The global food safety testing market is being driven by the rising demand for safer, clean labelled, and certified food products. The growing consumer awareness regarding health and food safety is driving this change. North America dominates the global food safety testing industry, accounting for a significant share in the market, closely followed by Europe, owing to the implementation of stringent regulations regarding food safety, standards, and quality profile in both the regions. Further, the increased adoption of such regulations in developing economies due to rising consumer awareness is further aiding the industry growth in these regions, thus, contributing to the growth of the overall market.
To fulfill the growing demand for certified food products, food manufacturers and major players are increasingly focusing on obtaining certification by trusted organisations. Firms are aggressively investing and collaborating with other organisations to achieve the same. In March 2020, Neogen Corporation (NASDAQ: NEOG), a leading player in the industry, announced the acquisition of the food safety assets of Australia-based Cell BioSciences, a major supplier of food safety and industrial microbiology products, owing to which the company will now have a direct sales presence across Australasia for its entire portfolio, including food safety, animal safety, and animal genomics, further expanding its global reach. Moreover, the growing demand for organic food products among consumers is leading manufacturers to obtain certification for the same to win their trust. In November 2019, Bureau Veritas SA (OTCMKTS: BVRDF), another key player in the industry, announced the completion of the acquisition of Italy-based Q Certificazioni S.r.l., an independent certification body specialising in organic certification, thus, ultimately entering organic food certification market in Italy. Such developments are expected to aid the growth of the global food safety testing industry over the forecast period.
Market Breakup by Testing Method, Technology, Food Type, and Regions:
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The major players in the global food safety testing market are SGS SA., Bureau Veritas S. A., Eurofins Scientific, Intertek Group plc, ALS Limited, NSF International, Neogen Corporation, and AsureQuality Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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