Food Safety Testing Market: Introduction
A recent
study published by Transparency Market Research on the food safety testing
market includes global industry analysis and opportunity assessment for
2020-2030. Revenue generated from the global food safety testing market was
valued at US$ 18.2 Bn in 2020, which is
estimated to rise at a CAGR of 8.1 % to
reach US$ 39.8 Bn by 2030.
Testing
Requirements for Export of Food Products Propelling Market Demand
With the
ease of business relations between intercontinental countries, the food sector
has been flourishing, and increase in import and export activities has been
observed. Globalization of the food sector and food supply chain has been
resulting in increased food safety testing practices. European and North
American countries are prominent importers of raw materials for food
production. Since the regulations of these countries are stringent, exporters
from other regions are obliged to test their food products in order to be able
to export them. This increase in import/export activities are driving the
growth of the food safety testing market.
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Improved Food Safety Regulations
Boosting Market Growth
Considering
the increased rate of urbanization and industrialization in MEA and Asian
countries, big firms and companies in the food testing market are penetrating
in emerging markets. The increased M&A activities in the food testing
market have resulted in expansions, which are subsequently boosting the market
growth. Due to increasing demand for safer and cleaner food products in the
global market by consumers around the world, many governments and authorities
are forced to apply stringent and harsh regulations on food producers,
processors, importers, and exporters. In order to avoid any penalty by
authorities and to oblige to stringent regulations, many key players in the
market are now getting their food products tested by the authorized food
testing companies. Seven new seven rules were finalized by FSMA in 2015 and
were implemented in 2017 for importing food.
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Cost and Time-effective Customized
Testing Services Driving Market Growth
Food
companies require sample-specific tests and follow requirements, providing
performance that is time-effective. The industry has acknowledged the need for
tailored research in light of these factors. Several analytical laboratories
have acknowledged the need for customized testing services and the provision of
testing services for various customer requirements. It helps companies slash
testing expenses and save time. It also lets customer obtain reliable data and
theoretical insights that establish a long-term partnership between analytical
laboratories and businesses.
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High Costs of Food Testing Services
and Equipment Hindering Growth
The food
& beverage industry is highly fragmented with the presence of numerous
large, medium, and small-scale manufacturers. Since the cost of the few food
testing services and instruments is essentially high, some of the small-scale
food manufacturers cannot afford these tests. Moreover, food fraud incidents
are concentrated at this level due to poor implementation of rules and
regulations. The poor governing of rules and regulations, and the lack of
funding by governments are likely to hinder the growth of the food testing
market. Nonetheless, there is a considerable high demand for food with
“free-from” label. For instance, gluten-free beetroot powder is an instant hit
in certain sections of consumers. Furthermore, fanning the trend are
initiatives such as ServSafe, emphasizing the importance of safety and quality
of food products.
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