Global Food Safety Testing Products Market to Reach US$11.4 Billion by 2015
Global Industry Analysts, Inc. has released a new comprehensive global report on Food Safety Testing Products. The global market for food safety testing products is projected to reach US$11.4 billion by the year 2015. The market is driven by globalization of food supply trade, growing concerns for food safety, technological advancements, increased focus on microbial pathogens, and the emergence of rapid microbial tests. Other factors propelling market growth include increased demand for food testing equipment with high-end technology and speedy performance, and a shift towards more clear and regular communication of food safety standards.
Food safety has been a major challenge for countries all over the world. Pathogens such as E.coli, Campylobacter, Listeria, Salmonella and several others are linked to various food borne illnesses, which affect several millions across the globe. Increased consumer preference for fresh, healthy and minimally processed foods pose major challenges to food companies in controlling food contamination. Various food safety testing processes and equipment are available in the market that are used for detecting pathogens, pesticides and Genetically Modified Organisms (GMOs).
With growing concerns for food safety, the market for food safety testing products has been witnessing steady growth over the past several years. Though the market has been temporarily affected by the global economic downturn, resulting in a slowdown in growth from the year 2008, demand for food safety testing products is expected to regain market recovery from the year 2011, and pick up momentum thereon.
Europe dominates the global market for food safety testing products, as stated by the new market research report on Food Safety Testing. The United States trails Europe in terms of sales, holding the second largest position in the global market. Federal regulations are compelling food processors in the region to test food products for hazardous material or microorganisms. In addition, the fact that consumers usually avoid buying products from food companies accused of selling tainted products prompts food processors to offer products that are free from any harmful organisms. Growth-wise, Asia-Pacific represents the fastest growing region for food safety testing, and is forecast to grow at a CAGR of 6.6% during the analysis period.
Pathogen testing represents the largest segment in the global food safety testing market. By 2015, the worldwide market for pathogen testing products is projected to register a compounded annual growth rate of 4.2% over the analysis period.
Meanwhile, GMO testing products represent the fastest growing segment. In terms of end-use segments, processed foods industry represents the largest end use market for food safety testing products globally. However, demand for food safety testing products from meat industry is forecast to register the fastest CAGR of 5.75 % over the analysis period.
The market has witnessed growing demand for testing devices with innovative biochip and microchip technologies, owing to their ability to detect the presence of new pathogen varieties in food particles. Biochips effectively detect the presence of food borne pathogens such as Listeria, Staphylococcus aureus, Salmonella, E. coli, and others by imprinting different DNA molecules and antibodies on the same chip.
Key players profiled in the report include 3M Microbiology, AES Chemunex SA, Biolog Inc., Celsis International Plc., Charm Sciences Inc., Dupont Qualicon, FOSS, GeneScan Europe AG, Genetic ID, Neogen Corp., R-Biopharm AG, and Strategic Diagnostics, Inc.
The report titled 'Food Safety Testing: A Global Strategic Business Report' provides a comprehensive review of the food safety testing market, impact of ongoing recession on the market, current market trends, different testing methods, end-use market coverage, new product introductions/innovations, recent industry activity, profiles of global market participants. The report analyzes market data and analytics in terms of value for regions including the US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. Product segments analyzed include Pathogen testing, Pesticide Testing, GMO Testing, and other Testing products. End-use market coverage includes processed food, dairy, meat, and other markets.
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Source : Global Industry Analysts, Inc. View Company Information
Posted on September 7, 2010