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New Revenue Pockets - Agricultural Testing Market
Agricultural testing is the technical procedure of analyzing agricultural samples and the process of manufacturing and storing agricultural products on farms in order to protect crops from chemical residue, pathogens, and toxins. Agricultural tests are performed to supervise the quality and prevent unwanted incidents of contamination of agriculture inputs, which will harm the total agricultural output of the region. Agricultural safety regulations have been implemented across the globe due to the increasing growth of the agriculture sector and to avoid any risk of contamination and spreading of infectious diseases that can result in a decline of agricultural output. The segmentation of the agricultural testing market is based on the sample type of testing, application, and region. The types of samples tested include soil, water, manure, compost, bio-solids, seed, and others (greenhouse (soil-less) media, green roof media). The market is further segmented on the basis of application of testing for contaminants (toxin, chemical residue, pathogen, and others) and quality assurance (chemical and physical).
The agricultural testing market was valued at $3,997.40 Million in 2014; and is projected to reach $5,641.56 Million by 2020, at a CAGR of 5.9% from 2015 to 2020. The agricultural testing market is projected to be dominated by the North American region; growing at a CAGR growth of 6.3%., Europe was the second-largest market at $915.75 million in 2013. The key players in this market are SGS S.A. (Switzerland), Eurofins Scientific (Luxembourg), RJ Hill Laboratories Ltd. (New Zealand), Bureau Veritas S.A. (France), and Intertek Group Plc. (U.K.).
In Asia-Pacific, 57% of the regions have agriculture as their prime occupation Most of the countries in Asia-Pacific witness high poverty rates, which can be decreased by encouraging faster growth of the agricultural sector.
The agricultural testing market for contaminants is projected to be $2,687.45 Million by 2020, and is projected to grow at a CAGR of 6.0% from 2015. The quality assurance market was valued at $2,101.28 Million in 2014, and is projected to reach $2,954.12 Million by 2020. This market is estimated to grow with a CAGR of 5.8 % from 2015 to 2020. Agricultural testing helps in analyzing appropriate requirements to be supplemented for growth. Testing, inspection, and certification of agricultural samples are influenced by farmers. Moreover, qualities of sample and common contaminants are factors that determine the type of testing required.
Agricultural Testing Market by Sample (Soil, Water, Manure, Compost, Bio-solids, Seeds and Others), Application Type (Contaminants and Quality Assurance) & Region - Global Trends & Forecast to 2020
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