The residue testing market is expected reflect a steady development at a CAGR of 6.9% during the forecast period (2019-2029). As per a report published by Future Market Insight, increasing need for a specialized diet and contaminant-free packaged food is expected to push growth of the residue testing market.
Lack of awareness concerning the significance of residue testing amongst crop producers particularly in underdeveloped countries might restrict the market growth.
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Key Takeaways of
the Residue Testing Market Study
- In 2019, the residue testing market was valued at US$ 3.5 Bn and is
expected to reflect a steady growth rate over the forecast period.
- Pesticide residue accounted for the leading share amongst products
accessible in the market.
- In terms of region, Europe remains at the forefront of the global residue
- On the other hand, the Asia Pacific market is likely to grow at a higher
pace of development.
- Among application-based categories, the food & beverage sector is at
present dominating the market.
- Key market players are projected to center on research & development
in addition to technological progressions to maintain a strong foothold in
residue testing market.
accounts for leading share in the worldwide residue testing market. On the
other hand, increasing food requirement is likely to allow the APEJ market to
display a higher pace of growth throughout the assessment period,” said a lead analyst at FMI.
Enforced to Ensure Food Safety to Boost Market Growth
and safety regulations inflicted to control food contamination and assure
better food safety would fuel the residue testing market. Additionally, food
processing sectors are utilizing advanced technologies to join together with
food safety policies. This would have a positive influence on the worldwide
market. For example, chromatography is one of the majorly employed methods to
test the existence of any residue in food. Also, the food sector is now
utilizing several technologies to discover contaminants in food that can be
heavy metals, toxins, pesticides, pathogens, allergens, and any other residue.
Various nations have these regulations carried out to determine the exercise of harmful pesticides, for example, in North America and Europe, the usage of pesticides is extremely regulated. These regions, as a result, offer lucrative growth prospects for the residue testing market.
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Residue Testing Market: Vendors Insights
A few of the
foremost participants functioning in the residue testing market are EUROLAB,
Microbac Laboratories, Inc., CDC (Centers for Disease Control) and Prevention,
VICAM LP, AsureQuality Laboratories, Neogen Corporation, Charm Sciences Inc.,
IDEXX Laboratories Inc., Bureau Veritas S.A., Silliker Inc., Intertek Group
plc., ALS Limited, and Eurofins Scientific.
On account of growing competition, directing concentration on research and development exercises and progressed technologies. Their development strategies are moreover assisted by agreements among them and local participants. These companies are mainly centering on catering to changing customer preference all over different applications. Additionally, mergers & acquisition stays a trendy strategy amid market participants. Companies mean to increase their regional impression via strategic collaborations.
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