Food Safety Testing Market Projected to Garner Significant Revenues by 2023

April 06 00:42 2021
Food Safety Testing Market Projected to Garner Significant Revenues by 2023

The food safety testing market is projected to grow from USD 17.0 billion in 2018 to USD 24.6 billion by 2023, at a CAGR of 7.7%

The report Food Safety Testing Market by Target Tested (Pathogens, Pesticides, GMOs, Mycotoxin, and Allergens), Technology (Traditional and Rapid), Food Tested (Meat, Poultry, Seafood, Dairy, Processed Foods, and Fruits & Vegetables), and Region-Global Forecast to 2023″, Consumers are becoming more sensitive about the impact of food products on their health. With the increasing prevalence of various diseases across regions, consumers are diverting their expenditure toward food products that are certified for their safety and quality. To align with consumer preferences and requirements, manufacturers are focusing on allocating their investments to food safety testing services to ensure the safety of consumption. By 2023, the food safety testing market is projected to reach USD 24.6 billion, recording a CAGR of 7.7% from 2018.

Food Safety Testing Market

Market Dynamics:

Stringent food safety regulations

Growing complexities in the food supply chain, economically motivated malpractices, instances of adulteration, lack of adoption of proper hygiene & sanitation practices during production, transportation & storage, lack of awareness about allergens, instances of cross-contamination, non-compliance with labeling laws, and other such factors have resulted in increasing instances of contamination of food products and are responsible for large-scale outbreaks of illnesses and poisoning in humans. This has caused severe concerns among producers, end consumers, regulatory authorities, and other industry stakeholders.

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Rise in consumer awareness about food safety

Consumer awareness plays a vital role in implementing the quality and safety procedures of food products through various means, such as labeling, claims, and nutritional facts. Consumers have been educating themselves regarding food-related issues, such as various contaminants, allergens, physiological reactions due to toxins, and effects of processed and stored food on the body through various social media platforms and consumer regulatory acts. Consumer awareness has also been growing with the increased media focus on food safety concerns. Media attention on the information related to consumer demand for food safety has led food producers, manufacturers, and processors to respond to these issues. The shifting demographics and rising consumer awareness highlight the need to make food safety a priority. Consumer demand for imported seasonal products and RTE food has been increasing. Consumers trust certifications by government regulators and media; the consumer demand for certification and media’s influence on consumer behavior related to product recalls drive the food safety testing market.

Rapid Technology Solutions To Outperform Traditional Technology Solutions in the Market

With the increasing incidences of foodborne diseases, key companies are focusing on adopting novel techniques to ensure food safety in their products. Ongoing technological advancements have encouraged key companies to adopt rapid technology for the enumeration of microorganism and their by-product, characterization, isolation, and early detection. Leading companies are opting for this technology to monitor the type, count, and metabolites of microorganisms that lead to increased instances of foodborne pathogens and spoilage. Unlike traditional technology solutions, rapid technology offers quick and accurate results. Due to these factors, the demand for rapid technology solutions is projected to remain higher than traditional technology solutions in the food safety testing market during the forecast period.

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Europe is projected to account for the largest market share during the forecast period

The 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). These authorities have played an important role in maintaining food standards and protecting consumer health by ensuring the quality of the food supply chain. Asia Pacific region is projected to be fastest-growing market during the forecast period. The growth in the market is attributed to the growing international trade which has mandated food safety testing to comply the regulatory standards. Governments from different countries in the region have put various regulations in place for consumers, producers, and regulators to ensure the food safety and quality which in turn is fueling market.

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