According to MarketsandMarkets, the impact of COVID-19 on food safety testing market size is estimated to be valued at USD 10.5 billion in 2020. It 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 rapid growth in awareness among consumers towards the security and safety of food products and stringent food safety regulations are the driving factors for the food safety testing industry.
The market for food safety testing will see an upward trend in the near future due to the outbreak of COVID-19 and pandemic caused by it across the globe. Rising household income, consumer demand for better food quality and safety, and increasing awareness of maintaining a healthy diet are the major factors that have led to the demand for the food safety testing market. The need for food safety testing is substantial in developed regions such as North America and Europe and emerging in other developing regions such as Asia Pacific. The demand for food safety testing is expected to grow in the coming years. This consumer trend and growth in stringent regulations have increased the growth potential of food safety testing of packed and processed food products.
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The Asia Pacific food safety testing market is projected to have higher growth potential in the coming years. A large consumer market and increasing disposable income in India and China are driving the growth of demand for high-quality and safe food products. Also, China and India are major exporting countries for food products, due to which they need to follow the regulations provided by the federal bodies of importing countries, thus leading to the growth of the food safety testing market in the region.
Companies in the testing industry are developing response actions and effective plans to help mitigate their risk and prepare for how they will deal with the effects of the COVID-19. The plans from food and beverage companies include establishing an interdisciplinary crisis response team of personnel from all aspects of their business to identify, assess, and manage the risk presented due to the ongoing pandemic crisis. This section covers short-term, mid-term, and long-term strategies adopted by industry players in the market to overcome the impact of COVID-19 on business.
Increasing complexity in the supply chain due to the COVID-19 outbreak can lead to the growth in incidences of false labeling and certification. For this, companies are planning to expand their business offerings as a short term strategy to capture the testing demand across the supply chain. International trade may increase across many countries to streamline affected food supply chains. Due to these reasons, companies operating in food safety industries may find the opportunity to plan their mid-term business strategies for testing of food products. This can be done by expanding their testing capabilities across geographies considering international trade mandates.
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Key players in the food safety testing market include Eurofins (Luxembourg), SGS (Switzerland), Intertek (UK), Bureau Veritas (France), and TÜV SÜD (Germany).
Eurofins (Luxembourg) is an international group of laboratories that provides testing and support services to the food industry as well as to governments. The company capitalizes on a portfolio of 150,000 reliable analytical methods that enable it to offer services that characterize and study the safety, identity, purity, composition, authenticity, and origin of products & biological substances.
SGS (Switzerland) is a public registered company and one of the leading service providers for food safety testing through setting up new laboratories across the globe. The company primarily offers inspection, verification, testing, certification, and quality assurance services.