Growth expected in the global food safety testing market
According to a new report, the global food safety testing market is anticipated to grow due to the worldwide increase in the number of outbreaks of foodborne illnesses.
The global food safety testing market size is expected to grow from an estimated $17 billion in 2018 to $24.6 billion by 2023, says a new study, growing at an anticipated 7.7 percent CAGR during the forecast period 2018–2023.
The report by MarketsAndMarkets says the development in the food safety testing market is due to the worldwide increase in the number of outbreaks of foodborne illnesses, the implementation of stringent food safety regulations, and the globalisation of food supply.
The pathogens segment has led the global food safety testing market due to increasing instances of food contamination and foodborne poisonings. However, GMO testing is anticipated to witness the highest growth during the forecast period due to an increase in consumer awareness for genetically modified organisms in food, stringent regulatory restrictions on GMOs, and efficient technology trends.
The meat, poultry, and seafood segment is estimated to dominate the food safety testing market. However, the fruits and vegetable segment is anticipated to witness the fastest growth as they are susceptible to microbial and other contaminations, along with the increasing number of tests as they are used extensively as ingredients, the report continues.
Rapid technology is estimated to dominate this market and is anticipated to grow at a higher CAGR from 2018 to 2023 as compared to the traditional technology segment, says the report. Low turnaround time, higher accuracy, sensitivity, and ability to test a wide range of contaminants in comparison to traditional technology are expected to drive the market for rapid technology.
In regards to regions, the North American market has been growing consistently over the past few years. However, the increase in concerns of food poisoning and toxicity and the introduction of new testing services and products by key market players have fuelled the growth of the European food safety testing market, the report explains.
Asia Pacific is likely to witness tremendous growth in the near future, the report says. The RoW region is in the development phase and has been witnessing increasing consumer awareness, due to better testing services, which is expected to drive the market growth.