food safety testing is also expected to grow. The sales of several diagnostic test products are likely to increase over the next couple of years due to the projected rise in the inspection of food plants. However, the growth of the market is likely to be adversely impacted by the lack of awareness among people in developing economies. The disorganization in the regulatory systems is further expected to hinder the growth of the global food safety products and food safety testing market.
The global food safety products market is expected to rise at an 8.6% CAGR between 2010 and 2018. It is projected to touch US$19.42 bn by the end of 2018 from a valuation of US$10.15 bn in 2010. Likewise, the global market for food safety testing market is expected to touch a valuation of US$4.89 bn by 2018, rising at a CAGR of 8.5% during the forecast period.
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Processed Food Products to Dominate Market owing to Changing Taste Preferences
In terms of consumption, the processed food segment emerged dominant in 2011 with a share of almost 36%. This segment was closely trailed by the dairy products segment accounting for a share of 22% in 2011 in the global food safety products and food safety testing market. However, the meat and poultry products segment is likely to exhibit a strong CAGR of 7% owing to the rising consumption of dairy products.
Europe to Lead Market with 34% Share
In 2011, the global food safety products and food safety testing market was dominated by Europe with a share of 34%. The region was closely trailed by Asia Pacific and North America. It has been predicted that by the end of 2018, the market in Asia Pacific will grow significantly owing to improvement in safety standards.
Some of the prime players in the market are Ecolab Incorporated, IDDEX Laboratories Inc., Douglas Scientific, 3M Company, Biomerieux SA, Thermofischer Scientific, and Biocontrol Systems.
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