Food Safety Testing Market Growing at 7.10% CAGR to Hit USD 21.31 Billion by 2030 | Microbac Laboratories Inc., Eurofins Scientific, Bureau Veritas
Research Reports
Nov 16, 2023
Food Safety Testing Market Overview:
The global food safety testing market will likely witness a rapid revenue increase. Increasing cases of foodborne illness and awareness regarding food safety are key market drivers. Market Research Future (MRFR) confirms the global food safety testing market value is poised to escalate from USD 16.9 BN in 2022 to USD 21.31 BN by 2030, registering a 7.10% CAGR during the projection period (2023- 2030).
The rising awareness of the importance of microbial limit testing of food products and increasing food safety concerns boost the Food Safety Testing Market revenues. Besides, growing awareness and developments of many testing kits are key tailwinds pushing the food safety testing market growth. Increasing RD support and government funding for test discoveries would support market growth throughout the predicted period.
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Food Safety Testing Market – Segments:
The market report is segmented into contaminants, technologies, food types, and regions. The contaminant segment is sub-segmented into pathogens, pesticides, toxins, GMOs, and others. The technology segment is sub-segmented into traditional and rapid. The food type segment is sub-segmented into meat, poultry, seafood, dairy products, cereals & grains, processed food, fruits & vegetables, and others. By region, the food safety testing market is segmented into the Americas, Europe, Asia-Pacific, and the rest of the world.
Global Food Safety Testing Market – Geographical Analysis:
North America dominates the global food safety testing market. The widespread awareness of health benefits and food safety contributes to the region’s market growth. Besides, advancements in food safety testing technologies and constantly evolving lifestyles substantiate the region’s market share. Also, rising advances in biotechnology and awareness of the advantages of food safety testing are significant tailwinds for market growth.
Government support for new product development and initiatives for food safety inspections boost the food safety testing market size. Moreover, the importance of microbial limit testing of food products and the presence of notable key players in the region drive the food safety testing market growth. Moreover, augmented spending by the public and private sectors for R&D to develop novel test kits fosters the food safety testing market revenues. The North American food safety testing market will likely retain its leading position in the global market throughout the assessment period.
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Food Safety Testing Market – Competitive Analysis:
Although still embryonic, the food safety testing market already appears moderately competitive. These players incorporate strategies such as mergers & acquisitions, collaboration, expansion, and product launches to gain a larger competitive share. Players substantially invest in R&D and trials to develop tests that can give a reading on the microbial limit for quality control.
Major Players:
Leading food safety testing market players include Microbac Laboratories Inc. (US), SGS SA (Switzerland), Eurofins Scientific (Luxembourg), Intertek Group plc (UK), Bureau Veritas (US), ALS Limited (Australia), Neogen Corporation (US), AsureQuality Ltd. (New Zealand), ADPEN Laboratories Inc. (US), and TÜV SÜD (Germany), among others.
Industry/ Innovations/ Related News:
July 27, 2023 — Spectacular Labs Inc., a leading provider of next-generation rapid pathogen testing solutions, showcased its groundbreaking technology at the International Association for Food Protection (IAFP) 2023 Annual Meeting. Spectacular Labs unveiled its new food safety testing solution, enabling a fast, accurate, automated pathogen testing platform.
The company also confirmed its development plans for a new, fully automated platform from enrichment to reporting. This new technology will enable food and beverage companies to detect pathogens on-site easily, and testing laboratories will be able to scale operations cost-effectively.
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