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Food Safety Products And Testing Market is estimated to be valued at 2.43 Bn in 2024

Food Safety Products And Testing Market is estimated to be valued at 2.43 Bn in 2024 - Coherent Market Insights

Publish In: Mar 18, 2024

The food safety products and testing market is estimated to be valued at 2.43 Bn in 2024, growing at a CAGR of 7.7% over the forecast period (2024-2031). Stringent food safety regulations coupled with the growing number of foodborne illnesses are propelling the growth of the market.

Market Dynamics:

The growth of the global food safety products and testing market is driven by rapid industrialization and increasing health concerns. Rapid industrialization has led to a significant rise in food production volumes globally. However, it has also increased the risks of food contamination during processing and packaging. This has boosted the demand for various food safety products such as protectants, disinfectants, testing kits, and analyzer systems across food industries. Furthermore, increasing instances of foodborne illnesses have raised major health concerns among consumers. This has compelled food producers and regulators to follow stringent food safety standards, thereby fueling the need for advanced testing practices and equipment. Analyst firm projects that strict implementation of safety protocols will remain critical for growth in the market over the coming years.

Increasing Public Concern about Foodborne Illnesses is Driving the Demand for Food Safety Products and Testing

As foodborne illnesses continue to affect millions of people globally each year, public concerns over food safety has risen significantly. Consumers are increasingly demanding safer, healthier food, and pressuring food manufacturers and retailers to implement more stringent safety practices. This heightened awareness of food safety issues among the general public is a major driver boosting demand for various food safety products and testing services.

Stricter Government Regulations are Forcing Food Companies to Invest Heavily in Safety Compliance

Government bodies worldwide have introduced more rigorous food safety regulations in recent years in response to multiple outbreaks of foodborne diseases. Complying with these stricter rules has become mandatory for food businesses. Non-compliance can result in severe financial and legal penalties. To avoid such consequences, food companies are compelled to spend considerably on installing advanced safety and quality control systems incorporating technologies such as rapid testing kits, pathogen detection devices, certification services, etc. This regulatory pressure is a key factor propelling growth in the food safety products and testing market.

Budgetary Constraints Hamper Adoption of Costly Safety Solutions

While ensuring food safety is a top priority, the costs associated with implementing different testing, inspection, and certification solutions poses a notable challenge, especially for small and medium food enterprises. Expenditure on advanced safety equipment, regular external audits, and hiring skilled workforce for on-site testing can burn a big hole in the budgets of cost-conscious companies. Limited financial resources thus restrain the wider acceptance of premium but costly food safety products and services among some players.

 Lack of Standardized Rules Hinders Development of Universal Food Safety Protocols

Absence of a harmonized global food safety regulatory framework creates inconsistencies in standards across regions. What is deemed acceptable in one nation may not comply with the rules of another. This non-uniformity complicates compliance for multinational food companies and hinders the development of standardized protocols acceptable worldwide. It also poses difficulties for testing solution providers in developing universally applicable products. Until universal standards are set, variations in rules will remain a restraining factor.

Growing International Food Trade Presents Export Opportunities

As globalization deepens food trade relationships between nations, compliance with diverse import regulations of various countries emerges as a huge opportunity. Export-oriented food businesses increasingly rely on third-party certification and testing services to demonstrate adherence to requirements of their target markets. This drives demand for specialized solutions facilitating access to new export destinations. Furthermore, domestic testing laboratories also get opportunities to expand overseas, validating safety of export goods for clients.

Increasing Organic and Specialty Food Consumption Boosts Niche Markets

Rising health consciousness worldwide has led to the soaring demand for organic, non-GMO, vegan, gluten-free, and other specialty foods. However, ensuring purity and authenticity of these niche products requires customized validation processes not covered under conventional food safety practices. This opens up a lucrative opportunity window for M&T solution innovators who develop tailored testing kits and lab assessments for verifying attributes of specialty foods. It also drives needs for relevant certification and inspectional services in this evolving segment.

In conclusion, while drivers like growing public food safety concerns and regulatory pressures will sustain long term industry growth, challenges on the cost front and non-uniform standards need addressing. Meanwhile, expanding export compliance needs and opportunities in specialty foods present avenues for market stakeholders to capitalize on emerging opportunities.

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Key Developments

  • In April 2023, Hygiena announced the launch of a new SureTrend Cloud tiered Software as a Solution (SaaS) offering. It empowers food safety and quality managers with actionable data-driven insights necessary to make critical business decisions that reduce risk and maximize profit.
  • In June 2022, Eurofins Scientific SE, a provider of testing and support services, acquired a majority stake in Ajal for Laboratories, a food, tobacco and pharmaceutical testing laboratory. This initiative is aimed to expand food and pharmaceutical testing services in Saudi Arabia.
  • In February 2022, Thermo Fisher Scientific, a U.S.-based supplier of scientific instrumentation, consumables, reagents, and software services, launched QuEChERS product solutions for food safety analysis. The product line includes 48 new products for Original, Association of Official Analytical Chemists (AOAC) and European methods. They are available in a range of choices to best suit needs for sample preparation solutions.

Key Players

Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., Bureau Veritas SA., NSF International, Merieux Nutrisciences, TUV SUD, UL LLC, AsureQuality Limited, Cotecna, and FSNS.

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