According to a new study by FMI, global food testing market is expected to reach ~US$ 5 Bn in 2019. The surge in the demand for food testing is underpinned by a slew of factors, including the changing regulatory scenarios and consumers’ demand worldwide, along with continuous research and development for the launch of new and cost-effective tests.
“Food testing market is likely to record a high growth rate, owing to consumer demand for safe and sound food products. With the climate change creating adverse effects on the food and food supply chain, requirement of food testing is becoming crucial, especially in developing economies,” says FMI report.
According to the report, the use of food testing for various purposes in the food and beverage industry is highly advanced in the developed nations such as, U.S., Canada, Germany, France, U.K., etc. However, rapid growth in food manufacturing industry in developing countries such as India, China, Brazil, and Vietnam is likely to serve as the primary growth factor for the global food testing market.
Food testing market is expected to witness rapid growth, on the account increased incidence of infection from food products, especially meat products. Pathogens such as bacteria, virus, and fungi are the main cause of such infection.
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Opportunities Abound in Developing Countries
India and China, countries with the high GDP growth rate, home almost 38% of the world population, acting as the biggest markets for food testing in the future. These countries along with Brazil and Vietnam are the fastest growing economies in the world. Driven by the high rate of industrialization and urbanization, food manufacturing industry in these countries is developing at a high speed, creating surge in the export activities. U.S. and European countries are the countries with the maximum share in the food and beverage import globally.
The rules and regulations set by the governments of the U.S. and the European Union are likely to reflect on the regulation scenario of the exporting countries and contribute to the growth of the food testing market.
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Gains Upheld by Rising Population and Growing Awareness of Food Safety
According to the UN data, global population is increasing at a rate of 1.07%, adding on an average 82 million people per year. By the year 2030, the global population is projected to reach 8.5 Bn, up from 7.6 Bn in 2018. This increasing population is resulting in the substantial growth in the food and beverage industry and food testing market, globally.
With the global economic advancement, increase in smart cities and the use of social media platform has been observed, in the recent past. The increase in the use of social media is creating awareness amongst the consumers, and consequently demand for safe, authentic and tested food products is rising.
Such trend has compelled food manufacturers to get their food tested in order to market them as a safe for human consumption – a key factor for the growth of the food testing market. Further, growing demand for food testing, especially for meat and poultry products will continue to influence growth strategies of the market players.
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Table Of Content
1. Executive Summary
1.1. Global Food Testing Market Country Analysis
1.2. Global Food Testing Market: Application Mapping
1.3. Opportunity Assessment- Winning and Losing Components
1.4. Proprietary Wheel of Fortune
1.5. FMI Analysis and Recommendations
2. Market Introduction
2.1. Market Taxonomy
2.2. Market Definition
3. Food Testing Market Background
3.1. Food Testing: General Overview
3.2. Food Testing Technology Overview
3.3. Technology Roadmap
3.4. Benefits of Food Testing
3.5. Global M&A Pipeline
3.6. Macro-Economic Factors
3.7. Rules & Regulations
3.8. Market Dynamics
4. Global Food Testing Market Analysis 2014-2018 and Forecast 2019-2029
4.1. Market Value Projections
4.2. Market Size Projections
4.3. Forecast Factors
5. Global Food Testing Market Analysis 2014-2018 and Forecast 2019-2029, by Target Tested
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