Agricultural Testing Is Estimated To Witness High Growth Owing To...

Agricultural Testing Is Estimated To Witness High Growth Owing To Growing Government Regulations

Posted 2023-12-07 12:10:12

Market Overview:
The agricultural testing market includes testing of soil, seeds, water, and compost samples for farmers and growers. Agricultural testing helps determine nutrient levels, detect heavy metals and other contaminants, measure pH, check for the presence or absence of diseases and pathogens. Proper testing ensures optimal soil health and reduces the use of unnecessary fertilizers and agrochemicals. It also safeguards food safety and quality.

Market Dynamics:
The key drivers fueling growth of the agricultural testing market are growing government regulations regarding food safety and quality stringent standards. Government agencies across major countries have implemented various programs that promote quality testing of soil, water used for irrigation, seeds, and other planting materials. This is done to ensure agricultural commodities and food items meet the prescribed standards. Additionally, rising consumer demand for chemical-free and organic food also promotes testing to certify products. Furthermore, increasing mechanization in agriculture has led to greater use of machinery, fertilizers and pesticides which needs monitoring through testing. Soil testing especially helps determine customized fertilization plans and maximize farm output.

The global Agricultural Testing Market Demand is estimated to be valued at US$ 6.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Agricultural testing provides quality assurance and food safety checks which helps increase customer trust. It helps farmers optimize crop yields and maximize profits. Strict regulations related to food quality certifications also boost the agricultural testing market.

Weakness: High costs associated with agricultural testing can restraint its widespread adoption, especially in price-sensitive markets. Dearth of skilled professionals hampers market growth.

Opportunity: Rising population and demand for food has increased the need for agricultural productivity which presents an opportunity for agricultural testing services. Advancements in testing technologies like portable devices for on-field testing further expands the market scope.

Threats: Trade barriers and import restrictions affects globalization of agricultural goods. Variations in testing standards across regions and countries poses challenges.

Key Takeaways:

The global agricultural testing market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing consumer awareness about food quality and safety. Stringent government regulations regarding agricultural products imported and exported has further boosted the market.

Regional analysis North America dominated the global market in 2023, accounting for majority market share. This is attributed to stringent regulatory framework and extensive awareness about quality certifications. Asia Pacific is expected to exhibit fastest growth over the forecast period due to rising population, urbanization and increasing domestic demand for food products in countries like India and China.

Key players operating in the agricultural testing market are Eurofins Scientific, Agilent Technologies Inc., SCS Global Services, Bureau Veritas SA, ALS Limited, Element Materials Technology (EXOVA), TUV Nord Group, Apal Agricultural Laboratory, Intertek Group PLC, EMD Millipore Corporation (Millipore Sigma), BioMerieux SA, Aurea AgroSciences, 3M Company, Charm Sciences Inc., Neogen Corporation, and Biolumix. The key players are focusing on new product launches, partnerships and expansions for further strengthening their market position.

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