Food Safety Testing Is Estimated To Witness High Growth Owing To...

Food Safety Testing Is Estimated To Witness High Growth Owing To Increasing Concerns Regarding Foodborne Diseases

Posted 2023-12-08 12:49:15

The food safety products and testing market involves various products and solutions used to ensure food safety from production to consumption. This includes testing kits, reagents and consumables, testing instruments, and other food safety products such as sensors and labels. Rapid testing kits are widely used for on-site testing of food samples to check for pathogens, GMOs, heavy metals, pesticides, and other contaminants.

Market Dynamics:
Increasing concerns regarding foodborne diseases is a major driver of this market. Contaminated food is a major source of illnesses and unsafe food consumption can cause diseases such as cancer, diabetes, and heart disease. According to the World Health Organization (WHO), around 600 million – almost 1 in 10 people in the world – fall ill after eating contaminated food and 420,000 die every year resulting from contaminated food. Therefore, companies are focusing on developing advanced and rapid food testing kits and instruments to detect contaminants and ensure food safety. Another driver is stringent food safety regulations in various regions. Regulatory bodies implement strict guidelines regarding food processing, packaging, and testing to curb foodborne illnesses. This increases demand for advanced food safety testing solutions for compliance.

The global Food Safety Products and Testing Market Share is estimated to be valued at US$ 1031.96 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength:
- Technological advancements in testing methods have improved food safety and quality control. Automated systems allow for faster and more accurate testing.
- Stringent regulations regarding food safety across countries fuel demand for compliance and certification.
- Established supply chain and distribution network of key players allows for global reach.

Weakness:
- High costs associated with setting up testing infrastructure and regular audits pose challenges for small businesses.
- Short shelf life of many food products requires timely testing, which is not always possible.

Opportunity:
- Growth of the packaged food industry in developing nations opens up new markets. Rising incomes drive demand for quality and safety.
- Advances in genetics, biotechnology and molecular diagnostics are simplifying and expediting testing procedures.

Threats:
- Lack of harmonization in regulations across countries increases complexity for multinational food companies.
- Economic slowdowns can negatively impact the food industry and related testing demand.

Key Takeaways

The Global Food Safety Products And Testing Market is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period, due to increasing consumer awareness about food safety and stringent government regulations. Foodborne illness outbreaks have pushed regulatory agencies worldwide to mandate stricter standards for testing and certification.

Regional analysis: North America currently dominates the market, accounting for over 30% share, led by the United States. Strict guidelines from agencies like the FDA coupled with high spending power drives regional growth. Asia Pacific is projected to grow at the fastest pace due to rising demand from China, India and other developing nations in the region.

Key players operating in the food safety products and testing market include Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau Veritas SA. Key players are focused on developing rapid testing kits, expanding global presence through partnerships and acquisitions, and leveraging innovative technologies like blockchain for traceability.