LOS ANGELES, March 06, 2019 (GLOBE NEWSWIRE) -- The global food safety testing market is expected to grow at significant CAGR around 7.5% throughout the forecast period and reach around US$ 25 billion by 2026.
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According to the report named “food safety testing Market - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”, escalating demand for healthy and nutritional food additives, increasing concerns about food safety, growing awareness regarding various health benefits, increasing geriatric population, ever-increasing healthcare costs, changing lifestyle patterns and ease of availability of various food safety testing techniques are some of the key factors that are fuelling the food safety testing market growth across the globe. Food safety testing are playing major role in the growth of the healthcare industry due to the growing consciousness towards the importance of digestive healthcare as these products provide various health benefits. Food safety testing is a process of examination of food products for chemicals, disease-causing organisms and other harmful materials. It is commonly targeted at three main food pollutants such as chemicals, pathogens and hereditarily adapted organisms. North America is anticipated to witness the highest growth rate over the forecast period owing to the growing awareness towards the food safety, improved consciousness about health benefits and technological advancements. Continuously changing lifestyle is playing the major role in the growth of regional food safety testing market.
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Rising Concerns about Food Safety and Availability of rapid growth in the food and beverages industry to Drive the Global Food safety testing Market Growth
The concern about the food safety and health issues among people is rapidly increasing with the changing lifestyle. This factor is increasing the demand for food safety testing. Increasing concerns about various health problems and rapidly growing food and beverages industry are some of the fundamental factors responsible for the rapid growth of food safety testing market globally. Escalating demand for healthy and nutritional food preservatives is one of the main factors influencing the growth of the global market. Growing awareness towards the favourable properties of probiotics is also anticipated to spur the demand for food safety testing, thereby supplementing the overall food safety testing market. Growth in the chemical contamination conditions and rising adulteration level are some of the major factors that driving the growth of the global food safety testing market. The increasing awareness about the health benefits and growth in various food diseases such as food poisoning, nausea and diarrhoea has been pouring the growth of the global market. Food safety testing also assist in the avoidance of oxidative harm related diseases such as cancer. The contaminant levels are increasing due to the rise in the import and exports, thereby increasing the need for food safety testing. Moreover, rising demand for pesticides residue and other contaminants testing for fruits and vegetables and growth in the global fruits & vegetables trade are anticipated to fuel the overall market growth during the forecast period. Moreover, the significant increase in food expenditure in emerging economies is further fuelling the market growth.
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North America to Grow at Subsatntial Rate in Food Safety Testing Market
Geographically, the global food safety testing market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to contribute the highest revenue share and grow at highest CAGR during the forecast period owing to the growing awareness towards the food safety, improved consciousness about health benefits and technological advancements. Continuously changing lifestyle is playing the major role in the growth of regional food safety testing market. Government support for new product developments, food safety inspections and plenty of specialty health products are some of the fundamental factors driving the regional market growth. Asia Pacific is also expected to show substantial growth over the forecast period due to the increasing product demand, improvement in standard of living, increased awareness towards health issues and huge population. Food safety testing providers from the region are also focusing on the offering various advanced safety testing techniques.
Market Players
The food safety testing market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Eurofins Scientific, Bureau Veritas S.A., Neogen Corporation, Intertek Group PLC, SGS AG, Idexx Laboratories Inc. and Bio-Rad Laboratories.
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