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Impact of COVID-19 on the Food Safety Testing Market

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Impact of COVID-19 on the Food Safety Testing Market

April 24
18:15 2020
Impact of COVID-19 on the Food Safety Testing Market

MarketsandMarkets™
The increasing consumer awareness towards safe food products and the outbreak of foodborne diseases are the driving factors for the impact of COVID-19 on the food safety testing industry.

The report Impact of COVID-19 on Food Safety Testing Market by Testing Technologies (DNA-based, Immunoassay-based, Chromatography- & Spectroscopy-based), Targets Tested (Pathogen, GMO, Allergen, and Mycotoxin), and Region – Global Forecast to 2021″ published by MarketsandMarkets, the Impact of COVID-19 on the global food safety testing market is estimated to be valued at USD 10.5 billion in 2020 and 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 increasing consumer awareness towards safe food products and the outbreak of foodborne diseases are the driving factors for the impact of COVID-19 on the food safety testing industry.

Impact of COVID-19 on Food Safety Testing Market

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The DNA-based segment is projected to witness significant growth during the forecast period

Based on testing technologies, the food safety testing market is segmented into DNA-based, immunoassay-based, and chromatography- & spectroscopy-based. The DNA-based segment is projected to witness significant growth during the forecast period. DNA-based technology is a rapid testing technology used for the testing of GMOs in food products. It is a very advanced technology and provides accurate results in less duration of time as compared to other technologies, and therefore makes it ideal for testing of food products.

The pathogen segment to hold the majority share in the food safety testing market during the forecast period

Based on the targets tested, the food safety testing industry is segmented into pathogens, GMA, allergens, and mycotoxin. The pathogen segment is estimated to account for the larger share for the food safety testing market, as these are highly contagious agents liable for food contamination, resulting in a host of diseases. Moreover, new emerging foodborne pathogens and foodborne diseases are likely to be driven by factors such as pathogen evolution, changes in agricultural & food manufacturing practices, and changes in human host status.

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Asia Pacific is projected to witness the fastest growth during the forecast period

The Asia Pacific food safety testing market is expected to have higher growth potential as compared to other regions in the coming years, due to the outbreak of COVID-19. A large consumer market and increasing disposable income in India and China are driving the demand for high-quality, safe food products. Also, the growth of the market in this region is driven by various rules & regulations implemented in different countries, specifically post-COVID. Food security standards are increasingly becoming stringent to ensure a safer supply of food to individuals in local and foreign countries. Governments have put various regulations in place for consumers, producers, and regulators

This report includes a study on the marketing and development strategies, along with the product portfolios of the leading companies. It consists of the profiles of leading companies such as Eurofins (Luxembourg), SGS (Switzerland), Intertek (UK), Bureau Veritas (France), and TUV SUD (Germany).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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