Residue Testing Market Expected to Reach US$ 6,127.5 Mn by 2025
Posted by Shristi on November 5th, 2019
“The Global Residue Testing Market increasing at significant CAGR over the forecast years to reach US$ 6,127.5 Mn by 2025 owing to surge in demand for quality food and products in developed and developing countries across the globe ”
The global residue testing market expected to grow at prominent growth rate to reach US$ 6,127.5 Mn by 2025. Major factors influencing the growth of global residue testing market include surge in population demanding for quality food products, increase in packaged food products sales, growing concern about food contamination, adoption of residual testing methods across the food value chain, and stringent government regulations for the residual limits in food products are anticipated to propel the global residue testing market over the forecast years. In addition, rise in food contamination issues also boost the residue testing market over the forecast years. For instance, in 2017, CFIA (Canadian Food Inspection Agency) found traces of herbicide named glyphosate, in nearly 30% of the samples tested for 3200 food products. The governmental agencies such as CFIA, EU and USDA consider glyphosate safe up to the limit of 1.3%. However, unregulated use of pesticides, lack of awareness about different residue, testing methods among farming community and food processing companies, and lack of standard food safety regulations in underdeveloped countries are impede the growth of residue testing market over the forecast years.
Global residue testing market segmented on the basis of residue type, technology, application, and region
Avail Sample Report of the Market @ https://www.precisionbusinessinsights.com/request-sample?product_id=16840
Pesticide Residue Segment Dominate the Global Residue Testing Market
Based on the residue type, global residue testing market segmented into toxins, pesticide residues, food allergens, veterinary drugs, and heavy metals. Among all the residues type, pesticide residues dominated the market in 2018 with an approximate share of 24% and the segment is growing at prominent growth rate over the forecast years owing to increase in the usage of pesticides in agriculture, stringent regulations for pesticide residue limits in food products, and increase in trading of food products across the globe. For instance, according to a health advocacy group in USA, approximately 70% of fresh produce sold in the US has pesticide residues. In addition, toxin residue testing burgeoning at highest growth rate owing to surge in R&D for the development of advanced test kits. For instance, In September 2016, Charm Sciences, Inc. received USDA-GIPSA approval for ROSA WET-S3, for the detection of Aflatoxin quantity in corn within 3 minutes.
North America Leads the Global Residue Testing market
PBI’s global Residue Testing market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among all the regions, Europe accounted for larger revenue share through 2014-2018 and expected to dominate over 2019-2025 owing to stringent regulations for residue limits in food products, presence of huge number of market players, and expansion of business into Eastern Europe countries. For instance, in March 2017, Eurofins acquired Gözlem Gýda Kontrol ve Araþtýrma Laboratuvarlarý (Gözlem), a food testing lab in Turkey to strengthen its presence in the Eastern Europe region. North America residue testing market growing at 4.9% CAGR over the forecast years owing to development of advanced test kits by the market players. For instance, In June 2017, Neogen
Corporation launched Veratox, a sesame food allergen test kits use in the testing of food products.
Launch of newer products, frequent product approvals, and strategic alliances are the key strategies adopted by market players
Global Residue Testing market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance. In 2016, Eurofins Scientific acquired food and pharmaceutical testing services of ILS in UK and Ireland.
Key player’s profiles in the report are SGS SA, Intertek Group plc, Eurofins Scientific, Bureau Veritas S.A., ALS Limited, Neogen Corporation, Idexx Laboratories, AsureQuality, Charm Sciences, Inc., Microbac Laboratories, Inc., and Unisensor
For More Information @ https://www.precisionbusinessinsights.com/market-reports/global-residue-testing-market/
Precision Business Insights (PBI) in its report titled “Global Residue Testing Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
By Residue Type
Middle East and Africa (MEA)
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About the AuthorShristi
Joined: September 17th, 2019
Articles Posted: 60
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