Food Safety Testing Equipment Market is Bound to Generate 3,301.4 Million USD by 2020
A new report, published by IndustryARC, estimates the market to $3,301.4 Million by 2020.
Safety Testing has become one of the keystones of food value chain to ensure quality food products and ultimately consumer health. There are various types of food raw materials available that are directly consumed or processed into other consumable items. The products that are dominantly monitored in the food safety testing market include dairy products and the meat & poultry industry. These products are highly susceptible to contaminant presence owing to their production and processing facility conditions. Following it are the fruits & vegetables that after harvesting requires a proper environment for their storage. Global food safety testing equipment market is estimated to grow at a CAGR of 6.1% to reach $3,301.4 Million by 2020.
The nutritional facts or labeling on the food product has been prioritized recently. The initiation of organic food products, functional foods, GMO foods and other similar products in the market has made the labeling both a regulatory and marketing compulsion for food manufacturers. For example, ‘100% gluten-free and ‘zero cholesterol’ are some of the claims visible on many organic or functional food products. Product related information is increasingly being perceived by the consumer to make choices while buying a food product. Thus, the rising consumer demand for accurate labeling mandates efficient testing of food.
PCR equipment is the segment accounted for highest revenue in this market and is estimated to grow at a CAGR of 7.5%. North America is the dominant market for food safety testing equipment and is estimated to reach $991.6 Million by 2021 at a CAGR of 4.6%.