Food Safety Testing Market to See 7.5% Annual Growth Through 2024

Industry Impacted by Rising Incidences of Foodborne Illnesses, Stringent Regulations

May 23, 2019

WELLESLEY, Mass., May 23., 2019–Rising cases of foodborne illnesses and growing consumer awareness about food safety are factors helping to drive the food safety testing market, according to a report by BCC Research, “Global Markets and Technologies for Food Safety Testing.”

The market expects to see a compound annual growth rate (CAGR) of 7.5% through 2024, when it could be worth $23.4 billion.

Major players in the market include 3M (NYSE: MMM), Bio-Rad Laboratories (NYSE: BIO), Eriez Magnetics, Intertek Group (LON: ITRK), Merieux Nutrisciences and PerkinElmer (NYSE: PKI).

Research Highlights

• Pathogen testing leads the market by size, with a 2018 value of $11.6 billion, followed by GMOs at $1.2 billion and residues at $1 billion.
• Growth in the pathogen testing segment will be led by campylobacter, which will have a CAGR through 2024 of 8.3%, followed by salmonella and E. coli, both at 7.6%.
• North America leads the market by size, with a 2018 value of $7.8 billion, followed by Europe at $4.3 billion and the Asia-Pacific region at $2.1 billion.

“Rising cases of foodborne diseases due to the presence of various contaminants such as pathogens, pesticides, GMOs (genetically modified organisms), toxins, and residues in food, along with stringent regulatory norms, are the major factors driving the market for food safety,” notes report author Andrew McWilliams. “In addition, increasing consumer awareness on the safety and quality of food is also expected to drive the food safety testing market through the forecast period.”

Stringent Regulations and Product Liability Claims Also Shaping Market

Other drivers of the market include stringent regulations and product liability claims, the report adds. The U.S. Food and Drug Administration and other national regulatory bodies create provisions regarding labelling, contamination and safety which must be addressed by companies in the market. While most of these are reactive, a new breed of rules from the United States is focusing on preventative measures. Product liability claims, meanwhile, are a significant hurdle in places like the United States, where everyone from suppliers to restaurant servers can be held responsible for actions leading to foodborne illnesses.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Global Markets and Technologies for Food Safety Testing( FOD011K )
Publish Date: May 2019    

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