Market Leaders – Residue Testing Market
The residue testing market is projected to grow at a CAGR of 6.4% from 2016 to 2021. This market is driven by increase in chemical contamination outbreaks in the food processing industries and growth in allergic reactions among the consumers, leading to stringent government regulations for the food labeling in residue testing. The growth in international trading of food materials and the organic revolution have led the need for food residue testing.
The key market players have adopted strategies such as acquisitions, expansions, and new product/technology launches of business operations to meet the growing demand in the residue testing market. SGS S.A. (Switzerland), Intertek Group plc. (U.K.), Silliker Inc. (U.S.), Bureau Veritas S.A. (France), and Eurofins Scientific (Luxembourg). The other players who are active in the industry are ALS Limited (Australia), AsureQuality Laboratories (New Zealand), Microbac Laboratories, Inc. (U.S.), TUV SUD (Germany) are some of the active players in the industry.
Intertek Group Plc (U.K.) is one of the active players in the residue testing market; it provides trace residue analysis services to detect, identify, and quantify the presence of aflatoxins, mycotoxins, and pesticides. The company offers chemical residue testing for the detection of residue traces using innovative and in-depth techniques with rapid turnaround times. Chemical residue testing includes analysis, detection and identification of residues to solve industry problems. In 2016, Intertek acquired Food International Trust (Italy), a provider of assurance, testing, and certification services. The acquisition helped the company to expand its food quality and safety services in Italy. In 2014, the company expanded its global footprint by opening three new food testing laboratories around the world; these laboratories were located in the U.K., the Philippines and Germany, in order to serve its growing global client network.
Eurofins Scientific is one of the leading residue testing service providers due to its strong global presence and service infrastructure. The company focuses on increasing its geographic presence through acquisitions, which is evident from the number of acquisitions it adopted from 2011 to 2016. In June 2016, Eurofins Scientific acquired Agro-Analyses SAS (France). This acquisition would help Eurofins Scientific to strengthen its leadership in the French food testing market, mainly in the area of food quality and safety assessment. In July 2016, the company acquired Agfirst Bay of Plenty, one of the leading fruit maturity testing laboratories in New Zealand. This acquisition would help Eurofins Scientific in complementing existing competencies and reinforcing the company’s network and analytical capabilities to better serve the food and agricultural industries in New Zealand and Asia-Pacific.
Related Reports:
Residue Testing Market by Type (Pesticides, Toxins, Heavy Metals & Allergens), Technology (Chromatography, Spectroscopy, Immunoassay & Others), Food Tested (Meat & Poultry, Dairy Products, Processed Food & Others), Region - Global Forecast to 2021
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