The global residue testing market will show a steady growth at a CAGR of 6.9% between 2020 and 2030. According to the report, the rising demand for contaminant-free packaged food and specialized diet will stoke growth in the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the residue testing market. Some of these are:
- The estimated value of the market was at US$ 3.5 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, Europe emerged as a key market for residue testing.
- However, the market in Asia Pacific is expected to rise at a higher rate of growth.
- Among application-based segments, food and beverages industry is currently leading the market.
- Key players are likely to focus on research and development and technological advancements to stay strong in the market.
“Regionally, Europe holds dominant share in the global residue testing market. However, rising food demand will enable the APEJ market exhibit a higher rate of growth over the forecast period,” said a lead analyst at FMI.
Stringent Regulations Imposed to Ascertain Food Safety will Drive Growth
Stringent food and safety regulations imposed to curb food contamination and ensure better food safety will drive the residue testing market. In addition to this, food processing industries are using advanced technologies to cohere to food safety policies. This will have a positive impact on the overall market. For instance, chromatography is one of the most used techniques to test presence of any residue in food. Besides this, the food industry is now using various technologies to find contaminants in food which could be allergens, toxins, pathogens, pesticides, heavy metals and any other residue.
Several countries have these regulations implemented to regulate the use of harmful pesticides, for instance, in Europe and North America the use of pesticides is highly regulated. These regions therefore lucrative growth opportunities for the residue testing market.
For Information On The Research Approach Used In The Report, Request TOC@ https://www.futuremarketinsights.com/toc/rep-gb-2083
Who is Winning?
Some of the leading players operating in the residue testing market are Microbac Laboratories, Inc., EUROLAB, Centers for Disease Control and Prevention (CDC), AsureQuality Laboratories, VICAM LP, Neogen Corporation, IDEXX Laboratories Inc., Charm Sciences Inc., Bureau Veritas S.A., Intertek Group plc., Silliker Inc., Eurofins Scientific, ALS Limited among others.
As a result of increasing competition, leading are focusing on advanced technologies and research and development activities. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
- What drives the residue testing market?
Stringent government regulations imposed to ascertain food safety will favour the expansion of the global market. In addition to this, the market is expected to benefit from global organic revolution and recent technological advancements.
- Which is the key factor restraining residue testing market?
Lack of awareness regarding the importance of residue testing among crop producers especially in underdeveloped nations, may restrict the growth of the market to an extent.
- Which region will leads the global residue testing market?
According to FMI, Europe held the largest share in the global residue testing market. However, during the course of the forecast period, Asia Pacific is expected to report a higher CAGR.
- Which type segment holds the leading share in residue testing market?
Pesticide residue held the dominant share among products available in the market.
- Which segment based on application led the residue testing market?
Food and beverages industry currently holds the largest share in the global residue testing market, in terms of application.