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 global residual testing market was valued at US$ 3.5 Bn in 2019. The market is forecast to rise at a CAGR of 6.9% between 2019 and 2030. Regionally, Europe held the largest share in the global market. However during the forecast period, East and South Asia are expected to report growth at a higher CAGR. In terms of application, the market can be classified into feed and pet food, agricultural crops and food and beverages. Of these, the food and beverages industry accounted for the largest share in 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.
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.
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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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