The market for food safety testing is expected to reach $24.4 billion by 2026, according to a new study by Global Industry Analysts (GIA)
Global food safety testing in 2020, during the COVID-19 pandemic, was estimated at $17.4 billion. A 5.8 percent compound annual growth rate (CAGR) is projected to grow the food safety testing market to $24.4 billion by 2026.
The San Francisco-based GIA makes the projections in a new report that “presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.”
“Food safety testing assists in maintaining the quality of food products, in terms of their appearance, ingredients, and taste,” says the GIA report. Rising concerns over food and water safety and tightening environmental regulations are raising the need for testing contaminants, thereby generating strong demand for food safety diagnostics.”
The GIA report adds that the need to prevent food contamination and reduce the incidence of foodborne illnesses is a major driving force for market growth.
“Lack of proper handling measures, inappropriate storage conditions, and undercooking are major reasons for contamination of food products,” GIA says. “This coupled with the growing need to adopt quality measures in preserved foods, dried processed products, bakery foods, ready-to-eat products, and infant foods is fueling growth.”
The 2021 estimate for the U.S. market is $3.9 billion.
China, the world’s second-largest economy, is predicted to reach $1.6 billion by 2026. Japan and Canada are forecast to grow by 5.1 percent and 5.3 percent during the analysis period. Within Europe, Germany’s growth is expected to reach 5.6 percent annually.
The GIA report also makes these points:
- Global markets for food safety testing are led by developed economies of Europe and North America.
- The continuous rise in the incidence of food contamination, strict regulations pertaining to food safety, and access to advanced food safety testing labs are all contributing to the leadership of developed economies in the market.
- Rapidly changing international food trade policies, increased need to comply with various food safety regulations, and the need to prevent outbreaks of foodborne illnesses and other food-associated threats are driving food companies in developing nations to adopt measures as per food safety and trade regulations of major importing nations.
The chemical and nutritional testing segment of the market is projected to reach $4.2 billion by 2026.
The full report, “Food Safety Testing-Global Market Trajectory & Analytics” is available for sale on the GIA website. “The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID -19 marketplace,” GIA says.
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