With increasing number of food scandals across the globe, the need for Food Safety Testing Equipment market is growing. Food tests are increasing in number along with the need to not only test the safety attribute but to also be sure of the nutritional value of the food being consumed. The global Food Safety Testing Equipment industry is a diverse market comprising of various equipment and consumables.
Major Driving Factors:
• Increasing awareness among the consumers about importance of food safety and quality
• Rising incidents of food-borne illness
• Free global trade activity leads to an increased necessity for food testing
• Increasing cases of microbial contamination, mislabeling and adulteration
• Active mass media coverage of mishaps has pressurized food manufacturers to comply with the regulatory standards and go overboard to appease customers
• Increasing strict rules about inspection and certification (TIC) activities to improve food analysis
Segment Analysis:
PCR equipment was noted to be the dominant device type in 2014 and is estimated to exhibit the fastest growth through 2020 due to increasing installations. Immunoassay and Hybrid systems are also poised to exhibit fast CAGR growth rates as these are rapid analytical systems that hold huge potential for growth.
In 2015, food microbiology dominated the Food Safety Testing Equipment market by type of contaminants. This segment is poised to exhibit the fastest growth due to the perishable nature of food as well as being highly prone to contamination. GMO and allergen testing are the other promising segments exhibiting high growth.
Leading Market Trends:
This market is witnessing a significant growth and offering a wide pool of opportunities for the manufacturers. It was estimated at $2,189m in 2014 and is projected to grow at a healthy rate in coming years. IndustryARC also estimated that the Global Market Size in 2015 was around $2,320.6 Million and that of Consumables around...