Food Safety Testing Market Revenue Will Reach $21.43 Billion By 2024, Says Esticast Research and Consulting
As per the report “Global Food Safety Testing Market, by contaminant tested ( Pathogens, GMO, Pesticides), by technology (conventional and unconventional), Industry Trends, Estimation & Forecast, 2016-2024” , the global food safety testing market was valued at $12.14 billion in 2016, and is projected to reach $21.43 billion by 2024, growing at a CAGR of 7.4% from 2017 to 2024. In 2016, the pathogen testing segment generated the highest revenue share in the global food safety testing market. Among major regions, North American food safety testing market was the highest revenue generating market valued at $4.5 billion in 2016.
“The demand for genetically modified food products such as crops, fruits, animal products and vegetables is booming in the market. Most of the crops we consume are actually genetically modified, as they offer better quality, high yields, and pest resisting ability, but, besides this, genetic modification can also lead to a decrement in nutritional values and an increment in toxicity of the food. Hence, GMO food product testing will experience the highest growth in the upcoming future “
Rapid Testing Technology is going to lead the market and would grow at a CAGR of 9.3% over the forecast period
Although the global food safety testing market was led by the Conventional testing method generating a revenue of $6.13 billion, the highest growth would be witnessed by the rapid food safety testing methods which is expected to have a CAGR of 9.3% over the forecast period. This is because of the increasing level of food contamination and food borne diseases all over the world. Testing, done by the traditional methods usually takes 3 to 4 days, which is a long and excruciating process. Hence rapid testing technologies are in demand in order to conduct testing of contaminants in a more effective, reliable and time-saving manner.
The pathogen is a set of bacterium, viruses, and fungi which can create a serious hazard for human beings if consumed. Pathogens like Salmonella, E.coli , Vibrio Cholerae, Listeria monocytogenes and Campylobacter can cause serious health issues like Diarrhea, Cholera, Fever, and Nausea. In the United States, foodborne diseases have been estimated to cause 6 million to 81 million illnesses and up to 9,000 deaths each year, causing the food safety testing industry to flourish in the region.
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Global Food Safety Testing Market, 2016
Conventional testing method leads the market with the market share of $6.13 billion, however, the highest growth rate is exhibited by Rapid testing method with a CAGR of 9.3% during the forecast period
Most of the developing countries still rely on the conventional methods of food safety testing. This is because of its affordable costs and easy availability. Rapid testing methods are quite expensive, but at the same time it saves a lot of time and can give accurate results. Hence it exhibits a growing trend in the food safety testing market with a CAGR of 9.3% and holds a share of more than 40% in the total food safety testing market, in the current market scenario. Rapid testing methods hold nearly 75% share of the North American food safety testing market.
Meat and Poultry testing leads the market with a market share of nearly 27% in 2016
Testing of meat and poultry products is majorly done to test their level of contamination. Pathogen testing is frequently carried out to keep a check on the quality level of meat and poultry products including chicken, fish, mutton, beef, and pork. North America is the leading market for meat and poultry testing, however, the highest growth is to be witnessed by Asia Pacific during the forecast period with a CAGR of 8.5%. This is the result of an increase in consumption and exports of meat and poultry products by Asia Pacific countries.
• Asia Pacific region is expected to have the fastest growth with a CAGR of 8.3 % over the forecast period. The region generated the revenue of $2.95 Billion in 2016.
• Currently, North America held the major segment of the food safety testing market
• GMO testing is expected to witness the highest growth with a CAGR of 8.3% over the forecast period (2017- 2024).
• Rapid testing method holds more than 40% of the total Food safety testing market
• In Europe, U.K. holds the highest share of food safety testing, however, the highest growth is expected to be witnessed by France, with a CAGR of 8.6% over the forecast period.
• The meat and poultry segment is expected to witness the highest growth having a CAGR of 7.1% over the forecast period.
Some of the key market players operating in the industry are SGS SA. Intertek Group Plc., Eurofins Scientific., Merieuz Nutrisciences, Bureau Veritas S.A., ALS Limited., Asurequality Limited., Microbac Laboratories, Covance Inc., and International Laboratory Services. SGS SA, a leading food safety testing company, recently acquired ILC Micro-Chem, an independent laboratory that specializes in microbiology and food chemistry testing services. This will lead the company to increase the scope of food safety testing services across the globe.
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