Food safety testing industry is expected to register 7% CAGR between 2023 and 2032 propelled by increasing consumer awareness about food safety.
Selbyville, Delaware, Dec. 06, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Food Safety Testing Market was estimated at USD 19.5 billion in 2022 and is expected to surpass a valuation of $40.5 billion by 2032, progressing at a CAGR of 7% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The increasing prevalence of foodborne diseases globally is projected to prompt governments, the food industry, and individuals to take several initiatives to ensure food safety and disease prevention. In recent years, the consumption of harmful contaminants and chemicals contained in food has resulted in countless fatalities worldwide. Furthermore, concerns related to the effects of such harmful toxins on humans and animals have prompted regulatory bodies to impose severe rules on food product manufacturers to guarantee that all food items are adequately verified and tested before they reach customers.
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Growing need to prevent food contamination to propel toxin segment demand
Food safety testing market is segmented based on contaminants into pesticides, pathogens, toxins, GMOs, and others. The toxins segment is anticipated to be valued at over USD 590 million by 2032. The growing need for food safety testing to detect disease-causing substances, pathogens, and hazardous materials is likely to drive segment revenues. Rising consumer awareness of food safety, an increase in chemical contamination situations, and advancements in rapid inspection systems are expected to drive segment expansion through the forecast period.
Key reasons for food safety market growth:
Increase in the outbreak of foodborne illness.
Growth of the global processed food market.
Implementation of stringent food safety regulations.
Widespread use for testing raw food materials to boost traditional technology segment revenues
Food safety testing industry share from the traditional technology segment is estimated to be worth more than USD 1.5 billion by 2032. When testing raw materials or finished products, technology selection is vital to ensure that the test is not obstructed by inhibitors or other food product components. Furthermore, separating bacteria from foodstuffs can be difficult since some food matrixes might obstruct detection procedures, which is slated to fuel the demand for traditional technology.
Stringent government regulations for the inspection of dairy products to enhance market revenue
Food safety testing market from dairy segment is anticipated to progress at more than 7% CAGR through 2032. Dairy testing comprises the pasteurization of milk, raw milk, and other dairy products, such as cheese, butter, and packaged milk. Stringent government regulations and the engagement of health organizations such as the FDA to ensure adequate inspection at all stages of food production are set to boost segment growth.
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Prominent government initiatives to enhance food safety standards to foster MEA industry growth
Middle East & Africa food safety testing market is projected to generate over USD 810 million in revenue by 2032. Food safety is a growing concern in Africa. Government initiatives to improve regulatory enforcement, rising farmer awareness about the importance of storing fresh produce, and increasing investments in technology for detecting and reducing aflatoxin levels are some key factors that are expected to support the MEA food safety testing industry growth over the forecast timeframe.
Capacity expansions to define the competitive landscape
Food safety testing market participants include leading enterprises viz., Eurofins Central Analytical Laboratories, Inc, ALS Limited, Avomeen, AsureQuality Limited, Bureau Veritas SA, Bio-Rad Laboratories, EMSL Analytical, Genon Laboratories Ltd, Campden BRI, Idexx Laboratories, Inc, Food Hygiene & Health Laboratory, Romer Labs, Inc., Exova, NSF International, SGS AG, and Det Norske Veritas AS (DNV), among others.
Partial chapters of report table of contents (TOC):
Chapter 3 Food Safety Testing market Insights
3.1 Industry segmentation
3.2 Impact of COVID -19 on food safety testing market
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Vendor matrix
3.3.3 Impact of COVID-19 on supply chain
3.4 Technology landscape
3.5 Regulatory landscape
3.5.1 North America
220.127.116.11.1 HACCP regulation in the U.S.
18.104.22.168 U.S. Regulation for Pathogens
22.214.171.124.1 E. coli Eradication Act
126.96.36.199.2 Listeria Legislation
188.8.131.52.3 Salmonella legislation
184.108.40.206 U.S. Regulation for pathogens in specified food products
220.127.116.11.1 New standards for foodborne pathogens in poultry
18.104.22.168.2 Food safety regulations for fruit and vegetable growers
22.214.171.124.3 GMOs regulation in the U.S.
126.96.36.199.4 Labeling of GM foods
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.6 GB methods outlook
3.6 Industry best practices and key buying criteria
3.7 Pricing analysis
3.7.1 North America
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 Middle East & Africa
3.7.6 Cost structure analysis, 2021
3.8 Industry impact forces
3.8.1 Growth drivers
188.8.131.52 Increase in the outbreak of foodborne illness
184.108.40.206 Growth of global processed food market
220.127.116.11 Implementation of stringent food safety regulations
18.104.22.168 Influence of media channels on consumer awareness for food safety
3.8.2 Industry pitfalls & challenges
22.214.171.124 Lack of basic supporting infrastructure in developing countries
126.96.36.199 Lack of awareness of food safety regulations among food manufacturers
3.9 Innovation & sustainability
3.9.1 Neogen Corporation
3.9.2 NSF International
3.10 Growth potential analysis, 2021
3.10.1 Emerging business model
3.10.1 1 Acquisitions and Partnerships
3.10.1 2 New product launch
3.12 Porter’s analysis
3.12.1 Industry Rivalry
3.12.2 Buyer power
3.12.3 Threat of substitutes
3.12.4 Supplier power
3.12.5 Threat of new entrants
3.13 PESTEL analysis
3.14 Impact of COVID-19 on global economy
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