Market Research Future (Food and Beverages) Food Safety Testing Industry Research Report | страница 3

Global Food Safety Testing Market Research Report- Forecast to 2027
2 Market Overview
Looking at the current rate of transformation in the food industry, it can be confidently said that the future seems
bright for the global food safety testing market. In the year 2016, this market generated a revenue of USD 11.8 billion.
Whereas, in the coming years it is projected to earn around USD 17.45 billion. In terms of CAGR, the market is
estimated to tread forward at the rate of 7.34%.
There are many growth drivers that cumulatively contribute to the development of the market. Increased instances
of food borne diseases can be termed as a primary growth booster for the market. As the ratio of people getting
affected by such diseases is on an all-time high, vendors are looking for an effective solution to this problem. Thanks
to all of this, the market is moving forward at a quicker pace. Increased awareness regarding food safety amongst
the masses, stress on stricter food safety regulations and technological advancements in the food sector further
foster the growth of the market. Although, the market may be hampered by one major obstacle. It is insufficient
knowledge about food & safety regulations amongst the vendors. But with time the market is expected to cope with
this hindrance.
Regional Analysis:
At its heart, food safety testing is a scientific discipline. It is concerned with managing, preparing and storing food in
a hygienic manner. The main purpose of this test is to avoid the chances of letting food borne illnesses develop. This
practice is comprehensive in nature. It scrutinizes many factors before passing a food product to be sold in the
market. Some of these factors include, food labeling, food hygiene, pesticide residues and compliance to policies
related to biotechnology and food safety guidelines.
Consumer safety is the aim of all these stringent assessments. Food safety testing makes sure that the final product
that reaches the customer is completely safe to be consumed. More and more industries are choosing this procedure
to provide their customers with superior quality products. Thus, it can be concluded that in the coming years, this
market will have surpassed all its previous records!
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