GLOBAL – The market for food safety testing is expected to reach US$ 24.4 billion by 2026, according to a new study by Global Industry Analysts (GIA), a leading publisher of off-the-shelf market research.
The San Francisco-based GIA makes the projections in a new report that presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
Global markets for food safety testing are commanded by developed economies of Europe and North America. The report notes that the continuous rise in the occurrence of food contamination, stringent regulations pertaining to food safety, and access to advanced food safety testing labs are all contributing to the leadership of these developed economies in the market.
During the COVID-19 pandemic in 2020, Global food safety testing, was estimated at US$ 17.4 billion. A 5.8 percent compound annual growth rate (CAGR) is projected to grow the food safety testing market to $24.4 billion by 2026.
“Food safety testing assists in maintaining the quality of food products, in terms of their appearance, ingredients, and taste. Rising concerns over food and water safety and tightening environmental regulations are raising the need for testing contaminants, thereby generating strong demand for food safety diagnostics,” says the GIA report.
It adds that the need to prevent food contamination and reduce the incidence of foodborne illnesses is a major driving force for market growth.
According to the GIA report, lack of proper handling measures, inappropriate storage conditions, and undercooking are chief reasons for contamination of food products. Further it annotates that this coupled with the growing need to adopt quality measures in preserved foods, dried processed products, bakery foods, ready-to-eat products, and infant foods is fueling growth.
The 2021 estimate for the U.S. market is $3.9 billion. China, the world’s second-largest economy, is predicted to reach $1.6 billion by 2026. Japan and Canada are forecast to grow by 5.1 percent and 5.3 percent during the analysis period. Within Europe, Germany’s growth is expected to reach 5.6 percent annually.
Food companies in developing nations have been driven by rapidly changing international food trade policies, amplified need to comply with various food safety regulations, and the need to avert outbreaks of foodborne illnesses and other food-associated threats, to adopt measures as per food safety and trade regulations of major importing nations.
Food Safety News reports that the chemical and nutritional testing segment of the market is projected to reach $4.2 billion by 2026.