Global Food Safety Testing Market to Reach Valuation of US$ 39.8 bn by 2030: TMR
ALBANY, N.Y., Sept. 2, 2020 /PRNewswire/ -- Factors such as the complex web of food supply chains, the absence of basic hygiene and sanitation while handling food items, corruption, adulteration, and other result in food contamination to a great extent. Therefore, these factors may help the food safety testing market to gain immense growth prospects for the food safety testing market.
After out-and-out research on every detail and growth parameters, the analysts at Transparency Market Research (TMR) envision the global food safety testing market to expand at a CAGR of 8.1 percent through the forecast period of 2020-2030. The global food safety testing market is valued at US$ 18.2 bn and is extrapolated to reach US$ 39.8 bn by 2030.
Adulteration levels in the food and beverage industry are of grave concern and to tackle this menace, food testing is an important process. Thus, the food safety testing market is gaining highly on this factor. Furthermore, government initiatives to reduce foodborne diseases will provide a boost to the growth of the food safety testing market.
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Food Safety Testing Market: From Experts' Desk
The analysts at TMR credit the growth of the food safety testing market on the back of factors such as escalating consumer awareness, increasing demand for food safety labels, the advent of niche food trends such as 'free form', 'clean label', and others. In addition, the analysts also shed light on the focus of the governments to enhance safety measures and food product quality. The analysts also elucidate the changing dynamics of the food safety testing market due to the COVID-19 pandemic.
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Food Safety Testing Market: Key RevelationsMeat & poultry products and dairy products segments may lead in acquiring growth for food safety testing market In terms of value, the bakery & confectionery segment holds ~13 percent share of the food safety testing market Rapid safety testing accounts for ~66 percent share of the food safety testing market in terms of value and also the leading segment in the category On the basis of the target test, pathogens, residue & contaminants, and allergens are significant segments of the global food safety testing market Pathogens acquire ~20.5 percent market share in terms of market value Europe holds a prominent share of ~30.9 percent of the global food safety testing market
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Food Safety Testing Market: Growth Prospects
Health and wellness trends have grown considerably over the last decade and thus, the trend of food fortification is on the rise. This aspect may bring extensive growth prospects for the food safety testing market.Novel contamination detection technologies may serve as a prominent growth aspect Growing consumer awareness may invite exponential growth Functional food and nutritional food segments can help in expanding the growth prospects
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Food Safety Testing Market: COVID-19 Effect
The food safety testing market is mildly affected by the COVID-19 pandemic as routine surveillance of farms and food production facilities has been reduced due to the lockdown implementations. The post-pandemic era may hold great importance for the growth of the food safety testing market as many guidelines and regulations are expected to see a transformational change.
The World Health Organization (WHO) has also recommended a list of standards for maintaining food hygiene that assist in the preventing the spread of the novel coronavirus. The changing dietary preferences of a considerable populace due to the SARS-CoV-2 outbreak may further have a positive impact on the growth of the food safety testing market.
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Global Food Safety Testing Market: Segmentation
By ApplicationBakery & Confectionery Dairy Products Processed & Packaged Food Infant Food Alcoholic & Non-alcoholic Beverages Functional Food Meat & Poultry Products Seafood
By Test TechnologyTraditional Rapid
By Target TestPathogens Allergens Residues & Contaminants Chemical & Nutritional Shelf-life GMO Others
By RegionNorth America Europe Asia Pacific Latin America Oceania Middle East & Africa
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