Food Safety Testing Market:
Executive Summary
Global Food Safety Testing Market is valued approximately at USD 19.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.7% over the forecast period 2020-2026. Food safety testing refers to the inspection or examination of food products for disease-causing organisms, chemicals, and other hazardous materials. It is generally targeted at three primary food contaminants namely, chemicals, pathogens, and genetically modified organisms (GMOs). Food Safety testing is used to analyze the food frauds. Food fraud is committed when food is deliberately altered for financial gains with the intention of deceiving consumers. The food standards agency (FSA) specifies two main types of food frauds namely, sale of food that is unfit and potentially harmful and deliberate misdescription of food. The implementation of stringent regulations related to food fraud, changing consumption patterns and widespread outbreaks of food-borne illnesses is the factor responsible for growth of the market over the forecast period. Furthermore, the introducing new products and services as well as other strategic alliances by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in July 2019, SGS SA launched new ‘Product Recalls’ digital platform – an at-a-glance, online database that gives consumer goods manufacturers and retailers instant access to the latest unsafe product notifications (non-food) from the EU and USA. However, lack of food control infrastructure in the developing economies is the major factor restraining the growth of global Food Safety Testing market during the forecast period.
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The regional analysis of global Food Safety Testing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world due to the enforcement of stringent regulatory norms in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
SGS S.A.
Intertek Group plc
Romer Labs Division Holding GmbH
Bureau Veritas SA
Eurofins Scientific SE
Covance Inc.
Merieux NutriSciences
Microbac Laboratories, Inc.
NSF International
Nova Biologicals, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Test Type:
Allergen Testing
Chemical & Nutritional Testing
Genetically Modified Organism (GMO) Testing
Microbiological Testing
Residues & Contamination Testing
Others
By Application:
Meat, Poultry, & Seafood Products
Dairy & Dairy Products
Processed Food
Beverages
Cereals & Grains
Others
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Food Safety Testing Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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