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 testing market.
- 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.
“Regionally, Europe 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.
Strict Regulations Enforced to Ensure Food Safety to Boost Market Growth
Strict food 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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