Global Food Safety Testing Market 2020-2024 | Evolving Opportunities With QIAGEN NV and Thermo Fisher Scientific Inc. | Technavio
LONDON--(BUSINESS WIRE)--Dec 17, 2019--
The food safety testing market is expected to grow by USD 6.62 billion during 2020-2024, according to the latest market research report by Technavio, progressing at a CAGR of almost 8% during the forecast period. Request a free sample report
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Technavio has announced its latest market research report titled global food safety testing market 2020-2024. (Graphic: Business Wire)
Adhering to food safety standards has become essential for food manufacturers. As it not only reduces product recalls but also maximizes transparency, reduces costs, and optimizes resources. Moreover, a few internationally recognized food safety standards such as IFS Food include specific compliance requirements related to consumer specifications. Capitalizing on this setup in the food industry, many vendors are specializing in providing certifications to food manufacturers. Since these vendors have a network of food testing laboratories, inspectors, and auditors, food manufacturers are increasingly opting for such all-inclusive services to meet food quality requirements. As a result, the food safety testing market growth has been substantial, and with increasing stringency in regulations, the market will continue to record significant revenue generation.
The other factors driving the market growth are the increasing adoption of automated food safety testing equipment and the growing application of microorganisms for food production.
The market research report segments the food safety testing market by geography (Asia, Europe, North America, and ROW) and application (meat and poultry, fruits and vegetables, processed foods, dairy, and other applications).
North America accounted for the largest market share of the global food safety testing market in 2019. The increased budgetary allocation by the governments for food safety and the implementation of the Food Safety and Modernization Act in the US has increased the adoption of food testing solutions in the region’s food industry. The primary aim of setting up food safety regulations and bodies such as the Canadian Food Inspection Agency is to prevent contamination to eliminate foodborne diseases.
Meat and poultry manufacturers need to comply with stricter safety requirements as these food products have the highest risk of getting contaminated, resulting in frequent recalls and safety scandals. Therefore, market vendors such as NEOGEN have gained significant business opportunities to offer various testing solutions, such as allergen testing plans, to meat and poultry manufacturers. As a result, the meat and poultry segment held the highest market share by application in the global food safety testing market.
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Major Five Food Safety Testing Companies:
Eurofins Scientific Group, Intertek Group Plc, NEOGEN Corp., QIAGEN NV, and Thermo Fisher Scientific Inc. are among the vendors that have strong positions in the global market.
Eurofins Scientific Group
Eurofins Scientific Group offers products analytics instruments and food services.
Intertek Group Plc
Intertek Group Plc offers testing, inspection, assurance, and certification services (ATIC), including sustainability analysis, product assurance, laboratory safety, quality and performance testing, second-party supplier auditing, and vendor compliance.
NEOGEN Corp. offers dehydrated culture media and diagnostic test kits to detect natural toxins, food allergens, foodborne bacteria, plant diseases, and drug residues.
QIAGEN NV offers sample technologies to extract and purify molecules from biological samples and assay technologies that make information from these samples available for analysis and interpretation.
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc. offers sample preparation and preservation equipment, controlled temperature technology products, water analysis instruments, centrifugation products, and biological safety cabinets.
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Food Safety Testing Application Outlook (Revenue, USD Billion, 2020-2024)
Food Safety Testing Regional Outlook (Revenue, USD Billion, 2020-2024)
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SOURCE: Technavio Research
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PUB: 12/17/2019 02:30 AM/DISC: 12/17/2019 02:30 AM