Food Safety Testing Market and Forecast, 2016-2024

1. Report From Esticast Research and Consulting says, Global Food Safety Testing market revenue will reach 21.43 billion by 2024 As per the report “Global Food Safety Testing Market, by contaminant tested ( Pathogens, GMO, Pesticides), by technology (conventional and unconventional), Industry Trends, Estimation & Forecast, 2016-2024”

2. The global food safety testing market was valued at $12.14 billion in 2016, and is projected to reach $21.43 billion by 2024, growing at a CAGR of 7.4% from 2017 to 2024. In 2016, the pathogen testing segment generated the highest revenue share in the global food safety testing market. Among major regions, North American food safety testing market was the highest revenue generating market valued at $4.5 billion in 2016. “The demand for genetically modified food products such as crops, fruits, animal products and vegetables is booming in the market. Most of the crops we consume are actually genetically modified, as they offer better quality, high yields, and pest resisting ability, but, besides this, genetic modification can also lead to a decrement in nutritional values and an increment in toxicity of the food. Hence, GMO food product testing will experience the highest growth in the upcoming future “

3. Although the global food safety testing market was led by the Conventional testing method generating a revenue of $6.13 billion, the highest growth would be witnessed by the rapid food safety testing methods which is expected to have a CAGR of 9.3% over the forecast period. This is because of the increasing level of food contamination and food borne diseases all over the world. Testing, done by the traditional methods usually takes 3 to 4 days, which is a long and excruciating process. Hence rapid testing technologies are in demand in order to conduct testing of contaminants in a more effective, reliable and time-saving manner.

4. Most of the developing countries still rely on the conventional methods of food safety testing. This is because of its affordable costs and easy availability. Rapid testing methods are quite expensive, but at the same time it saves a lot of time and can give accurate results. Hence it exhibits a growing trend in the food safety testing market with a CAGR of 9.3% and holds a share of more than 40% in the total food safety testing market, in the current market scenario. Rapid testing methods hold nearly 75% share of the North American food safety testing market.

5. Key Market Key Market • Asia Pacific region is expected to have the fastest growth with a CAGR of 8.3 % over the forecast period. The region generated the revenue of $2.95 Billion in 2016. • Currently, North America held the major segment of the food safety testing market. • GMO testing is expected to witness the highest growth with a CAGR of 8.3% over the forecast period (2017- 2024). • Rapid testing method holds more than 40% of the total Food safety testing market. • In Europe, U.K. holds the highest share of food safety testing, however, the highest growth is expected to be witnessed by France, with a CAGR of 8.6% over the forecast period. • The meat and poultry segment is expected to witness the highest growth having a CAGR of 7.1% over the forecast period.

6. Companies Mentioned Companies Mentioned • Intertek Group Plc. • Eurofins Scientific. • Merieuz Nutrisciences • Bureau Veritas S.A. • ALS Limited. • Asurequality Limited. • Microbac Laboratories. Request a Sample copy of report at: https://www.esticastresearch.com/market-reports/food-safety-testing-market