Residue Testing Market Projected to Register 6.9% CAGR through 2030
Global residue testing market will register robust growth at approximately 6.9% CAGR over the forecast period (2020-2030). Food & beverages application in particular continues to provide the thrust to market growth. Global organic revolution is the key factor boosting the demand for residue testing across the globe. On that premise, the global residue testing market hit approximately US$ 3.5 Bn in 2019, concludes the FMI report.
“Stringent regulations imposed by government on food safety protocols are projected to bode well for the residue testing market. Moreover, recent technological advancements are working in favor of the market. Food industry’s expansion will further augment the demand for residue testing during the forecast period,” finds FMI in a new study.
Key Takeaways of Residue Testing Market Study
· Pesticide residue continues to be the leading end-use segment through 2029.
· Majority of demand for residue testing is concentrated in food & beverages industry.
· Europe holds the leading revenue share in the global residue testing market.
· Asia Pacific Excluding Japan (APEJ) is projected to witness prolific growth rate during the forecast period.
Residue Testing Market – Key Growth Factors
· Growing prevalence of residue testing in agricultural crops and pet food is pushing the market growth.
· Higher predilection of consumers towards health and wellbeing is catalyzing the growth of residue testing market.
· Specialist diets are witnessing soaring demand among consumers thereby propelling the market growth.
· Packaged foods have grained traction on account of hectic lifestyle and shifting consumer choices thereby fuelling the market growth.
Residue Testing Market – Key Restraints
· Crop producers in underdeveloped regions have limited knowledge about residue testing which is obstructing the growth of market.
· Lack of food control infrastructure in developing countries is a significant roadblock to market growth.
Prominent players profiled in this FMI study include, but are not limited to, ALS Limited, Eurofins Scientific, Silliker Inc., Charm Sciences Inc., Neogen Corporation, Microbac Laboratories Inc., Bureau Veritas S.A., and Centers for Disease Control and Prevention (CDC). Industry leaders must invest their efforts in high-growth regions such as Asia Pacific which holds remunerative opportunities in foreseeable future. Greater reliance of emerging Asian economies on agricultural commodity is to be attributed for this growth.
Press Release Source: https://www.globenewswire.com/news-release/2020/03/24/2005507/0/en/Demand-for-Residue-Testing-Accounted-for-US-3-5-Bn-in-2019-Sales-Concentrated-in-F-B-Industry-Future-Market-Insights.html
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