20 December 2019
Genetically Modified Food Safety Testing Market overview:Disable Third Party Ads
Genetically Modified Food Safety Testing Market is estimated to be worth USD 1.98 Billion in 2018. It is expected to rise at a CAGR of 8.8% from 2018 to 2024, to reach 2.84 Billion by 2024.
Genetically modified (GM) foods, also termed as genetically engineered foods, are foods made with the assistance of organisms with changes brought into their DNA through the genetic engineering procedures. The global food supply is facing nonstop hazard, and hence, efficient test procedures that can assure food protection are in need. Microbial pathogens include bacteria, viruses, food allergens, adulterants, agricultural chemicals, environmental toxins, residues of drugs which if undetected, can harm the buyers. Thus, there is a high requirement for food safety testing.
In March 2016, Eurofins Scientific capitalized in the progression of its global infrastructure for improved testing laboratories; it financed USD 800 million in 2016. Through these laboratories, the company would offer services such as microbiology and food testing.
Market Drivers and Restrains:
The key aspects contributing to the development of the global genetically modified food safety testing market contain the buyer awareness about the genetically modified food, enhancements leading to modified food & crops, and requirement for high nutrition food products.
Both developing and developed countries have been aimed for this industry as the buyers' concerns towards GMOs have been transforming GMO testing technology. Ensuring enough nutrition, progress in farming technology, labelling mandates in many countries, diverse GM processed food production, and considerable investments in biotech R&D have been increasing the market for GM food testing for safety.
Lack of proper execution of regulations, lack of technical knowledge among farmers, ban on the manufacture of GM crops, and unaffordability of tests by food producers & channel members are the significant limitations and challenges in the GM food safety testing market.
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Report is segmented as
Polymerase Chain Reaction
Based on geography, the market is divided under many regions, such as Europe, Asia-Pacific, North America and the Rest of the World. The Asia-Pacific region held the highest share of the global Genetically Modified Food Safety Testing Market, and is expected to continue its reign in the estimated period.
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Key market players:
Bio-Rad Laboratories, Inc.
Eurofins Scientific Se
Emsl Analytical Inc.
IfpInstitut fur Produktqualitat GmbH
Genetic Id Na, Inc
Intertek Group Plc.
Romer Labs Division Holding GmbH
Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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