by Food safety products and testing help ensure the safety and quality of food products. This includes testing of raw materials, packaging, and finished goods to check for microbial contamination, allergens, toxins and adulterants that can cause illness.
Market key trends:
One of the major trends in the food safety products and testing market is the increasing adoption of rapid testing methods. Traditional microbiological testing methods can take several days to produce results. However, newer rapid testing technologies use techniques like immunoassays, DNA/RNA-based methods and biosensors to produce results within hours or minutes. This allows processors and regulators to take swift corrective actions in case of contamination, helping reduce product recalls and saving costs. Rapid testing also enables more frequent monitoring of processes for improved food safety.
The global Food Safety Products and Testing Market Share is estimated to be valued at US$ 1031.96 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The food safety products and testing market has stringent government regulations for food safety which propels the demand for food safety products and testing. Advances in testing technologies help detect contaminants quickly and accurately.
Weakness: High cost of advanced food safety testing instruments limits their adoption. Lack of food control infrastructure and awareness in developing nations.
Opportunity: Growing international food trade opens up opportunities for food safety testing service providers. Emerging economies offer huge untapped market potential.
Threats: Lenient regulations and lax enforcement in certain regions pose threat from substandard and contaminated food imports. Economic slowdowns can reduce food industry spending on safety compliance.
Key Takeaways
The Global Food Safety Products And Testing Market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing consumer awareness about foodborne illnesses and stringent safety regulations.
Regional analysis: North America dominated the market in 2023 and is expected to maintain its lead over the forecast period due to stringent food safety laws and high spending on testing. Asia Pacific is expected to witness the fastest growth owing to increasing food imports, rising incomes, and growing health consciousness in major countries like China and India.
Key players operating in the food safety products and testing market are Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau Veritas SA. Strict adherence to regulations has enabled these players to expand their global presence through the provision of multiple testing services and state-of-the-art testing instruments. The market is characterized by mergers, acquisitions, and collaborations among players to strengthen their service portfolio and geographic footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
