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Central and South America Food Safety Testing Market Size to Grow at a CAGR of 6.80% During the Forecast Period 2021-2026

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Central and South America Food Safety Testing Market Size to Grow at a CAGR of 6.80% During the Forecast Period 2021-2026

May 05
01:05 2021
Central and South America Food Safety Testing Market Size to Grow at a CAGR of 6.80% During the Forecast Period 2021-2026

Central and South America Food Safety Testing Market
Technological Advancements in Testing Industry Driving the Growth of Central & South America Food Safety Testing Market.

Central & South America Food Safety Testing Market size was valued at $ 1.29 Billion by 2020, and is anticipated to grow at a CAGR of 6.80% during the forecast period 2021-2026. The Central & South America Food Safety Testing Market growth rate is attributed to a rise in the cases of chemical contamination in food processing industries owing to improper use of techniques in the production of ready-to-eat meals is anticipated to boost the product demand in the market over the forecast period 2021-2026. Food safety testing is the examination of food products for disease-causing organisms, chemicals, and other hazardous materials. An increased outbreak of food-borne illnesses worldwide and the implementation of stringent food safety regulations further supports the demand for food safety testing.

Moreover, the focus on the development and using advanced rapid technologies such as the rising use of electrical biosensors in microbiological testing that reduces analysis time is poised to drive the market for safety evaluation of edible items over the forecast period 2021-2026. However, limited supporting infrastructure in developing countries is restraining the growth of the market.

Central & South America Food Safety Testing Market Segment Analysis – By Testing Type

On the basis of testing type, microbiological testing segment held the highest segmental revenue share in 2020. This can be attributed to the fact that it helps detect microorganisms in edible products with the use of chemical, biological, molecular, and biochemical methods, providing highly accurate results concerning their composition.

On the contrary, Genetically Modified Organism (GMO) testing segment is anticipated to witness significant rise along the forecast period 2021-2026, primarily driven by rising awareness among consumers regarding the presence of harmful GMOs in edible products.

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Central & South America Food Safety Testing Market Segment Analysis – By Food Type

On the basis of food type, meat, poultry, & seafood products segment accounted for the largest segmental revenue of the Central & South America Food Safety Testing market in 2020 owing to an increasing consumption of meat and meat products across the globe and high risk of diseases in red meats are poised to drive the segment growth over the forecast period 2021-2026.

However, the dairy & dairy products are poised to hold the highest growth rate with a CAGR of 7.89% over the forecast period 2021-2026. This is attributed to the fact that on account of some instances of contamination during the production process. Besides, the demand for safety tests conducted for the segment is anticipated to rise on account of stringent regulations in place concerning standard milk composition.

Central & South America Food Safety Testing Market Segment Analysis – By Geography

Brazil is the major region dominating the Central & South America food safety testing market with a market share of 42.16% in the year 2020 owing to the numerous frauds in the region leading to increased market demand. The region is witnessing an upward trend of an increase in consumption of packaged and processed eatables, which is estimated to further boost the market growth.

However, Peru is projected to be the significant-growing market owing to the stringent government regulations in the country. The rising number of fraud along with an increase in allergy-prone populations in the country is anticipated to drive the market growth over the forecast period 2021-2026.

Central & South America Food Safety Testing Market Drivers

Technological advancements in testing industry

The Central & South America Food Safety Testing market is poised to receive upswing owing to the fact that focus on reducing lead time, sample utilization, cost of testing, and drawbacks associated with several technologies have resulted in technological innovation and development of new technologies in spectrometry and chromatography. Wide-scale adoption of these technologies is an opportunity for medium- and small-scale laboratories to expand their service offerings and compete with large market players in the industry, as these technologies offer higher sensitivity, accuracy in results, reliability, multi-contaminant and non-targeted screening with low turnaround time, among other benefits.

Central & South America Food Safety Testing Market Challenges

Stringent food safety regulations

Despite several drivers, growing complexities in the food supply chain, economically motivated malpractices, instances of adulteration, lack of adoption of proper hygiene & sanitation practices during production, transportation & storage, lack of awareness about allergens, instances of cross-contamination, non-compliance with labeling laws, and other such factors have resulted in increasing instances of contamination of food products and are responsible for large-scale outbreaks of illnesses and poisoning in humans. This has caused severe concerns among producers; end consumers, regulatory authorities, and other industry stakeholders restrain growth of the Central & South America Food Safety Testing market.

Central & South America Food Safety Testing Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Central & South America Food Safety Testing Market. In 2020, Central & South America Food Safety Testing Market share is fragmented by the top ten players present in the market. Central & South America Food Safety Testing Market top 10 companies are Adpen Laboratories, Aegis Food Testing Laboratories (Vanguard Sciences), ALS Limited, Asurequality Limited, Avomeen Analytical Services, Bio-Rad Laboratories, Bureau Veritas SA, Campden Bri, Det Norske Veritas As (DNV), Emsl Analytical Inc, Eurofins Scientific, Exova, Food Hygiene & Health Laboratory, Genon Laboratories Ltd, Idexx Laboratories Inc., and others.

Acquisitions/Product Launches

In October 2018, Eurofins acquired EnvironeX Group Inc., a provider of testing services to the environment, agriculture, food, and health & pharmaceuticals sectors with three laboratories in order to expand its presence in the Canadian market.

In January 2018, SGS acquired Vanguard Sciences Inc., a provider of microbiological, chemical, and physical testing for food products. This would help the company in expanding its existing testing capabilities in the US

Key Takeaways

Brazil dominated the Central & South America Safety Testing Market with a share of 42.16% in the year 2020.

The factors such as rise in consumer awareness about food safety, increase in chemical contamination circumstances, and advancement in rapid inspection are amongst the major factor projected to impel growth of Central & South America Food Safety Testing Market.

Growing food safety concerns owing to increasing outbreaks of foodborne disease and modification in regulations aimed at reducing the number of people affected by food diseases such as nausea, food poisoning, and diarrhea are the key factors owing the growth in the segment during forecast period 2021-2026.

Related Reports :

A. Food Safety Testing Equipment and Consumables Market

https://www.industryarc.com/Report/189/Food-Safety-Testing-Equipment-and-Consumables-Market.html

B. Meat and Poultry Safety Testing Market

https://www.industryarc.com/Report/233/meat-poultry-safety-testing-market-report.html

For more Food and Beverage Market reports, please click here

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