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Growing advancements in the meat & poultry sector along with the increased intake of processed food & beverages will positively drive the food safety testing market.Higher R&D spending on novel product development has led to several expansion plans by multinational corporations. The rising progressions in the global food & beverage trade business have made way for the increasing adoption of rapid testing methods to offer food safety.
The increasing prevalence of food contamination and poisoning has given rise to the imposition of stringent safety regulations across the world. The consistent focus on monitoring by food agencies to guarantee product safety has resulted in enhanced consumer confidence. Moreover, a large number of laboratories are incorporating multiple rapid testing technologies to attain quicker results.
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Owing to these determinants, the global food safety testing market size is projected to reach over USD 29.5 billion by 2027, cites a recent report by Global Market Insights, Inc.
Strong need for pesticide control
Pesticide contaminants accounted for over 13% of the food safety testing industry share in 2020. The rising instances of food trade and contamination with pesticides, particularly in imported food products, have increased the popularity of pesticides testing.
Growing preference for traditional food safety testing methods
Food safety testing industry share from traditional technology methods will rise significantly in the analysis timeframe owing to the higher need to improve the intended organism growth while suppressing the growth of the rest. This has led to the emergence of improved media for selective enrichment, culturing, and the identification of microorganisms.
increasing consumption of processed meat
The market value from meat, poultry, & seafood is poised to record over 29% of the total revenue share by 2027. The surging health-conscious levels and the higher availability have paved the path for the development of newer processed meat products.
It has been estimated by the Food and Agriculture Organization (FAO) that global meat production reached nearly 335 million tonnes in 2018 and over 230 million tonnes in 2000. The growing intake of processed meat products in the Asia Pacific, and the Middle East & Africa has led to the increasing need to enhance the regulatory norms on food safety.
Demand in Europe to gain traction
Europe food safety testing industry revenue is slated to hit a 7.5% CAGR through 2027 due to growing adoption in Germany, the U.K., France, Italy, and Spain. There is also a higher preference for meat products and ready-to-eat as well as processed food in the region. The rising health concerns and government effort on limiting the impact of foodborne diseases in the region has resulted in an optimum volume-to-population ratio for food testing.
Inorganic growth initiatives
Global food safety testing companies are focusing on key marketing strategies such as product innovations, mergers, and acquisitions for technical collaborations and to amplify their global presence. For instance, in July 2019, 3M Food Safety partnered with Hamilton to offer interoperability of food testing laboratories between the Hamilton foodInspect Nimbus-empowered multi-channel pipetting technology and 3M’s topnotch molecular detection system.
The rising instances of export & import levels on account of globalization, the presence of favorable FDI policies, and economic development have triggered the increase in food contamination levels. The growing inspection of genetically modified products, as well as processed & ready-to-eat meals, and several other meat products will further expand the food testing business.
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