An analysis of Food Safety Testing Market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.
Globally, food security is at constant risk due to food adulteration & contamination, leading to outbreak of food borne diseases. The WHO estimated that diarrheal diseases have caused around 2.4% i.e. 1.4 million of the total deaths in 2016. The act of food safety testing has significantly increased over the past few years owing to growing demand for tested food products and rising interest for increasing reliability & accuracy of test solutions, that can guarantee food safety. Apart from government, consumer forums and other nonprofit organizations are playing a significant role in paving a way for food safety.
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Rising healthcare costs has surged the consumer awareness on food safety, thus urging the government to modify the regulatory framework. Stringent norms and government initiatives to improve the food quality and eradicate the food illness has surged the industry advancement. For instance, the approval of FDA Food Safety Modernization Act has increased the adoption of food inspections among food processors on regular basis, thus augmenting the market advancement.
The industry observes trends such as preference towards rapid technologies such as in-house testing kits particularly for routine tests owing to advantages such as reduced time for obtaining results and improved accuracy. Also, technological upgradations related to real-time PCR and immunoassay technology will augment the food safety testing business revenues. For instance, in August 2017, Bio-Rad laboratories launched CFX Maestro, a software for real-time instruments such as PCR for data analysis, to gain competitive advantage.
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Increase in demand for inspection of organic products, processed & ready-to-eat meals, and meat products is driving the food & beverages industry landscape. Growing export & imports levels of owing to favorable FDI policies, globalization, and economic development has further resulted in rise of food contamination levels.
Prevalence of traditional methods accompanied by higher cost of rapid technology can restrain the adoption of new technologies, thereby hampering the business revenues. Also, lack of infrastructure in developing economies to control the food adulterations can impact the market development.
Global food safety testing market from pathogens generated over USD 6 billion in 2018. Pathogens can be found in multiple food categories including such as meat, dairy, processed food, and fruits & vegetables, thus supporting the pathogen food safety testing demand. High occurrence of pathogens outbreaks such as listeria and salmonella in processed food and meat products is driving the market growth.
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Rapid food safety testing technology holds a significant share in the food safety testing market and is forecast to witness over 7.5% CAGR up to 2025. High prevalence in North America and Europe owing to technological advancements and increasing competitiveness in the industry has surged the market growth.
North America holds around 39% share in the global food safety testing market in 2018. High demand for rapid technology particularly for routine testing supported by significant research & development investments is proliferating the industry share. Innovations in instrument-based testing will positively influence the market growth in the region.
The global food safety testing market is moderately fragmented with presence of many multinationals and regional players. The key industry participants include Eurofins Scientific, SGS AG, Bureau Veritas S.A., Idexx Laboratories Inc., Neogen Corporation, Intertek Group PLC, and Bio-Rad Laboratories.
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