The key players identified have a strong presence in the top 10 trends in food safety testing and technologies industry including SGS S.A. (Switzerland), Bureau Veritas S.A. (France), Intertek Group plc (U.K.), Eurofins Scientific SE (Luxembourg), ALS Limited (Australia), Thermo Fisher Scientific Inc. (U.S.), Mérieux NutriSciences Corporation (U.S.), AsureQuality Ltd. (New Zealand), Microbac Laboratories Inc (U.S.), and Romer Labs Diagnostic GmbH (Austria).
The key market players adopted various growth strategies such as expansions, acquisitions, agreements, in order to cater to the increasing demand for food safety and testing technologies. The companies increased their research and development expenditure to expand their manufacturing capacities and offer diversified food safety testing technologies.
The core strengths of the key players that have driven the top 10 trends in food safety testing and technologies industry are strategic expansions and acquisitions, in order to enhance their market presence. Market players such as SGS S.A. (Switzerland), Bureau Veritas S.A. (France), and Intertek Group plc (U.K.) successfully tapped the potential markets through expansions, acquisitions, and new service launches. Moreover, these companies also focused on offering a diverse range of testing services such as food pathogen testing, GMO Testing, pesticide residue testing, and others to cater the changing requirements of the food safety testing and technologies industry.
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SGS S.A. (Switzerland) has been one of the major players in the global food safety testing and technologies industry; it adopted strategies such as acquisitions, expansions, partnerships, and new technology & service launches in the recent years. The company acquired Laboratoire LCA (Morocco), to expand its business in the Moroccan agriculture market, it also expanded its food testing laboratory in South Korea, to offer food chemical testing, food contaminant testing, and microbiological and DNA testing.
Bureau Veritas S.A. (France) adopted acquisitions as its strategy to expand its presence in the food safety testing and technologies industry. Bureau Veritas S.A. is a global leader in providing testing, inspection, and certification services to meet the growing challenges of quality, safety, environmental protection, and social responsibility. The company offers innovative solutions for regulations & standards, reducing risks, improving performance, and promoting sustainable development.
Intertek Group plc (U.K.) adopted strategies such as expansions and acquisitions in order to efficiently expand its geographic presence in recent years. Intertek set up its AgriTech laboratory at Hyderabad (India) to perform DNA-based testing of various agricultural products. The company introduced its advanced ScanBi DNA testing technology in India with this expansion. The company also acquired the Italian company Food International Trust (FIT-Italia), which provided a wide range of assurance, testing, and certification services.
The food safety testing and technologies market encompasses a variety of testing technologies. The markets covered under food safety testing include food safety testing market, GM food safety testing market, food pathogen testing market, meat speciation testing market, food authenticity testing market, pesticide residue testing market, mycotoxin testing market, and food allergen testing market. The markets covered under water safety testing & technologies include water testing and analysis and bottled water testing.
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The food safety testing market is estimated to be valued at USD 12.01 billion in 2016. The various factors that drive the food safety testing market include worldwide increase in foodborne illness outbreaks, implementation of stringent food safety regulations by the government, and availability of advanced technologies capable of rapid testing. Globalization of food supply that has resulted in an increased export and import of food products and agricultural commodities worldwide is another driver influencing this market.