Global Residue Testing Market - Growth, Trends, And Forecast (2020 - 2025)
The global residue testing market is forecasted to reach USD 4.9 billion by 2024 growing at a CAGR of 6.6% during the forecast period (2019 - 2024).
The residue testing market is driven by heightened consumer awareness regarding the safety aspects of food products.
The higher budgetary allocation for the areas concerning food safety and security have also provided major boost to the growth of the market.
Processed foods are the major category of products that are increasingly tested for safety and quality profiles. Based on the regional analysis, North America is a dominating region, in residue testing market closely followed by Europe.
The global marketplace has a prominent presence of key players, however the local players are abundant, and thus, the market has a fragmented character.
Scope of the Report
The market has been segmented by product type, application, and technology. By product type, the market is sub-segmented as pesticides, heavy metals, toxins, allergens and others, and by application, it is sub-segmented as feed & pet food and food. The technology has been further categorized into HPLC-based technology, LC-MS/MC-based, immunoassay-based, and other technologies.
Key Market Trends
Growing Consumer Interest in Food Safety and Quality Issues
The rising number of foodborne disease outbreaks, adulteration cases, and toxicity have increasingly manifested the threat to food safety. The Centre for Disease Control and Prevention (CDCP) has reported that every year, one in 10 people fall sick due to foodborne illness; most importantly, children under five years of age are at high risk. Growing consumer interest for food quality has propelled high technological advancements, which are, thereby, driving the residue safety testing market in developed countries. Enhanced surveillance and detection methods have contributed to the growth of food safety testing scenario, specifically in the developed countries, such as United States. The safety certifications and compliance undertaken by food processing companies and food service organizations are infusing consumer’s trust in these establishments. The consumer education on food safety and mass awareness programs conducted by various bodies are also propelling the market for residue testing.
North America Dominates the Residue Testing Market
The growth of residue testing is primarily driven by the roll-out and implementation of stringent food safety regulations, such as zero tolerance policy for Listeria contamination. The food industries in North America are profoundly impacted by the new Food Safety Modernization Act (FSMA) rules, as consumers are demanding greater transparency regarding food safety. Consumer awareness about chemical tests is also rising, with recent reports of arsenic in apple juice, and acrylamide in processed potatoes and cereals. Companies, such as Eurofins, have developed FDA recommended DNA bar code tests for species identifications, which is gaining prominence in the US market.
The Global Residue Testing Market is highly fragmented, having some of the major players of the Residue Testing are SGS S.A., Bureau Veritas S.A., Intertek Group plc., ALS Limited, Eurofins Scientific.
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