A recent report published by Infinium Global Research on residue testing market provides an in-depth analysis of segments and sub-segments in the global as well as regional residue testing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional residue testing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global residue testing market. According to the report, the residue testing market is projected to grow at a CAGR of 6.1% over the forecast period of 2019-2025.
Global residue testing market is estimated to grow with a high rate in the forecast period. The increasing importance of residue test in the food, agriculture crops is boosting the demand for residue testing. Foodborne allergies are a major concern nowadays, food contaminated with chemicals such as pesticides and plant growth hormones can affect human health adversely. Pesticides play an important role in agriculture to protect the plant from weeds, insects, fungi and other pests but at the same time, they are toxic for the humans. Testing of such residues is important to prevent the intake of such food by humans.
The rising number of food born disease and allergies is the major factor driving the growth of residue testing market. According to WHO by 2050 world’s population will be around 9.7 billion and major of this growth will occur in developing countries, to fulfill the food demand of rising population use of pesticide will stay continue in agriculture. That, in turn, has increased the adverse effect of pesticides in food and causing allergic reactions to people. Moreover, strict government regulations for food safety in developed countries has also fuelled the demand for residue testing market. On the other hand, the cost associated with residue tests and the time required for the test process can hamper the growth of the market. However, the establishment of strict food safety laws in developing countries can provide a better growth opportunity in the market.
Geographically, the global residue testing market is segmented by North America, Europe, Asia-Pacific, and Row. North America dominates the global residue testing market followed by Europe, stringent food safety laws is the major reason contributing to the growth of the market in these regions. Asia Pacific region is anticipated to grow with a steady rate in the forecast year. Lack of stringent regulations for food safety especially in India and China causing the slow growth of the market in this region.
The report on global l residue testing market covers segments such as residue types, detection techniques, and application. On the basis of residue types, the sub-markets include pesticides, heavy metals, toxins, allergens, and other residues. On the basis of detection techniques, the sub-markets include HPLC, LC-MS/MS, immunoassay-based, and other techniques. On the basis of application, the sub-markets include agricultural crops, and food.
The report provides profiles of the companies in the market such as Bureau Veritas S.A., Eurofins Scientific, DTS Food Laboratories, Covance Inc., ALS Limited, SGS S.A., Intertek Group plc., International Laboratory Services Ltd., Microbac Laboratories, Inc., Silliker, Inc., and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of global residue testing market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.