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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Culinary
Tourism
With the
COVID-19 outbreak limiting the number of traveling and dining opportunities for
individuals, many opt to experience the fun of a restaurant or destination at
the comfort of their homes. Ready-to-drink beverages are being focused upon to
enable the consumers to feel the vibe of a particular destination. This aspect
will churn exponential growth.
Immunity-Boosting
Items
A good immunity
can help individuals tackle COVID-19 with ease. Many consumers are switching to
immunity-boosting food and beverage items for improving their resistance
against further infections. Many well-established players are paying attention
on launching immunity-rich food and beverage products. This factor will attract
promising revenues.
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Market Research (TMR) is a global market intelligence company providing
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to thousands of decision makers. TMR’s experienced team of analysts,
researchers, and consultants use proprietary data sources and various tools and
techniques to gather and analyse information.
TMR’s
data repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information. With
extensive research and analysis capabilities, Transparency Market Research employs
rigorous primary and secondary research techniques to develop distinctive data
sets and research material for business reports.
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