The market was valued at US$12.14 billion in 2016, and forecast to reach US$21.4 billion by 2024, according to Esticast Research and Consulting.
Currently, North America holds the largest share of the food safety testing market. However, Asia Pacific is forecast to have the fastest growth with a CAGR of 8.3 percent over the forecast period; the region generated revenue of US$2.95 billion in 2016.
The food safety testing market was led by the conventional testing method which generated revenue of US$6.13 billion in 2016, but the highest growth will be witnessed by the rapid food safety testing methods which is expected to have a CAGR of 9.3 percent over the forecast period. Testing conducted using traditional methods usually takes three to four days, hence rapid testing technologies that can conduct food testing in a shorter amount of time are in demand.
In 2016, the pathogen testing segment generated the highest revenue share in the global food safety testing market. The segment held more than 50 percent of market share in 2016 and will grow at a CAGR of 7.2 percent during the forecast period. Pathogens are sets of bacterium, viruses, and fungi which can cause serious illnesses when consumed.
Most developing countries still rely on the conventional methods of food safety testing due to its affordability and availability. However, rapid testing methods provide accurate results and are time-saving, albeit costlier than conventional methods. This segment currently holds a share of more than 40 percent in the global food safety testing market.
In the category of product testing, meat and poultry testing led the market in 2016 with a market share of nearly 27 percent. This segment is expected to witness the highest growth at a CAGR of 7.1 percent over the forecast period. North America is presently leading the market in this segment, however the highest growth will be witnessed by Asia Pacific during the forecast period with a CAGR of 8.5 percent. This is the result of an increase in consumption and exports of meat and poultry products by countries in Asia Pacific.