The residue testing services market research report from Future Market Insights estimates that in 2032, the market will have a net worth of almost US$ 1.4 billion. The market for residue testing services is anticipated to expand at a CAGR of 4.1% during the anticipated time frame and will be worth US$ 2 Billion by 2032.
The market for Residue Testing Services is expanding rapidly due to the increasing demand for food safety and quality assurance. Stringent regulations, as well as increased consumer awareness of toxins, fuel the demand for dependable testing procedures. To ensure safe and contaminant-free products, the market is seeing technological improvements, wider applications, and growing use by various sectors.
In 2019, the global residual testing market was valued at $3.5 billion USD. Between 2019 and 2030, the market is expected to grow at a 6.9% CAGR. Europe has the highest regional share of the worldwide market. However, East and South Asia are predicted to develop at a faster CAGR during the forecast period. The market can be divided into three applications: feed and pet food, agricultural crops, and food and drinks. The food and beverage industry was the largest contributor to the global market.
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It includes in-depth insights into the residue testing market. Some of these are:
- The estimated value of the market was at US$ 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.
As consumers grow increasingly concerned about their health and wellbeing, the demand for specialist diets will increase. In addition to this, the food and beverages sector has witnessed a remarkable spike in the demand for packages foods in the last couple of years. Urbanization and busy lifestyle have been key influencers of consumers’ eating habits, and also have paved the way for expansion of the food industry. This is expected to have a positive impact on the residue testing market.
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Stringent Regulations Imposed to Ascertain Food Safety will Drive Growth
The residue testing market will be driven by stringent food and safety standards established to reduce food contamination and improve food safety. Furthermore, food processing firms are utilising new technologies to adhere to food safety policies. This will have a beneficial effect on the market as a whole. For example, chromatography is one of the most commonly used procedures for testing the presence of any residue in food. Aside from that, the food business is currently employing a variety of technologies to detect pollutants in food, such as allergens, toxins, pathogens, pesticides, heavy metals, and any other residue.
Several countries have enacted these restrictions to regulate the use of dangerous pesticides; for example, pesticide use is strictly restricted in Europe and North America. As a result, these regions provide significant growth possibilities for the residue testing market.
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.
Get Valuable Insights into Residue Testing Market
Future Market Insights, in its new report, presents an unbiased analysis of the global residue testing market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of type, the market can be classified into pesticide residues, toxins, heavy metals, food allergens and others. Based on technology, the market can be segmented into chromatography, spectroscopy, immunoassay and others. On the basis of application, the market covers feed and pet food, agricultural crops and food and beverages. Regionally, the key segments of the market are North America, Latin America, Europe, Japan, APEJ, Oceania, and the Middle East and Africa.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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