SEATTLE, Sept. 21, 2017 (GLOBE NEWSWIRE) -- According to the latest report published by Coherent Market Insights, the global food safety testing market was valued at US$ 10.66 billion in 2016 and is projected to witness a significant CAGR of 7.40% over the forecast period (2017–2025). Global food safety testing market is expected to reach US$ 19.92 billion by 2025, owing to increasing consumer awareness about processed food products coupled with strict government regulations imposed on food products worldwide. Government awareness campaigns regarding food safety and foodborne diseases in association with private companies worldwide are expected to drive the growth of the food safety testing market in the near future. However, the market is expected to show slow growth, in emerging regions with weak food regulatory infrastructure.
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Key Trends and Analysis of the Food Safety Testing Market:
- According to Coherent Market Insights study, Pathogen segment held highest market share among contaminants in 2016. According to World Health Organization (WHO) over 125,000 children under 5 years of age die due to food borne diseases each year. Therefore, rising consumer awareness about pathogenic diseases is expected to have positive impact on growth of pathogenic testing segment during the forecast period.
- Increasing adoption of rapid food testing technology (polymerase chain reaction, immunoassay, etc.), due to its high efficacy and short turnaround time, is bolstering growth of rapid food safety testing technology market.
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Key Takeaways of the Market:
- North America was the largest revenue generator in global food safety testing market in 2016. The region is expected to maintain its dominance by witnessing a CAGR of 7.28% over the forecast period. The U.S. is highest regional revenue shareholder and a well-established market for food safety testing, due to presence of large number of food and beverage manufacturers. Implementation of FDA Food Safety Modernization Act (21 CFR Part 112) targeted at prevention of food contamination and growing incidence of foodborne diseases is expected to drive market growth in North America.
- Asia Pacific is the fastest growing market for food safety testing, as leading players are investing in the region to meet growing demand for safe food. In 2017, Nestlé announced plans to invest US$ 2.5 billion to establish Nestlé Food Safety Institute (NFSI) in India.
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