The increased prevalence of foodborne disease throughout the world is predicted to fuel the expansion of the food safety products and testing industry. The increased usage of pesticides to remove pests that harm agricultural yields is predicted to promote market expansion. Europe is predicted to lead market growth in the worldwide Food Safety Products and Testing Market in terms of revenue throughout the forecast period. There are various food safety hazards in Europe, including the overuse of antibiotics, hormones, and steroids in farm animals. Inadequate regulatory requirements for the selling and culture of genetically engineered organism’s food products are expected to stifle market growth. Furthermore, different regions have different rules for trading food and agricultural products. Complexities related to food testing processes are also predicted to limit industry expansion. Additionally, a lack of understanding about food testing solutions among emerging-market food firms is projected to stymie market expansion.
According to Coherent Market Insights, Global Food Safety Products and Testing Market was valued at US$ 859.1 Million in 2021 in terms of revenue, exhibiting a CAGR of 9.6% during the forecast period (2022 to 2030).
Prominent Companies in the Food Safety Products and Testing Industry:
1. Intertek Group Plc
FTSE 100 firm Intertek is one of the largest and oldest companies in the testing, inspection, and certification industry. The company's primary activities involve testing products and materials, inspecting sites/industrial equipment, and certifying products and systems to ensure global/company standards. Intertek is one of only four TIC companies that operate globally across numerous industries. The firm listed in 2002, following a divestment by Charterhouse. The company was founded in 1885, headquartered in England, U.K.
2. SGS SA
SGS is a company that offers security services in events, construction companies, office buildings, stations, malls, and other places. The company was founded in 1981, headquartered in Tokyo, Japan.
3. Eurofins Scientific SE
Eurofins Scientific is an international life sciences company which provides a unique range of analytical testing services to clients across multiple industries. It specializes in providing food, environment, and pharmaceutical products testing as well as laboratory services for agroscience, genomics, and discovery pharmacology, and for supporting clinical studies. In addition, Eurofins is one of the significant emerging players in specialty clinical diagnostic testing in Europe and the USA. Founded in 1987. The company is headquartered in Luxembourg. On Jun 2, 2022 Eurofins Scientific acquired Saudi Ajal. On Dec 10, 2021 Eurofins Scientific acquired Genetic Lab. In June 2022, Eurofins Scientific SE, a provider of testing and support services, acquired a majority stake in Ajal for Laboratories, a food, tobacco and pharmaceutical testing laboratory. This initiative is aimed to expand food and pharmaceutical testing services in Saudi Arabia.
4. Thermo Fisher Scientific, Inc.
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. The firm operates through four segments as of mid-2022 (revenue figures include some cross-segment revenue): analytical technologies; specialty diagnostic products; life science solutions; and lab products and services, which includes CRO services. The company was founded in 1956, headquartered in U.S. In February 2022, Thermo Fisher Scientific, a U.S.-based supplier of scientific instrumentation, consumables, reagents and software services, launched QuEChERS product solutions for food safety analysis. The product line includes 48 new products for Original, Association of Official Analytical Chemists (AOAC) and European methods.
5. ALS Limited
ALS Limited provides professional technical services primarily in the areas of testing, measurement, and inspection in Africa, Asia/Pacific, Europe, the Middle East, North Africa, and the Americas. The company operates through three segments: Life Sciences, Commodities, and Industrial. ALS Limited was founded in 1863 and is headquartered in Milton, Australia.
6. Bio-Rad Laboratories, Inc.
Bio-Rad Laboratories, Inc. manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. The company operates through Life Science and Clinical Diagnostics segments. Bio-Rad Laboratories, Inc. was founded in 1952 and is headquartered in Hercules, California.
7. Bureau Veritas SA
Bureau Veritas Group offers inspection, sampling, and testing services. Across the major industries, they deliver precision analytical testing to both internationally recognised standards and customer-specific procedures. They provide specialised knowledge in a variety of technologically advanced inspection and sampling services. The company was headquartered in U.K.
*Definition- Food safety goods and testing relate to the examination of food to detect the presence of disease-causing organisms or other dangerous substances.
