Global Residue Testing market trends 2024, Forecast To 2033
4 Mar, 2024
The residue testing market size has grown strongly in recent years. It will grow from $4.72 billion in 2023 to$5.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to food safety regulations, increased pesticide usage, consumer awareness, quality assurance in agriculture, stringent veterinary drug controls, environmental pollution concerns, public health concerns. The residue testing market size is expected to see strong growth in the next few years. It will grow to $6.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to focus on microbial residue testing, global harmonization of standards, consumer demand for transparency, preventive residue management, climate change impact on residue levels. Major trends in the forecast period include rapid testing technologies, blockchain for traceability, strategic collaborations in testing services, customization of testing protocols, multi-residue analysis methods, mycotoxin detection.
Global Residue Testing Market Key Driver
The residue testing market is expected to experience significant growth due to the increasing outbreaks of chemical contamination in food processing industries. Chemical contamination poses a significant threat to food safety, necessitating rigorous inspection and testing protocols to ensure product purity. With almost one in ten people falling ill from contaminated food annually and approximately 420,000 deaths attributed to such incidents, the urgency for robust residue testing methodologies is evident. Hence, the escalating outbreaks of chemical contamination are fueling the demand for residue testing services, reflecting anticipated market sizes for 2023, 2024, and 2028.
Get A Free Sample Of The Global Residue Testing Market ReportGlobal Residue Testing Market Segments
The global residue testing market covered in this report is segmented –
1) By Type: Chromatography, Spectroscopy, Immunoassay, Other Types
2) By Product Type: Pesticide Residues, Toxins, Heavy Metals, Food Allergens, Other Types
3) By Application: Meat and Poultry, Dairy Products, Processed Foods, Fruits and Vegetables, Cereals, Grains and Pulses, Nuts, Seed and Spice, Other Applications
By Geography: The regions covered in the residue testing market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the residue testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the residue testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Residue Testing Industry Players
Eurofins Scientific SE, Bureau Veritas SA, SGS SA, Intertek Group PLC, Symbio Laboratories Pty Ltd., ALS Limited, AsureQuality Limited, Microbac Laboratories Inc., QTS Analytical Ltd., NSF International, Arbro Pharmaceuticals Private Limited, Fera Science Limited, AB Sciex LLC, Meth Lab Cleanup Company LLC, Trilogy Analytical Laboratory Inc., Waters Agricultural Laboratories Inc., Neogen Corporation, Mérieux NutriSciences Corp., Romer Labs Division Holding GmbH, TÜV SÜD AG, Nelson Laboratories LLC, Pacific BioLabs Inc., Pace Analytical Services LLC, Avomeen Analytical Services, Brooks Applied Labs LLC, EMSL Analytical Inc., Exova Group Limited, Food Safety Net Services, IEH Laboratories & Consulting Group, Maxxam Analytics, Micro Quality Labs Inc., Midwest Laboratories Inc., RJ Lee Group Inc., Silliker Inc., SRC Analytical Laboratories, Summit Environmental Technologies Inc., TestAmerica Laboratories Inc., Whitehouse Laboratories
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Residue Testing Market Overview
Residue testing is the process of detecting and measuring the level of chemical substances in an agricultural product by undergoing testing and analysis. Residue testing verifies that the products' quality matches both domestic and foreign market access and safety regulations.
Residue Testing Global Market Report 2023 provides data on the global residue testing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The residue testing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.