Global Lipid Testing market for Food & Beverages was valued at US$ 833.4 million in 2016, according to Global Lipid Testing Market for Food & Beverages Report by Technology (Recent and Traditional), by Application (Food & Beverages and Food Ingredients). The lipid testing market for food & beverages is expected to exhibit a CAGR of 4.97% over the forecast period (2017–2025) to reach US$ 1,264 million by 2025. Major factors propelling growth of the global lipid testing market for food & beverages includes increasing demand for processed food products and stringent government regulations imposed on food safety. Moreover, increasing prevalence of foodborne illness further drives the market as it allows regulatory bodies and companies to undertake food safety initiatives. According to WHO (World Health Organization) estimates of the global foodborne diseases, one out of 10 people suffer from food poisoning and around 420,000 die annually. However, lack of food safety infrastructure and resources in emerging economies such as certain regions of Asia pacific and Africa, which is a key factor restraining the growth of the market currently.
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Key Trends and Analysis of Lipid Testing Market for Food & Beverages:
- Based on technology, the recent technology segment is anticipated to witness the highest growth in the global lipid testing market for food & beverages through 2025. This is majorly attributed to the advantages offered by the recent technology such as efficient, quick, and easy-to-use. Therefore, major players are aiming on introducing new and efficient technologies, for instance, in 2016, PathSensors Inc. launched Universal BioSensor technology, which was developed in partnership with the University Of Maryland School Of Medicine. This technology is a new bio threat detection platform that can use any existing antibody to rapidly develop tests for the presence of pathogens.
- Among the applications, the food & beverages industry was the dominant segment in the global lipid testing market for food & beverages in 2016 and is expected to retain market dominance throughout the forecast period. Food Safety and Standards Authority of India (FSSAI) was established under Food Safety and Standard Act (2006), for implementing standards for articles of food and to regulate their manufacturing, storage, distribution, sales, and imports to ensure availability of safe food for consumers.
Key Takeaways of the Market:
- North America was the dominant region in the global lipid testing market for food & beverages in 2016 with a market share of 35.18% and is expected to maintain its supremacy throughout the forecast period. The growth is attributed by the presence of major food safety testing players in this regions such as Intertek Group Plc., Microbac Laboratories Inc., General Mills Inc. and others, and their strategic initiatives. For instance, in 2017, Microbac Laboratories Inc. opened a new facility in the Westborough, Massachusetts laboratory location. This constructed lab offers food safety and quality testing equipment, technology, and services.
- Europe was the second largest contributor in the global lipid testing market for food & beverages accounting for a revenue of US$ 207.6 million in 2016. In 2018, Eurofins Scientific acquired Craft Technologies, Inc.—a contract laboratory providing analysis of nutrients, vitamins, carotenoids, bioflavonoids and phytochemicals. In the same year the company acquired Food Analytica—a leading group of food testing laboratories that offer products in microbiology, food and feed chemistry, grain studies, molecular biology, and sensory analyses space. The continuous steps undertaken by the major players in this region for food safety has contributed to the growth of this market in Europe.
Major players 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. and AsureQuality Limited among others.