A new report published by Markets and Markets, said the sector is projected to reach $39.47 billion by 2022.
The report "Top 10 Food Safety Testing and Technologies Trends (Food Safety, GM Food Safety, Food Pathogen, Meat Speciation, Food Authenticity, Pesticide Residue, Mycotoxin, Allergen, Water, and Bottled Water) - Global Forecast to 2022", published by Markets and Markets, the market is projected to reach USD 39.47 Billion by 2022.
The Food Safety Testing and Technologies Market encompasses a variety of testing technologies. The markets covered under food safety testing include food safety testing market, GM food safety testing market, food pathogen testing market, meat speciation testing market, food authenticity testing market, pesticide residue testing market, mycotoxin testing market, and food allergen testing market. The markets covered under water safety testing & technologies include water testing and analysis and bottled water testing.
The meat speciation testing market is projected to grow at the highest CAGR of 8.2% to reach a value of USD 2.22 Billion by 2022. The pathogen testing market is the largest market and is projected to reach USD 12.54 Billion by 2022.
The food safety testing market is projected to reach USD 18.41 Billion by 2022
The food safety testing market is estimated to be valued at USD 12.01 billion in 2016. The various factors that drive the food safety testing market include worldwide increase in foodborne illness outbreaks, implementation of stringent food safety regulations by the government, and availability of advanced technologies capable of rapid testing. Globalization of food supply that has resulted in an increased export and import of food products and agricultural commodities worldwide is another driver influencing this market.
The mycotoxin testing market is projected to grow at a CAGR of 6.0%, from 2016 to 2022
The global mycotoxin testing market is projected to grow at a CAGR of 6.0% to reach a value of USD 1.56 billion by 2022. Growth in awareness of consumers with regard to food safety is the most important driver for this market. There have been several food recalls due to the presence of mycotoxin in the food products resulting in increased attention toward this market. Government regulations also play a major driver in this market as several countries have stringent government regulations and there are regulatory authorities that check if the food product is free from mycotoxins and fit for human and animal consumption.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group plc (U.K.), Eurofins Scientific SE (Luxembourg), ALS Limited (Australia), Thermo Fisher Scientific Inc. (U.S.), Mérieux NutriSciences Corporation (U.S.), AsureQuality Ltd. (New Zealand), Microbac Laboratories Inc. (U.S.), and Romer Labs Diagnostic GmbH (Austria).