Food Safety Testing Market Current and Projected industry size in terms of volume and value 2017-2025
The global food safety testing market is anticipated to demonstrate healthy growth in the forthcoming years, as reported by Transparency Market Research (TMR). The vendor landscape of the market comprises of a number of small-and medium-sized enterprises, leading to fragmentation in the competitive ecosystem. Currently, five leading vendors currently hold approximately 20% of the total market share, as estimated in 2016. The key strategy adopted by players in order to gain market traction is deployment of premium services to users. This is expected to garner novel opportunities for budding market players. Market participants are expected to gain by investing significantly in research and development in the arena.
Leading vendors operating in the global food safety testing market are SGS S.A., Eurofins Scientific SE, Thermo Fisher Scientific, Bureau Veritas SA, and Bio-Rad Laboratories, Inc.
TMR predicts that the global food safety testing market is likely to reach US$1.3 bn by 2025, rising form and estimated US$0.6 bn in 2017. Over the forecast period of 2017 to 2025, the market is prognosticated to grow at a CAGR of 8.9%. In terms of the contaminant, the segment of pathogens held the prominent market share, with 42.5% of the overall revenue. Regionally, Europe is predicted to lead the global market, while accounting for 36.3% share as estimated in 2017.
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Ever-rising Food Safety Regulations to Provide Impetus to Growth
Food supply and nature of food are under consistent risk universally, and there is a rising interest for successful test solutions that can guarantee food safety. The act of food safety testing has increased over the previous years, attributable to incrementing rates of food-borne diseases and infection by tainted food products. Consumer forums and other non-benefit government associations are playing a key role in paving a way for food safety. Every one of these associations advocate for food safety in an unexpected way; while one focusses on exhibiting data through science and research, another focuses on demonstrating the genuine effects of food-borne disease, focuses more on consumer inclinations.
Pathogen testing currently commands the food safety testing market, with organic product and vegetable testing for contaminants being the most lucrative application region. Pathogens are harmful microorganisms that reason weakening of food quality and trigger genuine medical problems. Recent concerns regarding microbial contaminants, for example, E. coli and Salmonella, are driving the global food safety testing market.
Rise of Technologically Accurate Devices for Safety Testing to Push Development
The most recent biosensoristic and chemosensoristic devices utilized for discovery of contaminants in both natural and food systems, are convenient and take into account fast diagnostics. The optical and electrochemical bio/chemosensoristic devices are utilized as promising instruments in on location and ongoing applications for observing of food networks. This will have enormous effect on the food testing market soon.
Present food safety testing regularly includes setting food tests in a culture dish to see whether harmful bacterial states frame, yet that procedure takes a few days. Faster procedures in light of immunizer microscopic organisms’ connections or bacterial DNA intensification is exorbitant and it needs some precise instruments.
Recently, Massachusetts Institute of Technology has come up with a new technology that could offer less expensive and quicker food testing method. The new MIT test depends on a novel sort of fluid bead that can tie to bacterial proteins. This collaboration, which can be recognized by either the advanced mobile phone or bare eye, would give a significantly quicker and less expensive option in contrast to winning food safety tests. Innovative advances in food safety testing is expected to offer rich opportunities to merchants in the approaching years.