(I-BusinessNews.Com, February 08, 2020 ) The food testing kits market is estimated to be valued at USD 1.68 billion in 2017, and is projected to reach USD 2.38 billion at a CAGR of 7.2% from 2017 to 2022. This market is driven by the increasing occurrences of foodborne illnesses, globalization of food trade, and increasing focus on the implementation of stringent food safety regulations in developed countries. Faster and reliable test results provided by food testing kits are increasing its demand further supporting the growth of food testing kits market. Also, there are multiple advantages of test kits over other testing technologies. This has resulted in an increase in the demand for food testing kits.
The key market players adopted strategies such as new product & technology launches, expansions, acquisitions, agreements, collaborations, and mergers & partnerships to meet the growing demand for food testing kits.
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Thermo Fisher (US), Agilent (US), Eurofins (Luxembourg), bioMérieux (France), and Neogen (US) are the major players in this market. Other active players in the industry include PerkinElmer (US), Bio-Rad (US), QIAGEN (Germany), EnviroLogix (US), IFP Institut Für Produktqualität (Germany), Romer Labs (Austria), and Millipore Sigma (US).
Thermo Fisher is one of the leading food testing kits providers, owing to its strong global presence and product offerings. The company focused on increasing its geographic presence through acquisitions and expansions to meet market demand between 2012 and December 2017. In September 2016, Thermo Fisher opened its new global headquarters in Waltham, Massachusetts, US. This new facility is 286,000 square-feet in area and is established according to green building rating systems, which provides it eligibility for LEED (Leadership in Energy & Environmental Design) silver certification. In March 2017, Thermo Fisher acquired Core Informatics LLC (US) a leading provider of the cloud-based platform supporting scientific data management. It will strengthen Thermo Fisher’s existing informatics solutions, which will enhance the company’s offering of genetic analysis, qPCR, and proteomics systems.
Eurofins is another leading player in the market due to its wide range of food testing kit products. The company capitalizes on a portfolio of 150,000 reliable analytical methods that enable it to offer services that characterize the safety, identity, purity, composition, authenticity, and origin of products and biological substances. It has adopted expansions and acquisitions as key strategies to increase its geographic network. In May 2016, Eurofins acquired the food, water, and pharmaceutical testing businesses of Exova (UK) in the UK and Ireland for USD 20.4 million to strengthen its footprint and expand its clientele in the region.
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Asia Pacific is projected to be the fastest-growing region from 2017 to 2022, due to its large market base for the meat and dairy industries due to the presence of a large number of consumers and presence of a large number of food adulteration incidences. The growth of this segment is also driven by the increasing export activities in this region, which need onsite testing and faster test results to meet the standards & regulations enforced by different countries and regions.
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