Food Safety Testing Market is estimated to reach US$ 39.8 Bn by 2030

Posted by mandar on April 9th, 2021

Food Safety Testing Market: Introduction

A recent study published by Transparency Market Research on the food safety testing market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global food safety testing market was valued at US$ 18.2 Bn in 2020, which is estimated to rise at a CAGR of 8.1 % to reach US$ 39.8 Bn by 2030.

Testing Requirements for Export of Food Products Propelling Market Demand

With the ease of business relations between intercontinental countries, the food sector has been flourishing, and increase in import and export activities has been observed. Globalization of the food sector and food supply chain has been resulting in increased food safety testing practices. European and North American countries are prominent importers of raw materials for food production. Since the regulations of these countries are stringent, exporters from other regions are obliged to test their food products in order to be able to export them. This increase in import/export activities are driving the growth of the food safety testing market.

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Improved Food Safety Regulations Boosting Market Growth

Considering the increased rate of urbanization and industrialization in MEA and Asian countries, big firms and companies in the food testing market are penetrating in emerging markets. The increased M&A activities in the food testing market have resulted in expansions, which are subsequently boosting the market growth. Due to increasing demand for safer and cleaner food products in the global market by consumers around the world, many governments and authorities are forced to apply stringent and harsh regulations on food producers, processors, importers, and exporters. In order to avoid any penalty by authorities and to oblige to stringent regulations, many key players in the market are now getting their food products tested by the authorized food testing companies. Seven new seven rules were finalized by FSMA in 2015 and were implemented in 2017 for importing food.