Published by Uma Rajagopal
Posted on February 8, 2022
The global residue testing market will show a steady growth at a CAGR of 6.9% between 2020 and 2030. According to the report, the rising demand for contaminant-free packaged food and specialized diet will stoke growth in the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
The global residual testing market was valued at US$ 3.5 Bn in 2019. The market is forecast to rise at a CAGR of 6.9% between 2019 and 2030. Regionally, Europe held the largest share in the global market. However during the forecast period, East and South Asia are expected to report growth at a higher CAGR. In terms of application, the market can be classified into feed and pet food, agricultural crops and food and beverages. Of these, the food and beverages industry accounted for the largest share in the global market.
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It includes in-depth insights into the residue testing market. Some of these are:
As consumers grow increasingly concerned about their health and wellbeing, the demand for specialist diets will increase. In addition to this, the food and beverages sector has witnessed a remarkable spike in the demand for packages foods in the last couple of years. Urbanization and busy lifestyle have been key influencers of consumers’ eating habits, and also have paved the way for expansion of the food industry. This is expected to have a positive impact on the residue testing market.
Stringent Regulations Imposed to Ascertain Food Safety will Drive Growth
Stringent food and safety regulations imposed to curb food contamination and ensure better food safety will drive the residue testing market. In addition to this, food processing industries are using advanced technologies to cohere to food safety policies. This will have a positive impact on the overall market. For instance, chromatography is one of the most used techniques to test presence of any residue in food. Besides this, the food industry is now using various technologies to find contaminants in food which could be allergens, toxins, pathogens, pesticides, heavy metals and any other residue.
Several countries have these regulations implemented to regulate the use of harmful pesticides, for instance, in Europe and North America the use of pesticides is highly regulated. These regions therefore lucrative growth opportunities for the residue testing market.
Who is Winning?
Some of the leading players operating in the residue testing market are Microbac Laboratories, Inc., EUROLAB, Centers for Disease Control and Prevention (CDC), AsureQuality Laboratories, VICAM LP, Neogen Corporation, IDEXX Laboratories Inc., Charm Sciences Inc., Bureau Veritas S.A., Intertek Group plc., Silliker Inc., Eurofins Scientific, ALS Limited among others.
As a result of increasing competition, leading are focusing on advanced technologies and research and development activities. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
Get Valuable Insights into Residue Testing Market
Future Market Insights, in its new report, presents an unbiased analysis of the global residue testing market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of type, the market can be classified into pesticide residues, toxins, heavy metals, food allergens and others. Based on technology, the market can be segmented into chromatography, spectroscopy, immunoassay and others. On the basis of application, the market covers feed and pet food, agricultural crops and food and beverages. Regionally, the key segments of the market are North America, Latin America, Europe, Japan, APEJ, Oceania, and the Middle East and Africa.
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Key Highlights
Stringent government regulations imposed to ascertain food safety will favour the expansion of the global market. In addition to this, the market is expected to benefit from global organic revolution and recent technological advancements.
Lack of awareness regarding the importance of residue testing among crop producers especially in underdeveloped nations, may restrict the growth of the market to an extent.
According to FMI, Europe held the largest share in the global residue testing market. However, during the course of the forecast period, Asia Pacific is expected to report a higher CAGR.
Pesticide residue held the dominant share among products available in the market.
Food and beverages industry currently holds the largest share in the global residue testing market, in terms of application.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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