Report: Investment in Food Safety Testing to Increase by Over 7% Annually
The global food safety testing market, currently valued at an impressive $22.6 billion as of 2023, is on the brink of substantial growth, according to a 2023 report by Grand View Research. Projections show an anticipated compound annual growth rate (CAGR) of 7.8% from 2024 to 2030, a testament to the industry’s increasing importance. This surge is primarily driven by the rising prevalence of food-borne illnesses, along with enhanced consumer awareness and stringent safety regulations. Additionally, the growing consumer demand for convenience and packaged food items plays a significant role in this upward trend.
The Centers for Disease Control and Prevention (CDC) highlights the critical nature of this market, estimating that 48 million Americans suffer from foodborne illnesses annually, leading to approximately 3,000 deaths and 128,000 hospitalizations each year. This alarming statistic underscores the need for rigorous food safety testing, as the risk of consuming contaminated or deteriorating food items remains a public health concern.
According to the report major factors for the increased investment include:
- the rising prevalence of food-borne illnesses
- enhanced awareness regarding food safety
- implementation of stringent food safety regulations
- rising consumer demand for convenience and packaged food items.
Advancements in testing methodologies, especially those capable of detecting a range of microorganisms and contaminants, are propelling the market forward. These improvements not only help in identifying existing food safety issues but also in predicting future risks, thereby enabling proactive measures. The market’s expansion also mirrors the increasing public consciousness about food safety and the improved capabilities of food safety testing equipment and services.
Within this burgeoning market, several segments are witnessing notable growth. Microbiological testing, leading the market with a 28.8% revenue share in 2023, is crucial for identifying microorganisms in food products. Allergen testing, driven by the rising prevalence of food allergies, accounted for 12.8% of the global revenue in the same year. Additionally, segments like residues and contamination testing, which focus on detecting chemical contaminants, and genetically modified organism (GMO) testing are also gaining traction.
The application of these testing methods spans various food products, with meat, poultry, and seafood products commanding a 30.3% revenue share. This is particularly relevant given the global increase in meat consumption and the need to ensure product safety during processing. Processed food and dairy products are other significant segments, each requiring continuous quality and safety checks throughout all stages of processing.
Regionally, North America is leading the global market with a 31.2% share, driven by robust market players and rising disposable incomes. Europe and Asia Pacific are also significant players in the market, with Europe focusing on microbiological and chemical contamination testing and Asia Pacific growing due to stringent food regulations and an increased demand for processed food items.
The food safety testing market is not just an industry concern but also a public health matter so increased investment seems inevitable.