According to IndustryARC, the Global Food Testing Market is projected to rise at a healthy growth rate of 6% CAGR until 2018. While the market size in sales was $3.45 Billion in 2013, it has been growing ever since. Experts also claim the market to reach $4.63 Billion by 2018 end. It is a growing market with healthy hopes attached if utilized the right way. On the other hand, the Food Testing Equipment Market is noted to be $4.0 Billion with IR type of instruments occupying the highest share in-terms of technology
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MARKET TRENDS & MARKET GROWTH:
Key growth strategy for the major testing products and laboratory service providers is introduction of low cost analytical instruments for market penetration and aggressive expansion by investment in new laboratory openings.
Segment Analysis of the Market:
Chromatographs and Spectrometers are observed to be the top prominent equipment in Food Testing Market. To enhance the food testing capabilities in analytical laboratories, research have been conducted in order to develop the combination of both the equipment which would save lot of energy, time and resources.
Segment wise, Meat & Poultry Products have been dominating the Food Safety Testing Market owing to the maximum number of the illness which is caused due to the consumption of Meat & Poultry Items.
Brief Note on Regions:
APAC (Out of which, China is the rapid growing country) is considered to possess the fast growing CAGR rate globally, owing to the increasing demand for food safety from consumers, producers and regulators. The increased food borne diseases in Australia has led to prioritizing of food safety testing in that region.
Market Driving Factors:
• Increased consumption of processed food, both in developing and developed countries.
• Increasing foodborne diseases worldwide.
• Increased stringencies of food safety...