Global Pesticide Residue Testing Market is expected to reach XX USD Mn by 2024 with a growing CAGR of XX% from 2018 to 2024
The growing demand of pesticide residue testing market globally and its exceptional growth in the agriculture industry
• The global pesticide residue testing market is segmented on the basis of product type, formulation, application and end-users
• The global pesticide residue testing market is expected to reach XX USD Mn by 2024 with a growing CAGR of XX% from 2018 to 2024
• The report covers in-detail insights about the competitor’s overview, key findings and their key strategies
Pesticides are the chemical substances used to control the insects, fungi, and other pests on agriculture crops. Pesticide residue may remain on or in food after sprayed on to food crops. Regulatory bodies are specify the maximum residual limits in the food due to toxic nature that can cause severe health hazards if consumed. Pesticide residues are carcinogenic and may affect the reproductive and nervous systems.
Rise in awareness about the food safety among consumers, implementation of stringent regulatory policies for the food testing, technological advancements in the residue testing, and increase in the trading of food products are anticipated to fuel the pesticide residue testing market. Moreover, increase in the use of pesticides in agriculture and aquaculture farming leads to its residue remnants in the food products, which is expected to propel the pesticide residue testing market. However, lack of awareness about the food safety regulations in underdeveloped countries, high cost of services, and unavailability of food testing infrastructure are expected to restrain the growth of the market.
The global pesticide residue testing market is divided into following categories-
1. Pesticide type
2. Pesticide class
3. Crop type
• Fruits & vegetables
• Meat & poultry
• Cereals & grains
• Dairy products
And lastly, on the basis of the geographical regions, the global Pesticide residue testing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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North America pesticide residue testing market is projected to expand at significant rate due to stringent regulations by the government for food safety, well-established residue testing infrastructure, huge number of service providers, and government initiations for the production pesticide residue-free food.
Moreover, Europe pesticide residue testing market occupies significant share in global market, owing to the collaboration between the companies and government laboratories, adoption of newer techniques by the testing service providers, upsurge in the number of food industries, and rise in awareness about the food safety in consumers.
However, Asia Pacific pesticide residue testing marketexhibiting significant growth owing to increase in the food consumption, stringent regulations in the trading of food products, and adoption of newer technologies.
Some of the key players in market are Eurofins Scientific SE (Luxembourg), SGS S.A. (Switzerland), SCS Global Services (U.S.), ALS Limited (Australia), Bureau Veritas S.A. (France), AsureQuality Ltd (New Zealand), and Intertek Group plc (U.K.), Microbac Laboratories, Inc (U.S.) to name a few.
Some of the market developments include Eurofins Scientific strengthening its footprint in food and agroscience testing in Japan in 2017, with the acquisition of Japan Analytical Chemistry Consultants Co. Ltd. (JACC) and Ecopro Research K.K. (Ecopro)
Several international players are actively working in the development of newer testing methods. Moreover, collaboration between the industries and food testing laboratories may immensely boost the pesticide residue testing market. Furthermore, acquisitions and mergers, launching of newer tests, and business expansions are the strategies followed by the market players to increase their revenue share in residue testing market.
Key Questions Answered
• What is the current and future pesticide residue testing market outlook worldwide? What trends are affecting the global market?
• What is the competitive landscape and market share of major players in the pesticide residue testing globally?
• What are the key, high growth markets that pesticide residue testing manufacturers should expand into? Which market segments are growing the fastest?
• What are the unmet needs with the pesticide residue testing currently on the market? How will emerging technologies fulfil these unmet needs?
• What is physician perception and market outlook of pesticide residue testing?
• What are the challenges and barriers that have hindered widespread adoption of pesticide residue testing?
Reasons to buy pesticide residue testing market Report:
• Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
• Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
• A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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