Study: Food safety testing market worth $18.54B by 2022
In 2017, the North American market is estimated to account for a significant share in the global food safety testing market.
The food safety testing market was valued at $12.01 billion in 2016, and is projected to grow at a CAGR of 7.60% from 2017, to reach $18.54 billion by 2022, according to a study produced by MarketsandMarkets, New York.
The study, "Food Safety Testing Market by Food Tested (Meat & Poultry, Dairy, Processed Foods, and Fruits & Vegetables), Target Tested (Pathogens, Pesticides, GMOs, and Toxins), Technology (Traditional and Rapid), and Region - Global Forecast to 2022," reveals the global food safety testing market is expanding with considerable growth potential over the next five years. The growth of this market can be attributed to global rise in foodborne outbreaks, advancements in testing technologies, globalization of food supply and stringent international food safety regulations.
The pathogen segment is estimated to account for the largest market share in the food safety testing market in 2017. Meanwhile, the rapid segment is estimated to account for the larger share in the food safety testing market in terms of value in 2017. Multifunctional testing options that offer time-efficient and flexible testing are a key driver fueling growth of rapid technologies.
In 2017, the North American market is estimated to account for a significant share in the global food safety testing market. The significant share in the North American region is attributed due to the increase in outbreaks of foodborne illnesses, stringent regulations pertaining to food safety, presence of large number of food safety testing players and growth in population in the region.