Food Safety Testing Market Overview:
Looking at the current rate of transformation in the food industry, it can be confidently said that the future seems bright for the global Food Safety Testing Market. In the year 2016, this market generated a revenue of USD 11.8 billion. Whereas, in the coming years it is projected to earn around USD 17.45 billion. In terms of CAGR, the market is estimated to tread forward at the rate of 7.34%.
There are many growth drivers that cumulatively contribute to the development of the market. Increased instances of food borne diseases can be termed as a primary growth booster for the market. As the ratio of people getting affected by such diseases is on an all-time high, vendors are looking for an effective solution to this problem. Thanks to all of this, the market is moving forward at a quicker pace. Increased awareness regarding food safety amongst the masses, stress on stricter food safety regulations and technological advancements in the food sector further foster the growth of the market. Although, the market may be hampered by one major obstacle. It is insufficient knowledge about food & safety regulations amongst the vendors. But with time the market is expected to cope with this hindrance.
Key Players & Strategies: Some of the big names in this industry are ALS limited, Genevac ltd, aegis food testing and Adpen laboratories. The major strategies used by these players is to increase their reach to the consumers through expansion and they also heavily invest in research and development.
Region-wise, this market spans across areas like North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World.
Innovations: The Global Food Safety Testing Market has witnessed many innovations in the recent past. A major one amongst them has been the launch of MICT magnetometer. This product uses ELISA technology and can detect the minutest of pathogens that are present in food materials.
Food safety testing is very essential in the modern era. Over the years, adulteration has made its way inside the food industry and to ensure optimal quality of consumable products this procedure is crucial. In the last few years people are becoming more conscious of what they eat and hence the demand for this inspection method has risen. Resultantly, the global food safety testing market is getting boosted.
At its heart, food safety testing is a scientific discipline. It is concerned with managing, preparing and storing food in a hygienic manner. The main purpose of this test is to avoid the chances of letting food borne illnesses develop. This practice is comprehensive in nature. It scrutinizes many factors before passing a food product to be sold in the market. Some of these factors include, food labeling, food hygiene, pesticide residues and compliance to policies related to biotechnology and food safety guidelines.
Consumer safety is the aim of all these stringent assessments. Food safety testing makes sure that the final product that reaches the customer is completely safe to be consumed. More and more industries are choosing this procedure to provide their customers with superior quality products. Thus, it can be concluded that in the coming years, this market will have surpassed all its previous records!
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