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For our ancestors who didn’t have the benefit of a world map...

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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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Supriya Bhangale 2019-04-22 23:04
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Food Safety Testing Market Projected to Reach $24.6 Billion by 2023

The report "Food Safety Testing Market by Target Tested (Pathogens, Pesticides, GMOs, Mycotoxin, and Allergens), Technology (Traditional and Rapid), Food Tested (Meat, Poultry, Seafood, Dairy, Processed Foods, and Fruits & Vegetables), and Region-Global Forecast to 2023" The food safety testing market is projected to grow from USD 17.0 billion in 2018 to USD 24.6 billion by 2023, at a CAGR of 7.7% during the forecast period. The major factor driving the food safety testing market is the increase in global outbreaks of foodborne illnesses. Further, stringent food safety regulations, availability of advanced rapid technology, increase in demand for convenience and packaged food products, increase in outbreaks of chemical contamination in food processing industries, and rise in consumer awareness about food safety is practices is expected to drive the market. 


Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=365

By target tested, the GMO segment is projected to be the fastest-growing type in the food safety testing market during the forecast period.

The fastest growing market of GMO is attributed due to Increase in consumer awareness for genetically modified organisms in food, and efficient technological trends are expected to drive the global market for GMO testing. Lack of information about the nutritional and safety properties of genetically modified food leads consumers to think that they are not safe for consumption, thereby driving the market for GMO testing and labeling.

The meat, poultry, and seafood segment is projected to account for the largest market share during the forecast period.

Among foods tested, the market is estimated to be dominated by the meat, poultry, and seafood segment in 2018. The contamination of meat & poultry products is often observed during processing, packaging, and storing. The Food Safety and Inspection Service (FSIS) has framed regulations to control the contamination of meat & poultry products in slaughterhouses and processing plants, based on the HACCP food safety control system. A major factor that drives the growth of the seafood testing service industry is the high demand for seafood products such as crustaceans, shrimp, crabs, lobsters, tuna, marlin, and swordfish, due to their nutritional values such as the presence of omega fatty acids and other essential nutrients.

Speak to Analyst:  https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=365

Europe is projected to account for the largest market share during the forecast period.

The European market accounted for the largest share in the food safety testing market. European countries have recorded many issues related to food safety over the past few years. As a result, stringent policies have been regulated to implement complete food safety for the public. In Europe, food safety policies have been emphasized by efforts from Control Laboratories (CLs), National Reference Laboratories (NRLs), and EU Reference Laboratories (EURLs). These authorities have played an important role in maintaining food standards and protecting consumer health by ensuring the quality of the food supply chain.

Key Market Players:

The major vendors in the global food safety testing market are SGS (Switzerland), Eurofins (Luxemburg), Intertek (UK), Bureau Veritas (France), Mérieux (US), ALS Limited (Australia), TUV SÜD (Germany), and TÜV Nord Group (Germany), Microbac Laboratories (US), AsureQuality (Australia), FoodChain ID (US), Romer Labs (Australia), Symbio Laboratories (Australia), and RJ Hill Laboratories (New Zealand). These players have broad industry coverage and strong operational and financial strength; they have grown organically and inorganically in the recent past. The industry players, such as SGS (Switzerland) acquired Oleotest NV (Belgium), a provider of chemical testing services for food, feed, and agricultural commodities. This acquisition was expected to provide the company an entry into a complementary segment for chemical analyses, thereby strengthening its leading position for agriculture & food testing in Belgium, in April 2018.

Recent Developments:

  • In January 2018, SGS acquired Vanguard Sciences Inc. (US), a provider of microbiological, chemical, and physical testing for food products. This would help the company in expanding its existing testing capabilities in the US.
  • In October 2018, Eurofins acquired EnvironeX Group Inc. (Canada), a provider of testing services to the environment, agriculture, food, and health & pharmaceuticals sectors with three laboratories in order to expand its presence in the Canadian market.
  • In April 2018, Eurofins signed an agreement with LabCorp to acquire its food testing and consulting business—Covance Food Solutions for USD 670 million.
  • In July 2018, Eurofins acquired LABORATORIOS ECOSUR S.A. (Spain), one of the leading providers of food testing services in Spain. The acquisition significantly strengthened the company’s footprint in Spain.

 



Source URL : https://www.marketsandmarkets.com/Market-Reports/food-safety-365.html

written by

written by

Supriya Bhangale

 

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