Residue Testing Market Predicted to Grow at a CAGR of 6.6% to Reach USD 4.6 billion by 2023
Residue Testing Market Size and Growth Rate:
The global residue testing market size was estimated to be USD 4.6 billion in 2023 and is anticipated to grow at a CAGR of 6.6% from 2018 to 2023
Residue Testing Market Growth Analysis:
The residue testing market is expected to burgeon from the strong growth market for specialist diets and packaged foods. The adjournment for trade obstacles and the resulting increase in the international food business has augmented the necessity for the concentration of residue testing regulations. New developing markets such as Asia pacific with great potential for residue testing is expected to fuel future growth because of the high reliance on farm commodity exports. Various nations from developed regions have completed the tolerance levels in food products, which are acting as a chauffeur for residue testing market. Recent improvements in the microbial testing methods are expected to spur the global market during the projected period.
Stringent management to test the hazardous elements, raising awareness and health companies are stimulating the growth of the global residue testing market. Moreover, technological advancements in measurement, growing international business for the food materials, the appearance of a large number of untapped businesses in emerging regions and building in sustainable food stock are also boosting the growth of the business globally. Nevertheless, strict food production management, unavailability of food control foundation and resources, lack of awareness about the safety arrangements are expected to prevent the growth of the market.
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Residue Testing Market Segmentation Analysis:
The mycotoxins are prepared by techniques such as chromatography, size spectroscopy, enzyme-linked immunosorbent assay, and other methods. The chromatography held commanding market share of 53% in 2016, due to its reliable and precise measure of mycotoxin.
Fruits & vegetables, dairy products, meat & plates of seafood, cereal, grains & pulses, nuts, seeds, seasonings & herbs, and processed foods are a few of the applications of the global market. Seeds hold a significant business share, owing to the high chances of fungus infection through storage. Nuts, seeds, and spices hold the second highest share in the market.
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Residue Testing Market Regional Analysis:
The Chinese residue testing market is predicted to be the fastest growing in the Asia-Pacific region. The increase would be driven by rise in the number of food security regulations. China exports a meaningful amount of its agricultural provisions to the European countries. In recent years, residues such as melamine and pesticides did observe in the food chain, which posed a health risk in China. The government, thus implemented stringent regulations, more driving the residue testing market
Leading Companies Profiled in this Residue Testing Market are: SGS S.A., Intertek Group plc. (U.K.), Silliker Inc. (U.S.), Bureau Veritas S.A., and Eurofins Scientific (Luxembourg). The other players who are determined in the industry are ALS Limited, AsureQuality Laboratories (New Zealand), and Microbac Laboratories, Inc.
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