According to the findings of a recent intelligence study by Transparency Market Research (TMR), the global food safety testing market is highly fragmented between a large numbers of small- and medium-sized vendors. The report has detected that in 2016, the top five companies reserved merely 20% of the overall market and the consolidation of any company is quite unlikely in the near future. That being said, the companies operating in the global food safety products market will gain new opportunities by providing premium services in the potential market of emerging companies.
As per the estimations provided the by the TMR report, the demand in the global food safety market will increment at a robust CAGR of 8.9% during the forecast period of 2017 to 2025, reaching a valuation of US$1.3 bn by the end of 2025, significantly up from its evaluated worth of merely US$658.5 mn in 2017. The prominent vendors in the food safety market are expected to emphasize on gaining consumer attention by keeping close watch on the rapidly changing testing patterns, improving their products at the same time in order to provide accurate tests. Establishing a brand name is also expected to help these vendors to sustain their consumer base. The report identifies Thermo Fisher Scientific, Inc, Intertek Group Plc, Bio-Rad Laboratories, Inc., Eurofins Scientific SE, and SGS SA as some of the key companies currently operating in the global food safety testing market.
Genetically Modified Organisms Segment Projected for Robust Growth Rate
Based on contaminants, the TMR report segments the global food safety testing market into pathogens, genetically modified organisms, and chemicals and toxins. The pathogens segment has been sub-segmented into bacteria, fungus, and viruses, and currently is most profitable, accounting for 42.5% of the demand in the overall market in 2017. The prosperity of this segment is primarily attributed to the escalating requirement for testing bacteria such as E.coli and salmonella, which has been found out to be at the backbone of a number of food contamination-related illnesses. On the other hand, genetically modified organisms segment is also projected to gain added demand at a strong CAGR of 8.9% during the forecast period of 2017 to 2025. This shift will be a reflection of growing awareness regarding genetically modified fruits and vegetables, which face strict regulatory policies.
Europe Remains Most Lucrative Region
Geographically, this report takes stock of the potential of food safety testing market in every important region, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). In the present scenario, the developed regions of North America and Europe are most profitable, collectively accounting for 64.6% demand in 2017, with Europe serving slightly greater demand than North America. Growing incidences of food contamination, advancements in food testing methods and technologies, and strict regulation are some of the factors augmenting the demand for food safety testing from these two regions. On the other hand, Asia Pacific is expected to turn into a highly lucrative region towards the end of the forecast period, projected for 8.5% growth rate due to increasing food trade in this region.
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Increase in Contamination-caused Illness Driving Demand
Some of the key factors driving the demand in the global food safety testing market are: worldwide increase in foodborne illness outbreaks, globalization of food supply, implementation of stringent food safety regulations, media influence on consumer awareness regarding food safety, and availability of advanced technology which has significantly quickened up the testing process. On the other hand, the lack of food control infrastructure, limited resources in emerging economies, and moderate awareness among the consumers are some of the restraints faced by this market. Nevertheless, the vendors operating in the global food safety testing market are expected to gain new opportunities in the developing countries as well as via increasing awareness among the consumers.