Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Food Safety Testing Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global market analysis for food safety testing has revealed a projected industry growth, emphasizing advancements in technology and an increasing demand for processed and healthy foods. With the food safety testing sector playing a pivotal role in protecting consumer health by ensuring the safety of food products, the latest report delves into the industry's future landscape.
Robust Industry Growth
The market research report on food safety testing offers insightful data, indicating that the market size, valued at $23.3 billion in 2023, is anticipated to experience substantial growth, reaching $25.56 billion in 2024, with a notable compound annual growth rate (CAGR) of 9.7%. The report identifies key factors contributing to this expansion, including heightened levels of consumer awareness, stricter regulatory standards, and a global inclination towards food quality assurance.
Emerging Trends and Technological Innovations
The report forecasts continuing growth within the food safety testing market, expected to reach $37.99 billion by 2028, propelled by a CAGR of 10.4%. Emerging trends in the market are inclined towards the integration of blockchain for traceability, advancements in rapid testing, utilization of Artificial Intelligence (AI) and Machine Learning (ML) for data analysis, and the growing significance of environmental monitoring in food production.
Key Players and Regional Analysis
The comprehensive report also reviews major entities operating in the food safety testing market, emphasizing the strategic investments and novel technologies that are shaping their market presence. Key players such as SGS SA, Eurofins Scientific SE, and Bureau Veritas SA are among those who contribute to the dynamic growth of the industry.
North America is identified as the largest region in the food safety testing market for the year 2023, whereas the Asia-Pacific region is poised for the fastest growth during the forecast period, driven by the burgeoning processed food sector and increasing levels of food consumption and safety awareness.
Extensive Coverage
This global market report covers various segments of the food safety testing industry, encompassing microbiology testing, nutritional analysis, pesticide residue, and product label testing, to provide an extensive overview of the market. The research study offers a crucial resource for industry participants to understand the current and future market dynamics comprehensively. It includes regional market data that encapsulates consumer spending, regardless of the origin of production, and focuses exclusively on the revenues generated within the specified market.
Driving Forces Behind Market Expansion
- Technological Evolution: Technological advancements are facilitating the development of sophisticated food testing methods that integrate seamlessly with existing food safety protocols, as noted in the analysis of the global food safety testing market.
- Processed Food Demand: The increase in global income levels, especially in emerging economies, drives a preference for processed foods, thus fueling the necessity for comprehensive food safety testing, as highlighted in the regional insights of the market analysis.
- Health-Conscious Choices: Growing consumer preference for healthy, energy-rich foods mandates rigorous safety testing, which is identified as a significant factor contributing to the industry's growth trajectory in the market report.
A selection of companies mentioned in this report includes
- SGS SA
- Eurofins Scientific SE
- Intertek Group plc
- Bureau Veritas SA
- ALS Limited
- TÜV SÜD AG
- AsureQuality Limited
- Bio-Rad Laboratories Inc.
- Thermo Fisher Scientific Inc.
- Microbac Laboratories Inc.
- Symbio Laboratories
- DNV GL
- NSF International
- Idexx Laboratories Inc.
- Neogen Corporation
- Agilent Technologies Inc.
- Shimadzu Corporation
- PerkinElmer Inc.
- Merieux NutriSciences Corporation
- The SOCOTEC Group
- Aspirata
- Danaher Corporation
- Mettler-Toledo International Inc.
- Romer Labs Division Holding GmbH
- Charm Sciences Inc.
- Hygiena LLC
- R-Biopharm AG
- MilliporeSigma
- 3M Company
- QIAGEN N.V.
For more information about this report visit https://www.researchandmarkets.com/r/cr54hq
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