According to MarketsandMarkets, the impact of COVID-19 on the food safety testing market size is estimated to be valued at USD 10.5 billion in 2020. It is projected to reach USD 12.3 billion by 2021, recording a CAGR of 16.6% from 2019 to 2021 in the realistic scenario. The rapid growth in awareness among consumers towards the security and safety of food products and stringent food safety regulations are the driving factors for the food safety testing industry.
The market for food safety testing will see an upward trend in the near future due to the outbreak of COVID-19 and pandemic caused by it across the globe. Rising household income, consumer demand for better food quality and safety, and increasing awareness of maintaining a healthy diet are the major factors that have led to the demand for the food safety testing market. The need for food safety testing is substantial in developed regions such as North America and Europe and emerging in other developing regions such as Asia Pacific. The demand for food safety testing is expected to grow in the coming years. This consumer trend and growth in stringent regulations have increased the growth potential of food safety testing of packed and processed food products.
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The Asia Pacific food safety testing market is projected to have higher growth potential in the coming years. A large consumer market and increasing disposable income in India and China are driving the growth of demand for high-quality and safe food products. Also, China and India are major exporting countries for food products, due to which they need to follow the regulations provided by the federal bodies of importing countries, thus leading to the growth of the food safety testing market in the region.
The DNA-based segment is expected to dominate the market based on testing technologies during the forecast period. This is attributed to the precise results provided by DNA-based technology. The technology helps in determining the presence of various contaminants such as pathogens, mycotoxin, GMO, and allergens. Thus, the use of DNA-based technology will witness significant growth in food laboratories globally, as it generates results in lesser duration with higher accuracy.
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The key players in this market include Eurofins (Luxembourg), SGS (Switzerland), Intertek (UK), Bureau Veritas (France), and TUV SUD (Germany). Eurofins (Luxembourg) is an international group of laboratories that provide testing and support services to the food industries as well as to governments. The company capitalizes on a portfolio of 150,000 reliable analytical methods that enable it to offer services that characterize and study the safety, identity, purity, composition, authenticity, and origin of products & biological substances. As a result of the COVID-19 outbreak, the company is providing the guidelines for handling food products to have better and safe food for consumption.
