Friday, September 18, 2020
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   

You can get e-magazine links on WhatsApp. Click here

INTERNATIONAL

Flourishing food sector to create billion dollars growth opportunities
Tuesday, 15 September, 2020, 08 : 00 AM [IST]
Albany, New York
Revenue generated from the global food safety testing market was valued at US$ 18.2 bn in 2020, which is estimated to rise at a CAGR of 8.1 per cent to reach US$ 39.8 bn by 2030. A recent study published by Transparency Market Research on the food safety testing market includes global industry analysis and opportunity assessment for 2020-2030.

Improved Food Safety Regulations Boosting Market Growth
Considering the increased rate of urbanisation and industrialisation in MEA and Asian countries, big firms and companies in the food testing market are penetrating in emerging markets. The increased MEA activities in the food testing market have resulted in expansions, which are subsequently boosting the market growth.

Due to increasing demand for safer and cleaner food products in the global market by consumers around the world, many governments and authorities are forced to apply stringent and harsh regulations on food producers, processors, importers, and exporters. In order to avoid any penalty by authorities and to oblige to stringent regulations, many key players in the market are now getting their food products tested by the authorised food testing companies. Seven new rules were finalised by FSMA in 2015 and were implemented in 2017 for importing food.

Testing Requirements for Export of Food Products Propelling Market Demand
With the ease of business relations between intercontinental countries, the food sector has been flourishing, and increase in import and export activities has been observed. Globalisation of the food sector and food supply chain has been resulting in increased food safety testing practices. European and North American countries are prominent importers of raw materials for food production. Since the regulations of these countries are stringent, exporters from other regions are obliged to test their food products in order to be able to export them. This increase in import/export activities are driving the growth of the food safety testing market.

Cost and Time-effective Customised Testing Services Driving Market Growth
Food companies require sample-specific tests and follow requirements, providing performance that is time-effective. The industry has acknowledged the need for tailored research in light of these factors. Several analytical laboratories have acknowledged the need for customised testing services and the provision of testing services for various customer requirements. It helps companies slash testing expenses and save time. It also lets customer obtain reliable data and theoretical insights that establish a long-term partnership between analytical laboratories and businesses.

High Costs of Food Testing Services and Equipment Hindering Growth
The food and beverage industry is highly fragmented with the presence of numerous large, medium, and small-scale manufacturers. Since the cost of the few food testing services and instruments is essentially high, some of the small-scale food manufacturers cannot afford these tests. Moreover, food fraud incidents are concentrated at this level due to poor implementation of rules and regulations. The poor governing of rules and regulations, and the lack of funding by governments are likely to hinder the growth of the food testing market.

Nonetheless, there is a considerable high demand for food with ‘free-from’ label. For instance, gluten-free beetroot powder is an instant hit in certain sections of consumers. Furthermore, fanning the trend are initiatives such as ServSafe, emphasising the importance of safety and quality of food products.
 
Print Article Back FNB News Twitter
Post Your commentsPost Your Comment
* Name :    
* Email :    
  Website :  
Comments :  
   
   
Captcha :
 

 
 
Food and Beverage News ePaper
 
 
Interview
“Keep in mind a focussed menu, optimum pricing, lean manpower”
Past News...
 
FORTHCOMING EVENTS
 

FNB NEWS SPECIALS
 
Overview
Packaged wheat flour market growth 19% CAGR; may reach Rs 7500 cr: Ikon
Past News...
 
 
Advertise Here
 
Advertise Here
 
Advertise Here
 
Recipe for Success
Bartending ‘interesting accident’, states aspiring mathematician Lal
Past News...



Home | About Us | Contact Us | Feedback | Disclaimer
Copyright © Food And Beverage News. All rights reserved.
Designed & Maintained by Saffron Media Pvt Ltd