The food safety testing market is projected to grow at a CAGR of 7.60% from 2017, to reach a projected value of USD 18.54 Billion by 2022. The growth of this market can be attributed to the global rise in foodborne outbreaks, advancements in testing technologies, globalization of food supply, and stringent international food safety regulations.
The food safety testing market caters to the food & beverages industry (including meat & poultry, dairy, processed foods, and fruits & vegetables). The fruits & vegetable segment is projected to grow at the highest CAGR from 2017 to 2022. Fruits & vegetables are increasingly being tested for pesticides, pathogens, and GMOs. The consumption of fresh fruits & vegetables has been increasing with the rise in consumer health awareness and trend of following healthy diets, which is projected to drive the growth in the fruits & vegetable segment.
The food safety testing market is experiencing high growth, particularly in the Asia Pacific and North American regions. The Asia Pacific region is projected to be the fastest-growing segment from 2017 to 2022. The Asia Pacific region offers the most attractive growth opportunities for food safety testing services with rising in income levels and purchasing power, increase in consumer awareness about health & safety, and growth in consumer demand for nutritional & healthy products, and through the presence of various key market players.
The market is dominated by key players such as include the SGS SA (Switzerland), Eurofins Scientific (Luxembourg), Intertek Group plc (UK), Bureau Veritas SA (France), and ALS Limited (Australia). Other players include Mérieux NutriSciences (US), TÜV SÜD (Germany), TÜV Nord Group (Germany), AsureQuality Ltd (New Zealand), Microbac Laboratories, Inc. (U.S.), Genetic ID NA, Inc. (US), and Laboratory Corporation of America Holdings (US).
Key strategies such as new service launches, mergers & acquisitions, expansions, investments, collaborations, partnerships, and agreements were adopted by the prominent players to expand their global presence and increase their share in the market for food safety testing. The leading players are focusing on strengthening their R&D capabilities to offer diversified service portfolios for different sectors of the food & beverage industry, particularly technologies such as rapid technologies, namely, convenience-based, PCR, and immunoassay.
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