by The food safety products and testing market comprises various safety products and testing services associated with food products. This includes testing equipment, consumables, safety certifications and inspection services to check for contamination, pathogens, chemicals and other threats. The growing demand for packaged and ready-to-eat food has increased the need for frequent testing and certifications to ensure food-borne illness is reduced.
Market Dynamics:
Safety regulations and standards- Strict regulations related to microbiological, chemical and physical contaminants in food products have been implemented by regulatory bodies globally. This has increased the demand for advanced testing technologies and regular inspection services among food companies to ensure compliance. Additionally, trade agreements often require certain safety certifications for import and export of food items.
Environmental contaminants- Factors like natural disasters, changing climate and environmental pollution have increased the risks of contamination in agricultural produce and livestock. This drives the need for robust testing and monitoring at pre-harvest and post-harvest stages.
The global Food Safety Products and Testing Market Share is estimated to be valued at US$ 1031.96 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The food safety products and testing market is segmented into testing instruments, test kits, consumables & reagents, and food testing. Among these, the food testing segment held the largest market share in 2022 owing to the rising demand for testing of various types of foodstuff including meat, poultry, and seafood. This segment tests food for pathogens, GMOs, allergens, pesticides, toxins, and other contaminants. Changing regulations mandating regular food testing and increased awareness about food safety among consumers are propelling the growth of this dominant segment.
PEST Analysis
Political: Stringent regulations around the world regarding food hygiene and safety standards are positively influencing the market. For instance, policies in the EU and North America make regular safety testing mandatory for food products.
Economic: The rising per capita disposable incomes are allowing consumers to spend more on premium food items, thus driving demand for advanced safety testing technologies to ensure quality.
Social: Growing awareness about foodbourne diseases and their impact on health is compelling people and companies to focus on food safety.
Technological: Advancements in testing techniques like PCR, spectroscopy, and chromatography are improving accuracy and speed. Portable devices are also expanding testing coverage.
Key Takeaways
The Global Food Safety Products And Testing Market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing health consciousness among consumers. The market size for 2023 is US$ 1031.96 Mn.
Regional analysis: North America dominated the market in 2022 and is expected to continue doing so owing to strict mandates from agencies like FDA. However, Asia Pacific is projected to be the fastest growing region due to rising consumer incomes, rapid urbanization, and increasing awareness in countries like China and India.
Key players operating in the food safety products and testing market are Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau Veritas SA. Key players are adopting inorganic growth strategies like acquisitions to expand their offerings and geographic footprint. They are also investing in R&D to launch novel technologies and testing solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
