Dublin, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The "Dairy Testing - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Dairy Testing Market to Reach $8.2 Billion by 2030
The global market for Dairy Testing estimated at US$5.3 Billion in the year 2022, is projected to reach a revised size of US$8.2 Billion by 2030, growing at a CAGR of 5.5% over the analysis period 2022-2030.
Safety Testing, one of the segments analyzed in the report, is projected to record 4.8% CAGR and reach US$5.1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Quality Analysis segment is readjusted to a revised 6.7% CAGR for the next 8-year period.
The U.S. Market is Estimated at $1.5 Billion, While China is Forecast to Grow at 9% CAGR
The Dairy Testing market in the U.S. is estimated at US$1.5 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2030 trailing a CAGR of 9% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.
Looking Ahead to 2023
Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.
With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers.
Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Metrics
| Report Attribute | Details |
| No. of Pages | 159 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $5.3 Billion |
| Forecasted Market Value (USD) by 2030 | $8.2 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- Dairy Testing Market to Register Moderate Growth
- Safety Testing is anticipated to Register Fastest Growth
- Dairy Testing - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS(Total 14 Featured)
- ALS Ltd.
- AsureQuality
- Bureau Veritas Group
- Eurofins Scientific
- Intertek Group PLC
- Merieux NutriSciences Corporation
- Microbac Laboratories, Inc.
- Neogen Corporation
- Romer Labs, Inc.
- SGS SA
- Tuv Nord Group
- Tuv Sud AG
3. MARKET TRENDS & DRIVERS
- Increase in Foodborne Illness Outbreaks to Drive Market Growth
- Number of Foodborne Illness Outbreaks in the US: 1998-2017
- Impact of Globalization on Dairy Trade to Drive Market Growth
- Stringent Quality and Safety Regulations for Food to Bolster Demand for Dairy Testing Market
- A Prelude into Milk Quality Testing
- With Various Benefits Associated with Milk Testing, the Demand for Dairy Testing Market is expected to Grow
- Milk Testing to Enhance Dairy Herd
- Milk Bacteria Test Avoids Wastage in Dairy Production
- Milk Quality Testing: To Enhance Dairy Products Shelf Life
- Select List of Qualitative Tests for Milk and Milk Products
- New Introductions/ Innovations to Bode-Well for Market Growth
- Adoption of Advanced Technologies for Dairy Testing to Provide Opportunities
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/702yue-testing?w=12
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