(Entertainment-NewsWire.com, June 25, 2018 ) Global Food Allergen Testing Market was valued at USD 544.13 Million for the year 2017. Food Allergen Testing Market is further expected to grow at a CAGR of 6.19% from 2018 to reach USD 780.36 Million by the year 2023. European region holds the major market share whereas North America region is considered as the fastest growing market in the forecasted period. Developed countries like U.S. and other countries from the European region are further anticipated to grow at a stable pace in the next 5 years. It is observed that the number of food allergic cases are growing along with there are various region specific labelling requirement is driving this market.
ALS Limited (Australia), SGS S.A. (Switzerland), TUV SUD Psb Pte. Ltd. (Germany), Intertek Group plc (U.K.), and Eurofins Scientific SE (Luxembourg) are some of the key players in the Food Allergen Testing Market with highest market share was held by SGS S.A. in 2017. Better global reach, both at production and at an operational level are the main reasons for holding this highest market share for SGS S.A. New product launches and growing research and development costs to address changing demand of end users in recent years are also driving this market. Organic growth strategies such as merger and acquisition were adopted by these top manufacturers in recent years has provided comprehensive market opportunities for various stakeholders in the value chain.
Drivers: Number of new product launches is driving the market demand Food Safety regulations and its implementation
Restraints: Implementation and low knowledge about the Labelling regulations
Opportunities: Growing consumer complaints and rising cases of the food recall Growing Food Testing Industry
Challenges: Below average standardization on the food testing market. The peanut and soy segment is expected to hold the maximum market share during the forecasted period. The growing cases of food allergy in infants, children, teenagers and adults due to peanut & soy allergen has driven this market. On the other hand, Processed Foods & Ready Meals application types for this market is expected hold the highest market share and it is projected to grow at the highest CAGR during the forecasted period. The growth is attributed to the growing cases of allergies from the end users for processed foods.
The market is driven by the various regulations across the regions for ex. EU Reference Laboratories (EURLs), and European Academy of Allergy and Clinical Immunology (EAAACI). Further the labelling standardization has fuelled the growth in recent years as well. Lack of food controller organisation & resources in emerging countries and low awareness about food security regulations among food companies are the limiting factors for this market.
Key Benefits for Stakeholders Manufacturers, Distributors and Retailers of the consumables Food Processing companies & Food Manufacturers Food Testing Laboratories Research and Consulting organization Technology Standards Organizations, Forums, Alliances and Associations End use industries Regulatory bodies, policy actors and consumers.
By Source Milk Seafood Peanut & Soy Tree Nuts Eggs Wheat
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