Food Testing Kits Market is Expected to Reach 2.38 Billion USD by 2022
The food testing kits market was valued at USD 1.58 Billion in 2016. It is projected to reach USD 2.38 Billion by 2022, growing at a CAGR of 7.2% from 2017. Food testing kits include the kits for testing and detection of pathogens, meat species, GMOs, allergen, mycotoxin, and others (which include pesticides and other residues in food). Technologies used for testing are PCR-based, immunoassay-based, and enzyme substrate-based. Market players are tapping new opportunities by engaging in organic strategies such as the expansion of their global presence and product offerings through new product launches.
The objectives of the study are as follows:
To define, segment, and forecast the size of the food testing kits market with respect to target tested, technology, sample, and region
To analyze the market structure by identifying various subsegments of the food testing kits market
To forecast the size of the food testing kits market and its various submarkets with respect to four main regions, namely, North America, Asia Pacific, Europe, and the Rest of the World (RoW)
To provide detailed information about crucial factors that are influencing the growth of the market (drivers, restraints, opportunities, and challenges)
To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
To strategically profile key players and comprehensively analyze their market ranking and core competencies
To analyze competitive developments such as new product & technology launches expansions, acquisitions, agreements, collaborations, and mergers & partnerships in the food testing kits market
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The food testing kits ecosystem comprises food testing kit providers such as Thermo Fisher (US), Agilent (US), Eurofins (Luxembourg), bioMérieux (France), and Neogen (US) as the major players. Other players such as PerkinElmer (US), Bio-Rad (US), QIAGEN (Germany), EnviroLogix (US), IFP Institut Für Produktqualität (Germany), Romer Labs (Austria), and Millipore Sigma (US) also have a significant presence in this market.
The North American region is projected to dominate the food testing kits market by 2022. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The market in this region is driven by the increasing export activities, which need onsite testing and faster test results to meet the standards & regulations enforced by different countries and regions.
The market for food testing kits in developing countries lacks food control infrastructure and resources; also, there is a lack of support from international agencies such as FAO, the WHO, and the World Bank. There is also a lack of harmonization of food safety regulations and implementation of heavy duty on import of test kits in various regions, which is also restraining the market growth. These are a few restraining factors that affect the growth of food testing kits market, globally.