Market Leader - Food Safety Testing Market
The global food safety testing market size is projected to grow from USD 17.0 billion in 2018 to USD 24.6 billion by 2023, at a CAGR of 7.7% during the forecast period. Increase in global outbreaks of foodborne illnesses, globalization in food trade, availability of advanced rapid technology, and rise in consumer awareness about food safety are expected to drive the market for food safety testing.
The major food safety testing vendors include SGS SA (Switzerland), Eurofins Scientific (Luxembourg), Intertek Group plc. (UK), Bureau Veritas (France), ALS Limited (Australia), Merieux (US), TÜV SÜD (Germany), TÜV Nord Group (Germany), AsureQuality (New Zealand), Microbac Laboratories (US), FoodChain ID (US), Romer Labs (Austria), Symbio Laboratories (Australia), and Neogen (US). These players have adopted various growth strategies, such as expansions & investments, new service launches, acquisitions, and agreements & joint ventures, to further expand their presence in the global food safety testing market. Acquisition has been the most dominating strategy adopted by major players. This has helped them strengthen their position and expand client base in the food testing market.
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SGS primarily offers inspection, verification, testing, certification, and quality assurance services. The company has nine business segments-consumer & retail; agriculture food & life; oil, gas & chemical; minerals; industrial; government & institution; transportation; certification & business enhancement; and environmental health & safety. It offers food safety testing through its agriculture food & life segment.
The company operates through a network of more than 2,400 offices and laboratories across Europe, the Middle East, the Americas, Africa, and the Asia Pacific. In April 2018, SGS acquired Oleotest NV (Belgium), a provider of chemical testing services for food, feed, and agricultural commodities. This acquisition was expected to provide the company an entry into a complementary segment for chemical analyses, thereby strengthening its leading position for agriculture & food testing in Belgium.
Eurofins is an international group of laboratories that provide testing and support services to the pharmaceutical, food, environmental, agricultural, and consumer products industries as well as to governments. It offers testing services through the following 13 divisions—food & feed testing, biopharma services, agroscience services, agro testing, clinical diagnostics, cosmetics testing, consumer product testing, forensic services, environmental testing, genomic services, medical devices, Eurofins technologies, and REACH services. The company offers food testing services under its food & feed testing division. In October 2018, Eurofins acquired EnvironeX Group Inc. (Canada), a provider of testing services to the environment, agriculture, food, and health & pharmaceutical sectors with three laboratories in order to expand its presence in the Canadian market.
Related Reports:
Food Safety Testing Market by Food Tested (Pathogens, Pesticides, GMOs, Mycotoxin, and Allergens), Technology (Traditional and Rapid), Food Tested (Meat, Poultry, Seafood, Dairy, Processed Foods, and Fruits & Vegetables), and Region-Global Forecast to 2023
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