The global food safety testing market is suggested to have reached a value of around $9.26 billion by the end of 2012, and is forecast to grow to a total of $14.03 billion by 2018. This suggests a CAGR growth rate of over 7% between 2013 and 2018. North America is the largest region in this industry, dominating with a 40% market share in 2012. The United States market alone is forecast to reach $4 billion by 2018.
In 2012, meat and poultry accounted for 28% of global food safety testing market. In 2012, rapid testing method was dominated by PCR-based methods that performed 189.1 million tests, followed by immunoassay-based methods. The leading players in the food safety testing market include SGS SA (Switzerland), Bureau Veritas (France), Intertek Group Plc. (U.K.), and DNV (Norway). These players have focused on introducing new product & services, mergers, acquisitions, and expansion of their business segments to maintain their position in the market.
Consumption of contaminated food leads to outbreak of food-borne illness and poisoning. Contamination of food can occur due to exposure to contaminated equipments or raw materials, contaminated water, improper handling, and inefficient treatment. Food products have been contaminated by pathogens, toxins, genetically modified products, pesticides, and other contaminants such as food allergens, chemical residues, etc.
For more information on the Global food safety testing market, please click here: Global food safety testing market
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.