Global Residue Testing Market is expected to grow at a CAGR of 6.5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Global Residue Testing Market by Type (Toxins, Heavy Metals and Allergens, Pesticides), Food Tested (Dairy Products, Fruits and Vegetables, Meat and Poultry, Cereals, Dairy Products), Technology (Spectroscopy, Immunoassay, Chromatography), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global residue testing market is expected to grow from USD 3.40 billion in 2019 to USD 5.64 billion by 2027, at a CAGR of 6.5% during the forecast period 2020-2027. The Asia-Pacific region holds the largest market share, due to increasing demand for residue testing techniques in China. The growth in China is influenced by an increase in the number of food safety regulations. Increasing exports of agricultural foods to European countries is expected to drive the Asia-Pacific region. The market in North America is anticipated to witness significant growth, owing to the implementation of strict food safety regulations. Rising consumer awareness about chemical tests is also increasing, therefore, gaining prominence in the U.S. market.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are Microbac Laboratories, Inc., Intertek Group plc., Bureau Veritas S.A., ALS Limited, TUV SUD, AsureQuality Laboratories, Eurofins Scientific, and Silliker Inc. In 2017, Eurofins acquired Institute Nehring GmbH to expand its product offering in food testing market.
The type segment includes toxins, heavy metals and allergens, and pesticides. The pesticide residue segment holds the largest share, as residue levels are under strict control, increasing necessary for food manufacturers and government authorities to ensure that imported foods should comply with their permitted MRLs. The food tested segment includes dairy products, fruits and vegetables, meat and poultry, cereals, and dairy products. Foods category products are majorly tested for safety and quality profiles. Rising concern about wellbeing and health, the demand for specialist diets are increasing. Based on technology, the market is segmented into spectroscopy, immunoassay, and chromatography. The chromatography segment holds the largest market share, owing to the increasing demand for detection of contaminants like food allergens, pathogens, heavy metals, toxins, and pesticide residues.
The factors influencing the market are an increase in the outbreak of chemical contamination in food processing industries, strict safety regulations, rising disposable income, growing allergic reaction among consumers, international trade of food materials, and global movement of organic revolution. The factors restraining the market growth are lack of awareness about food safety regulations and the dearth of food control infrastructure and resources.
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About the report:
The global residue testing market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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