Food Testing Market Expected to Grow to $4.63 Billion by 2018

India, September 26, 2014 (Newswire.com) - The global food testing market is expected to grow at a healthy compound annual growth rate of around 6% during the forecast period of 2013 to 2018, to reach a very lucrative $4.63 billion in 2018 from the current $3.45 billion mark in 2013. This segment includes the food safety testing market as well. At present, with the increased number of packaged goods, food testing has become mandatory for most.

The reason why this market is now incredibly popular now is the growing threat of food contamination. Threats of food borne diseases, some of them deadly, like Salmonella, Staphylococcus Aureus, and Camphylobacter drives countries to ensure food safety to the best of their abilities. Emerging countries , like China and India, which are comparatively smaller with respect to food safety testing, and also global standards, have huge market potential opportunities for the established companies thanks to their demands. Chinese baby formula product recalls was a major issue which was paraded before the public by the media, and the country clearly does not want any more bad publicity. This is one of the primary reason for food testing to become a significant part of packaged food markets. Food exports contribute a major part of the country’s revenues, and so, the need for world-class food safety testing laboratories and certification bodies is imperative.

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The global food testing market represents the overall testing services provided by contract laboratories, wherein this market can be further segmented with respect to pathogens, food types and testing technologies. There are several top companies like SGS Group, Bureau Vertias, Eurofins, et al, who are considered to be the key players in the food testing market. The global food testing market is estimated to have a healthy growth rate in the future.

Currently, the PCR technique has the highest market share in the number of food tests conducted across the world, with a compound annual growth rate of 8.9%, which will ensure that the returns are steady till 2018. Also, the total market for chromatography was highest, to carry out food testing analysis, and it is scheduled to grow from 246 million tests in 2013 to 328 million tests in 2018.

IndustryARC expects the highest growth to be recorded in the NMR technique in the coming years 2013-2018, due to the easy accessibility that these systems provide, with precise and accurate results. Furthermore, IndustryARC believes that the future of the food testing market is a very significant one, with the number of tests conducted to increase from 1.78 billion tests in 2013 to 2.62 billion tests in 2018, growing at a CAGR of around 8.4%. This would mean a huge boost in the food testing market in the coming years.

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