LIPID TESTING MARKET ANALYSIS

Lipids are a major dietary component in food, and it is important in a routine diet. Lipids are a major source of energy, as they provide essential lipid nutrients. They consist of naturally occurring molecules such as sterols, fats, fat-soluble vitamins, and phospholipids. Furthermore, lipids have applications in the cosmetics and food industries. However, excessive consumption of lipid components such as saturated fats and cholesterol results in various health complications.

Government authorities impose regulations relating to food production and safety. The purpose of these regulations is to increase health awareness by reducing the content of trans fatty acids in foods. Moreover, US Food and Drug Administration (FDA) in 2014, proposed regulations on the nutrition labeling for prepackaged food products, an act governing food safety and sanitation and needs the nutrition labelling for packaged food such as content of fat, carbohydrates, and others.

The Global Lipid Testing Market for Food & Beverages is expected to surpass US$ 1,491.54 Mn by the end of 2028, in terms of revenue, exhibiting a CAGR of 4.97 % during the forecast period (2021 to 2028).

Drivers

Lipids are usually defined as those components that are soluble in organic solvents (such as ether, hexane, or chloroform) but are insoluble in water. This group of substances includes triacylglycerol, diacylglycerol, monoacylglycerol, free fatty acids, phospholipids, sterols, carotenoids, and vitamins A and D. Therefore, the lipid fraction of a fatty food contains a complex mixture of different types of molecules. Major factors that are expected to boost the growth of the lipid testing market for food and beverages during the forecast period, according to World Health Organisation (WHO), Between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%, the increasing elderly population across the world and rising problems related to the heart. Furthermore, increasing demand for high-level quality food and beverages which are tested for lipid and technological development and advancement in lipid testing are expected to further propel the growth of the lipid testing market for food & beverages.

Among regions, North America held a dominant position in the Global Lipid Testing Market for Food & Beverages in 2020, accounting for 32.6% market share, in terms of revenue, followed by Europe and Asia Pacific. Increasing awareness about the food quality and hazardous effects caused due to consumption of unhealthy food. The strict government regulations for the food and beverages in North America region is the main reason for the growth of the lipid testing market for food and beverages in North America.

Figure 1. Global Lipid Testing Market for Food & Beverages Revenue Share (%), By Region, 2020

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Market Restraints

Lesser awareness regarding health benefits associated with lipid testing for food and beverages in emerging economies such as Bangladesh, Africa, and Afghanistan is expected to hamper the market growth over the forecast period. Moreover, lack of food safety infrastructure and resources in the northern regions of Asia Pacific and north and middle part of Africa is one of the major factors hampering the market growth.

Market Trends

According to National Centre for Chronic Disease Prevention & Health Prevention (NCCDPHP) every 6 in 10 adults in the US have a chronic disease. The rising prevalence of chronic diseases such as high blood pressure, diabetes, and cardiovascular diseases has fuelled the demand for lipid testing for food and beverages. Lipid testing measures triglycerides, phospholipids, and sterols in the food and beverages. The lipid testing helps to maintain the amount of the lipids and cholesterol level present in the food and beverages and improves the quality of the food and make it available for the all age group.

Figure 2. Global Lipid Testing Market for Food & Beverages Revenue Share (%), By Application, 2020

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On the basis of application, in 2020, the food and beverages segment accounted for 60.8% of the revenue share in the Global Lipid Testing Market for Food & Beverages. Lipid plays a major role in many foods for determining physical characteristics such as texture, appearance, flavor, and others. Hence, lipid testing in the food & beverages industry is important to determine the amount of specific content present in foods.
Global Lipid Testing Market for Food & Beverages - Impact of Coronavirus (COVID-19) Pandemic

The global lipid testing market for food & beverages has been impacted due to the ongoing COVID-19 pandemic. Several governments across the globe have imposed nationwide lockdowns to limit the spread of the virus, which resulted in the shutting down of businesses and ceasing of several economic activities. For instance, according to the International Monetary Fund’s 2020 report, the global economy contracted sharply by 3.0% in 2020, which is worse than the 2008-09 financial crisis. Moreover, the supply chain disruption has indirectly led to low demand for the lipid testing from the food and beverages industries. The rising awareness among the people related to the nutritional quality and food standards, the lipid testing market for food and beverages are gaining more popularity after the Covid-19 because consumers are more conscious related to their food after Covid-19.

Competitive Section

Key players operating in the Global Lipid Testing Market for Food & Beverages include Intertek Group Plc., Microbac Laboratories Inc., Eurofins Scientific SE, Campbell Brothers Limited, General Mills Inc., TUV Nord Group, Bureau Veritas S.A., Ltd., AsureQuality Limited, ALS Limited, NEOGEN Corporation, Mérieux NutriSciences Corporation, and SGS SA.