The global food safety testing market has been projected in a report by Transparency Market Research (TMR) to hold a tellingly fragmented nature owing to the presence of a number of small and medium-sized firms competing against the big giants in the business. According to the researchers, it could be significantly unlikely for a player to come under consolidation. Only a 20.0% of the total market share had been bagged by five leading companies of the industry in 2016. Players could offer premium services to leverage new opportunities from the potential market landscape for budding firms. Thermo Fisher Scientific Inc., SGS S.A., and Eurofins Scientific SE are few of the prominent names in the market.
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TMR has prognosticated the global food safety testing market to post an 8.9% CAGR during the forecast tenure 2017-2025 to bag revenue earnings worth a more than US$1.3 bn by 2025. In 2017, the market had been worth a US$0.6 bn. In 2017, pathogens surpassed all other segments by the contaminant classification while accounting for a colossal share of 42.5%. By region, Europe could continue with its dominance in the market considering its 36.3% share attained in 2017.
Market Rests Hopes on Globalization of Food Supply Chain to Attract Demand
Globalization of food supply chain has been anticipated to be one of the most significant factors augmenting the demand for food safety testing in the current time. The world food safety testing market could gain impetus on the back of the implementation of stringent food safety regulations by a number of regulatory authorities. There has been a rise in the demand for different methods to keep foods safe due to the rising prevalence of diseases spread through food contamination. Moreover, food safety has gained a whole lot of prominence in the recent years because of increasing awareness created with the use of media.
While the above factors have been expected to substantially catapult the growth of the world food safety testing market, there could be other reasons projected to improve growth in the coming years.
Unavailability of Ideal Infrastructure for Food Administration Dents Growth
Lack of proper food administration infrastructure could paralyze the growth of the international food safety testing market in the near future. Moreover, limitations on the part of resources required for arranging a controlled food infrastructure and a related safety environment could hamper market growth as predicted by TMR analysts. Yet, there could be more factors hindering the demand for food safety testing. For instance, today, people are unaware about the harmful consequences of ignoring food safety tests.
However, the advent of new and advanced technologies for food safety testing could accelerate growth in the coming years. Furthermore, there could be some rewarding prospects available in developing economies as a result of improving awareness about food safety testing.
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