Food Safety Testing Market to Hit $6.4 Billion by 2020
As a result of the rising incidence of food contamination and foodborne illness outbreaks such as Listeria, Salmonella and E.coli, the North American market for food safety testing is expected to hit $6.4 billion within the next four years. According to a recent report by Markets and Markets, the 7.4% compound annual growth rate will also be fueled by the following factors:
- Actions taken by food manufacturers to implement more testing at different stages of the chain in order to strengthen food safety standards
- Increased concern to reduce the amount of product recalls
- Increased consumer interest in ingredients and food safety
- FSMA and the regulatory effort to reduce the presence of pathogens or contaminants in food
Learn more about how food laboratories are working to detect dangerous pathogens.
The Markets and Markets report:“North American Food Safety Market by Contaminant , Technology, Food Tested (Meat & Poultry, Dairy, Fruit & Vegetable, Processed Food), & by Country – Trend & Forecast to 2020″
Update: (1/14/2016): According to a report released by Research and Markets on January 14, the global food safety testing market can expect to achieve a 7.1% CAGR over the next five years, hitting $16.2 billion by 2020.