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Growing health awareness among people to drive the Food Safety Testing Market

Food Safety Testing market is projected to reach 17.72 million by 2021 with a steady growth rate of 7.60%
Mounika Chekuri | 28.03.2018
© Mounika Chekuri
Food safety includes better managing, preparation, and storage of organized food in a safe manner to avoid spoilage. Food safety testing is a crucial process due to the fact that contaminated food paves the way for unhygienic bacteria, parasites, and viruses which can result in food poisoning. Consumption of contaminated food products can cause more than 200 diseases ranging from diarrhea to several cancers. According to World Health Organization (WHO), approximately 1 out of 10 human beings had suffered from various diseases because of consumption of contaminated food, thereby, claiming an approximate of 420,000 lives per year.

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The global food safety testing market was calculable to be around USD 12.29 billion in 2016 and anticipated to be developing at a CAGR of 7.60%, to attain USD 17.72 billion by the end of 2021.

Drivers and Restraints:

Processed food includes about 10% of everyday food intake, while ultra-processed food comprisesof more than 55% of each day food intake. The rise in the intake of processed food has paved the way for food safety testing market and the effect of this motive force is anticipated to strengthen the development of the market.

The key factors attributing for the growth of the market includesrising awareness among the consumers which has resulted in the shifting of their consciousness in the direction of tested food items. Growing demand for convenient and packaged food products by the customers is another fundamental factor stimulating the demand for food safety testing market. However, the market is anticipated to grow slowly in the emerging nations, where the food managementinfrastructure and resources are on a comparatively lower level. But, the impact of this restraint is predicted to decline by the end of the forecast period.

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Geographic Segmentation

The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Latin America and Middle East and Africa. North America accounted for the biggest market percentage within the worldwide food safety testing market, accounting for around 37% of the worldwide market trailed closely by Europe. The Asia-Pacific market, that's especially propelled by countries such as China and India, is predicted to offer certaingrowth possibilities for the food safety testing market, but this growth is anticipated to be slow.

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Some of the major companies dominating the market include Bureau Veritas S.A., ALS Limited, Eurofins Scientific, Intertek Group PLC, Silliker Inc., and DTS Laboratories.

Scope of the report

The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.

The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.

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