by The global Food Safety Products and Testing Market is estimated to be valued at US$ 859.1 Million in 2021 and is expected to exhibit a CAGR of 9.6% over the forecast period 2022–2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Food safety products and testing refer to the techniques and products used to ensure the safety and quality of food throughout the production and supply chain. With the increasing concerns regarding foodborne illnesses and contamination, the demand for food safety measures has significantly risen. The strict regulatory standards enforced by food safety authorities have also contributed to the growth of this market. Food safety products and testing play a crucial role in preventing foodborne diseases and safeguarding public health. These products include rapid testing kits, microbial testing kits, allergen testing kits, and other related products. Ensuring the safety of food products has become essential for manufacturers, retailers, and consumers, driving the demand for food safety products and testing.
Market Key Trends:
One key trend observed in the food safety products and testing market is the growing adoption of rapid testing methods. Rapid testing kits provide faster results compared to traditional testing methods, enabling quick detection of contaminants and reducing the risk of foodborne illnesses. These kits are user-friendly, cost-effective, and can be easily deployed onsite. Rapid testing methods also help in minimizing product recalls and improving overall operational efficiency. The increasing focus on food safety and the need for rapid and accurate testing methods are expected to drive the growth of this market.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the food safety products and testing market is relatively low. This is primarily due to the high barriers to entry, such as the requirement for advanced technology and expertise in food safety testing. Existing players in the market have established strong relationships with suppliers and have significant market share, making it difficult for new entrants to gain traction.
Bargaining power of buyers: The bargaining power of buyers in the food safety products and testing market is moderate. While buyers have the option to choose from a range of suppliers, the specialized nature of the products and services provided by key players limits their bargaining power to some extent. However, buyers can leverage their purchasing volume to negotiate favorable prices and additional services.
Bargaining power of suppliers: The bargaining power of suppliers in the food safety products and testing market is relatively high. Suppliers of advanced technology and specialized equipment used in food safety testing have limited competition, enabling them to dictate terms to buyers. Additionally, the scarcity of certain input materials or components can also give suppliers an advantage in negotiating prices.
Threat of new substitutes: The threat of new substitutes in the food safety products and testing market is low. Food safety regulations and standards have become increasingly stringent, making it essential for food manufacturers and processors to comply with testing requirements. As a result, the demand for food safety products and testing services remains strong, with few viable alternatives.
Competitive rivalry: The competitive rivalry in the food safety products and testing market is intense. Key players in the market are constantly innovating and expanding their product portfolios to gain a competitive edge. This leads to frequent product launches, mergers, and acquisitions, as companies strive to differentiate themselves and capture a larger market share.
Key Takeaways:
The global food safety products and testing market is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period. This growth can be attributed to the increasing awareness regarding food safety among consumers and the stringent regulations imposed by regulatory authorities worldwide. As foodborne illnesses continue to pose a threat, food manufacturers and processors are investing in advanced testing solutions to ensure the safety and quality of their products.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the food safety products and testing market. This can be attributed to the strict food safety regulations in the region, along with the presence of major players offering comprehensive food safety solutions. Additionally, the increasing importance of traceability and transparency in the food supply chain is driving the demand for food safety products and testing services in North America.
Key players operating in the food safety products and testing market include Intertek Group Plc, SGS SA, Eurofins Scientific SE, Thermo Fisher Scientific, Inc., ALS Limited, Asurequality Limited, Bio-Rad Laboratories, Inc., and Bureau Veritas SA. These players have established themselves in the market through a combination of organic growth strategies, such as new product launches and partnerships, as well as inorganic strategies, such as mergers and acquisitions. Their strong market presence and extensive product portfolios position them as key players in the food safety products and testing market.
In conclusion, the global food safety products and testing market is poised for significant growth in the coming years. The increasing emphasis on food safety, coupled with stringent regulations and the need for advanced testing solutions, will drive the demand for food safety products and testing services. As key players continue to innovate and expand their offerings, competition in the market will remain intense.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
