The Food Safety Testing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Food Safety Testing Global Market Report 2024, The food safety testing market size has grown strongly in recent years. It will grow from $23.3 billion in 2023 to $25.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increased consumer awareness of food safety concerns, stringent government regulations and compliance standards, rise in incidence of foodborne illnesses and outbreaks, globalization of the food supply chain and imports, growth in focus on quality assurance and risk management, heightened concerns about chemical and contaminant residues in food.
The food safety testing market size is expected to see rapid growth in the next few years. It will grow to $37.99 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to adoption of rapid and high-throughput testing technologies, emphasis on blockchain and traceability for food safety assurance, research and development in next-generation testing platforms, expansion of testing services in e-commerce and direct-to-consumer markets, increasing demand for genetic testing in food authentication, growing importance of environmental monitoring in food production. Major trends in the forecast period include blockchain and digital traceability, next-generation sequencing (ngs), ai and machine learning in data analysis, rapid and point-of-use testing kits, allergen and gluten testing, remote sensing and spectroscopy.
The rise in demand for convenience and processed food is expected to drive the food safety testing market. Increase in income level of people due to the growth of the economy specifically in the developing nations has led to a rise in demand for processed and convenience foods. Food safety testing is used in the processed food industry to ensure the quality of packaged food. For instance, according to a joint study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), India, and Grant Thornton, UK, the processed food area can draw in $33 billion in investments by 2024 and has a degree for huge interests in food handling advances and handling hardware, as the complete food creation in India is assessed to double by 2024. Therefore, rise in demand for convenience and processed food drives the growth of food testing market.
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The food safety testing market covered in this report is segmented –
1) By Contaminant: Pathogens, Pesticides, Genetically Modified Organisms (GMOs), Toxins, Others Containments
2) By Technology: Traditional, Rapid
3) By Application: Meat, Poultry, And Seafood Products, Dairy And Dairy Products, Processed Food, Beverages, Cereals And Grains
Technological advancements are shaping the food safety testing market. Advancements and development of smart testing techniques in the field of analytical chemistry designed to provide accurate and cost-effective analytical solutions are being adopted by food and beverages manufacturers all around the globe. These testing systems can be effectively integrated into routine food screening protocols at each stage of the production and manufacturing processes. For instance, in 2020, Eurofins, the world’s leading food and feed testing laboratory group, has announced a launch of the SENSIStrip Allergen product range, that quickly detects allergens, which must be labeled on packaged food, and beverage related products.
The food safety testing market report table of contents includes:
- Executive Summary
- Food Safety Testing Market Characteristics
- Food Safety Testing Market Trends And Strategies
- Food Safety Testing Market – Macro Economic Scenario
- Global Food Safety Testing Market Size and Growth
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- Global Food Safety Testing Market Competitive Benchmarking
- Global Food Safety Testing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Food Safety Testing Market
- Food Safety Testing Market Future Outlook and Potential Analysis
- Appendix
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