GLOBAL – The Global Residue Testing Market is expected to grow at a CAGR of 7.02% in the forecast period of 2022-2029 as per an analysis by Data Bridge Market Research.
Residue testing is frequently used to make sure that product quality meets safety and market access requirements on both the national and international levels.
There are numerous methods for identifying pollutants, including pesticides, food allergies, toxins, heavy metals, and others.
They can be found frequently in processed foods, grains, dairy products, meat and poultry, fruits and vegetables, and other products.
The rise in chemical contamination breakouts in the food processing sector will be a key factor boosting the market’s growth rate for residue testing, says the report.
The rise in allergic reactions among consumers will fuel the market’s expansion rate by driving up demand for residue testing.
The expansion of the industry is also significantly influenced by the advancement of technology and rising customer interest in high-quality foods.
Additionally, the implementation of stringent food safety standards and the worldwide organic revolution are the main factors enhancing market growth.
According to the report, rapid urbanization, an active lifestyle that will further change consumer eating habits, and rising disposable income levels in both developing and developed nations will all have an impact on the growth rate of residue.
Additionally, the growing consumer demand for food safety and the commerce of food products internationally will offer favorable chances for the expansion of the residue testing industry.
The future growth rate of the residue testing market will also be boosted by rising government investments in technological development and rising demand from emerging regions, as reported by Newswires.
High cost of testing to hamper market growth
Conversely, the market’s expansion will be hampered by the high cost of testing and the lack of infrastructure and resources for food control in developing nations.
It will also face difficulties due to a lack of standardization and improper sample collection standards.
The report also notes that the lack of awareness among food manufacturers regarding safety rules will act as a restraint and further hinder the market’s growth rate.
In terms of market share and revenue, Europe currently dominates the residue testing market, and this dominance is expected to grow throughout the forecast period, according to Data Bridge, thanks to the presence of major key players and strict regulations associated with food safety in this region.
On the other hand, Asia-Pacific is anticipated to experience the greatest growth rate during the forecast period because of the region’s expanding food sector and rising demand for food free of any kind of contamination.
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