Residue Testing Market Revenue and Size Report 2022: Industry Forecasts to 2029

Between 2020 and 2030, the global market for residue testing will expand steadily at a CAGR of 6.9%. The report claims that the industry will increase because to the rising demand for packaged foods that are free of contaminants and foods tailored to certain diets. The research provides a thorough analysis of the market, highlighting the major trends, opportunities, and development drivers. It offers the most precise analysis of the market through the use of original research techniques.

In 2019, the market for residual testing was estimated to be worth US$3.5 billion. Between 2019 and 2030, the market is anticipated to grow at a CAGR of 6.9 percent. Regionally speaking, Europe held the highest market share worldwide. However, East and South Asia are anticipated to experience growth at a greater CAGR during the anticipated timeframe. The market can be divided into feed and pet food, agricultural crops, and food and drinks in terms of application. The food and beverage industry made up the largest portion of these in the global market.

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It includes in-depth insights into the residue testing market. Some of these are:

  • The estimated value of the market was at US$ 3.5 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
  • Regionally, Europe emerged as a key market for residue testing.
  • However, the market in Asia Pacific is expected to rise at a higher rate of growth.
  • Among application-based segments, food and beverages industry is currently leading the market.
  • Key players are likely to focus on research and development and technological advancements to stay strong in the market.

As consumers grow increasingly concerned about their health and wellbeing, the demand for specialist diets will increase. In addition to this, the food and beverages sector has witnessed a remarkable spike in the demand for packages foods in the last couple of years. Urbanization and busy lifestyle have been key influencers of consumers’ eating habits, and also have paved the way for expansion of the food industry. This is expected to have a positive impact on the residue testing market.

Stringent Regulations Imposed to Ascertain Food Safety will Drive Growth

The market for residue testing will be driven by strict food safety rules put in place to prevent food contamination and guarantee improved food safety. Additionally, to comply with food safety regulations, the food processing businesses use cutting-edge technologies. The market as a whole will benefit from this. For instance, one of the most used methods to check for residue in food is chromatography. In addition, the food industry is increasingly utilising a number of technologies to identify pollutants in food, including allergies, toxins, pathogens, pesticides, heavy metals, and other residues.

These laws are in place in many nations to control the use of dangerous pesticides; for example, pesticide use is strictly controlled in North America and Europe. Therefore, the residue testing market will have significant growth possibilities in these areas.

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Who is Winning?

Some of the leading players operating in the residue testing market are Microbac Laboratories, Inc., EUROLAB, Centers for Disease Control and Prevention (CDC), AsureQuality Laboratories, VICAM LP, Neogen Corporation, IDEXX Laboratories Inc., Charm Sciences Inc., Bureau Veritas S.A., Intertek Group plc., Silliker Inc., Eurofins Scientific, ALS Limited among others.

As a result of increasing competition, leading are focusing on advanced technologies and research and development activities. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.

In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.

About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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