U.S. food safety testing market to witness massive gains over 2016-2024, GMO food industry growth to drive the regional demand
Publisher : Fractovia | Published Date : 2017-06-08Request Sample
Stringent norms enforced by organizations such as REACH and FDA regarding the consumption of hygienic food will augment food safety testing market. The product demand is further expected to propel substantially, driven by the shifting trends toward the consumption of processed food across the globe. Food contamination occurs at the highest level while food handling and monitoring, when food is imported or exported. Consumption of contaminated food eventually leads to sickness and ailments such as food poisoning, which is consequently generating a plethora of opportunities for the food safety testing market. As per the Global Market Insights, Inc., “Worldwide Food Safety Testing Market generated a revenue of USD 9 billion in 2015 and will register an annual growth rate of more than 7% over the period of 2016 to 2024.”
U.S. Food Safety Testing Market size, by contaminants, 2013-2024 (USD Million)
Europe food safety testing market collected a revenue of USD 2.5 billion in 2015 and will exhibit a significant annual growth rate over the years ahead. Germany and UK are slated to contribute significantly toward the regional growth. Supportive government initiations to prohibit the adverse effect of food contamination will impel the product demand. As per statistics, about 1 million people fall sick every year due to food contamination.
The rapid food safety testing technology segment was valued at USD 7 billion in 2015 and will grow lucratively over the years ahead. Extensive use of the technologies such as ELISA, biosensors, immunoassay, rapid culture detection, and PCR will influence the product demand noticeably. Additionally, the efficiency of the product to investigate the type, count, and metabolites micro-organisms is indeed noteworthy, and will impact positively on food safety testing industry growth.
Pathogen covered more than 30% of the share in the contaminants segment of food safety testing industry. Increasing usage of pathogens testing devices can be majorly attributed to the surging occurrence of gastrointestinal disorders like abdominal cramps, nausea, and diarrhea. As per estimates, around 2 million people lose their lives annually due to the aforementioned disorders. In addition, a notable transformation is being witnessed in agricultural practices and food manufacturing, which will further drive market.
U.S. food safety testing market covered more than 25% of North America industry share in 2015 and will generate significant revenue over the coming timeframe. Rising medical care expenditure coupled with the heavy growth observed in the GMO food industry will fuel the product application. China is one of the major distributor of the product across the globe and will maintain its position by registering an annual growth rate of 11% over the coming seven years.
Canada food safety testing industry will collect significant revenue over the years ahead. Increase in monitoring activities by the Canada Food Inspection Agency regarding chemical residues will positively influence the market demand. Surging deployment of quality measures will also favor the regional industry growth.
Meat and poultry food segment generated a revenue of USD 2 billion in 2015 and will register a notable growth over the coming timeframe. The food mainly gets contaminated in the processing and slaughter plants. Deployment of rules to avoid the contamination in poultry and meat products by the FSIS (Food Safety and inspection Services) will drive the food safety testing industry.
GMO food safety testing industry will register a substantial annual growth rate over the coming seven years. Pesticides contaminant segment collected a revenue of USD 800 million in 2015 and will record a substantial CAGR over the years ahead. This product is mainly used for post-harvest residue, soil contamination, and polluted water fishes. Implementation of strict regulations regarding the usage of certified and organic pesticides will stimulate food safety testing industry share noticeably.
Dairy food safety testing industry will collect a considerable revenue with an annual growth rate of more than 7% over the period of 2016 to 2024. Food contamination in this case, occurs via the excreta of infected animals, which causes illness among the consumers.
Top three industry giants accounted for about 45% of the global product demand in 2015. The key players in food safety testing market are Bureau Veritas, SGS S.A., Det Norske Veritas, Bio-Rad Laboratories, ALS Laboratory, Eurofins Laboratories, and Idexx Laboratories.
