Michigan Ag Connection - Global Food Safety Testing to Reach $19.6 Billion by 2022

Michigan Ag News Headlines

Global Food Safety Testing to Reach $19.6 Billion by 2022
Michigan Ag Connection - 05/23/2018

According to a new market intelligence report by BIS Research, titled 'Global Food Safety Testing Systems & Services Market - Analysis and Forecast (2018-2022)', the global food safety testing systems & services market is expected to reach $19.6 billion by 2022, growing at a CAGR of 7.7% from 2017 to 2022. The robust growth in the market is attributed to the growing outbreak of foodborne illness, advancements in the usage of the latest technology for the food safety testing, stringent regulations, and globalization of food supply.

The high growth in the market is driven by the rising awareness among the consumers about the use of safe food products along with the need to protect the environment. Further, the increasing concerns over global food security and sustainability have led to extensive investments by the governments across the globe. The key players in the global food safety testing systems & services market are working upon different patterns of testing and enhancing their technology to provide better testing solutions. Some of the most established system providers in the industry are 3M, Thermo Fisher, BioMerieux, Merck, Agilent Technologies and Bio-Rad Laboratories, among others. Key service providers operating in the industry are SGS, Bureau Veritas, Intertek, TUV SUD, AsureQuality, Eurofins, and ALS Ltd.

According to Sonali Mazumdar, analyst at BIS Research, "In 2017, the PCR technology dominated the global food safety testing systems & services market by technology with a market share of 31.9%. However, during the forecast period, inductive coupled plasma (ICP) technology is expected to display the fastest growth rate. These technologies are used in various applications in the food industry and are used to check upon the type, count, and metabolites of microorganisms which are related to food spoilage, preservation, fermentation, safety, and foodborne pathogens." Increasing rate of adoption of the rapid technology among the food manufacturers and laboratories coupled with the increasing foodborne illness are the factors supporting the growth of the market."

By target tested segment, pathogens dominated the food safety testing systems & services market due to the shift from traditional methods to high price rapid technology-based solutions. However, during the forecast period, the Genetically Modified Organism (GMO) testing market is expected to display the fastest growth rate. The production of GMO crops is on the rise because of the increased nutritional demand of the crop which in turn leads to the rise in the GMO safety testing market.

Moreover, rising stringent regulations for GMO testing and condemnation of the genetically modified (GM) foods are the key driving factors in the European and North American region. By food type tested segment, meat & poultry testing systems & services market generated the highest revenue in the year 2017, followed by dairy and processed foods. However, rising consumer preferences for seafood and other aquaculture products and the growing role of stringent regulations in the market are expected to boost the seafood testing services market over the next five years.

The key players operating in this market have increased the number of mergers and acquisitions over the recent years, to generate public awareness about their existing and new products and technologies and to compete with the competitors' product portfolio. This strategy has been the most widely adopted one by the players in this market. For instance, in November 2017, Eurofins Scientific acquired Spectro Analytical Labs Ltd. to expand their testing services in India. The key established players in the market are focusing on mergers & acquisition strategy to enter into new ventures and technologies which will help in enhancing their existing product portfolio.

Other Michigan Headlines