Regulations, recalls drive food safety testing market
Research and Markets report shows that the market is expected to grow at a CAGR of 7.2 percent from 2016 to 2021.
Moore foodborne illness outbreaks, technological advancements, strict regulations and globalization are all driving growth in the global food safety testing market.
That’s according to a new report from Research And Markets, "Global Food Safety Testing Market: Focus on Contaminant Testing (Pathogen (E. coli, Salmonella, Listeria, Campylobacter), Pesticides, GMO, & Toxins), Technology (Traditional, Rapid) & Food Tested - Analysis & Forecast (2017-2021)"
Specifically, the report shows that the market is expected to grow at a CAGR of 7.2 percent from 2016 to 2021.
Rising awareness among consumers, along with the need to protect the environment, and more investments in food safety testing from various governments also are driving growth.
The most common food safety testing methods include: PCR based technique, immunoassay, ELISA, rapid culture detection, biosensors and others.
New tests such as gluten sensitivities, intolerance, food fraud, pathogen detection, pesticides, and antibiotics, among others, also are being introduced.
More manufacturers and laboratories are turning to these technologies because of their faster detection features, which in turn helps lower food recalls and increased shelf life, according to the report.
However, it’s not all good news for the sector. Globalization is complicating things, as different regional regulations and oversight between countries makes it harder for companies to keep up.
As for where the market itself is at globally, North America is still at the forefront. However, during the forecast period, the Asia Pacific region is projected to display the fastest market growth from 2016 to 2021.
The region presents immense scope for market development, as populations grow, and governments in the region invest in the food safety testing.
Companies are turning to product launch and development, as well as partnerships and collaboration to stay ahead of their competitors.
Specifically, some of the prominent players in the market include: SGS SA, Eurofins Scientific, Intertek Group plc., Bureau Veritas SA, ALS Limited, Mrieux NutriSciences, AsureQuality Ltd, Microbac Laboratories, Inc., Genetic ID NA, Inc., and Laboratory Corporation of America Holdings, among others.
The key players also have ramped up their merger and acquisition strategy over the recent years.
For example, in November, 2017 Eurofins Scientific acquired Spectro Analytical Labs Ltd. ("Spectro) to expand their testing services in India.
Companies also are focused on new product launches as global growth compels companies to come up with collaborative strategies to succeed in the intensely competitive market.
For instance, in October, 2017 Bio rad laboratories Inc. launched iQ-Check Enterobacteriaceae PCR detection kit, which is a sensitive and rapid alternative to traditional detection methods. Whereas in November, 2016 3M launched 3MTM Molecular Detection Assay 2-Cronobacter to enhance its molecular detection system pathogen testing platform.
For more information about this report and to view a summary, visit the Research and Markets website.