(Food-Beverage-News.Com, February 02, 2019 ) The global food safety testing market size 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 food safety testing market is driven by various factors such as an increase in global outbreaks of food borne illnesses, globalization in food trade, stringent food safety regulations, and the availability of advanced rapid technology.
The major vendors in the 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). T 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).
The market in Asia Pacific is projected to be the fastest-growing due to higher adoption of new technologies with increasing food borne illnesses. The growth of the market in this region is driven by various rules & regulations implemented in different countries. Food security standards are increasingly becoming stringent to ensure safer supply of food to individuals in local and foreign countries. Governments have put various regulations in place for consumers, producers, and regulators.
The food safety testing market is driven by various factors such as an increase in global outbreaks of food borne illnesses, globalization in food trade, stringent food safety regulations, and the availability of advanced rapid technology. However, the lack of coordination between market stakeholders and improper enforcement of regulatory laws & supporting infrastructure in developing countries can hinder the growth of the market.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, food safety testing service providers, and executives from various key organizations operating in the food safety testing industries. • By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20% • By Designation: C-Level Executives:35%, Directors: 25%, and Others: 40% • By Region: North America: 45%, Europe: 20%, Asia Pacific: 30%,and RoW: 5%
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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.
The food safety testing market report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall food safety testing market and the sub segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
