Food safety products and testing plays a vital role in ensuring food quality and detecting contaminants in food products. The growing concerns regarding food contamination and product recalls are compelling food processors and manufacturers to implement strict quality checks and safety protocols. The adoption of advanced food testing techniques like PCR and chromatography is growing among food testing labs worldwide. These techniques provide accurate and timely results, enabling quick action in case of contamination.
The global Food Safety Products and Testing Market is estimated to be valued at US$ 1188.82 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing adoption of advanced food testing techniques like PCR and chromatography among food testing labs offers high growth potential for food safety products and testing market. These techniques are quicker and more reliable in detecting food pathogens compared to conventional techniques. With rising food safety awareness, both food manufacturers and regulatory bodies are emphasizing on comprehensive testing of raw materials as well as finished food products. This is driving the demand for PCR machines, chromatography systems and other instruments required for advanced testing. The market players can capitalize on this opportunity by developing customized solutions as per the specific needs of food testing industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as food safety products and testing industry require high capital investments and stringent regulations. However, new technologies are opening opportunities.
Bargaining power of buyers: The bargaining power of buyers is high as food products are necessity goods and buyers have many options to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as industry requires specialized inputs and suppliers. However, suppliers are fragmented.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes to food safety testing methods and products.
Competitive rivalry: The competitive rivalry is high among existing players due to innovation and focus on quality and service.
SWOT Analysis
Strengths: Food safety standards are stringent globally. Demand for testing is driven by regulations and safety concerns. Companies focus on new technologies for instant and accurate results.
Weaknesses: Industry requires heavy investments and regulatory approvals. Fragmented nature limits economies of scale. Lack of universal testing standards leads to ambiguity.
Opportunities: Growth in food imports increases need for testing. Emerging markets offer scope due to rising incomes. Technological advancements will disrupt the industry.
Threats: Non-tariff barriers affect trade. Economic slowdowns impact sector growth. Substandard products raise compliance issues.
Key Takeaways
The Global Food Safety Products And Testing Market Size is expected to witness high growth supported by stringent regulations, globalized trade, and rising incomes. The global Food Safety Products and Testing Market is estimated to be valued at US$ 1188.82 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.
The North American region currently dominates the market owing to stringent standards enforced by the FDA. Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising food production and imports in countries like China and India. These countries are investing significantly in strengthening their food safety infrastructure to meet the global standards and facilitate trade.
Key players: Key players operating in the food safety products and testing market are Ercros, CCP, Celanese, LCY Chemical, Nantong Jiangtian, Hebei Jintaida Chemical, Shangdong Aldehyde Chemical, Yinhe Chemical, Shouguang Xudong, LINYI TAIER, Merck, Mitsubishi Gas Chemical, Chemanol, Xiangrui Chemical, Caldic. Merck and SGS SA are the global leaders in the industry with wide service and product portfolios.
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