Food Safety Testing Market: Introduction
A recent study published by Transparency Market Research on the Food Safety Testing Market includes global industry analysis and opportunity assessment for 2020-2030. The revenue generated from the Global Food Safety Testing Market has been valued at US$18.2 billion in 2020, which is expected to increase at a CAGR of 8.1% reach US$39.8 billion by 2030.
Food Export Testing Requirements Driving Market Demand
With the ease of trade relations between intercontinental countries, the food sector has been flourishing and an increase in import and export activities has been observed. The globalization of the food sector and the food supply chain has led to an increase in food safety testing practices.
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Countries in Europe and North America are major importers of raw materials for food production. Since these countries’ regulations are strict, exporters from other regions are obliged to test their food products in order to be able to export them. This increase in import/export activities is driving the growth of the food safety testing market.
Improved food safety regulations drive market growth
Considering the increasing rate of urbanization and industrialization in MEA and Asian countries, large corporations and companies in the food testing market are entering emerging markets. The increase in M&A activity in the food testing market has resulted in expansions, which subsequently drive the growth of the market.
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Due to the increasing demand for safer and cleaner food products in the global market by consumers around the world, many governments and authorities are forced to apply strict and severe regulations to producers, processors, importers and exporters of products food. In order to avoid any sanction by the authorities and to force strict regulations, many key players in the market now have their food products tested by approved food testing companies. Seven new seven rules were finalized by the FSMA in 2015 and were implemented in 2017 for the import of foodstuffs.
Cost-effective and timely customized testing services driving market growth
Food companies demand sample-specific testing and adhere to requirements, delivering efficient performance over time. Industry has recognized the need for tailored research in light of these factors. Several analytical laboratories have recognized the need for customized testing services and the provision of testing services for various customer requirements. It helps companies reduce testing expenses and save time. It also allows the customer to obtain reliable data and theoretical knowledge which establishes a long-term partnership between the analytical laboratories and the companies.
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High Costs of Food Testing Services and Equipment Hamper Growth
The food and beverage industry is highly fragmented with the presence of many large, medium and small scale manufacturers. Since the cost of the few food testing services and instruments is basically high, some of the small food manufacturers cannot afford these tests. Additionally, food fraud incidents are concentrated at this level due to poor enforcement of rules and regulations. Poor governance of rules and regulations and lack of government funding are likely to hamper the growth of the food testing market. Nevertheless, there is considerable demand for foods bearing the “free” label. For example, gluten-free beetroot powder is an instant hit with certain categories of consumers. Additionally, the trend is supported by initiatives such as ServSafe, which highlight the importance of food safety and quality.
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Transparency Market Research, a global market research company registered in Wilmington, Delaware, USA, provides personalized research and consulting services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine the growth of the markets over the next decade.
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