Residue Testing Market Outlook 2031
The global residue testing market size was valued at USD 4.69 Billion in 2022 and is likely reach to USD 8.20 Billion by 2031, expanding at a CAGR of 6.4% during the forecast period, 2023–2031. The growth of the market is attributed to the rising number of food-borne diseases and allergies.
Residue testing ensures that product quality fulfils both domestic and international market standards and safety criteria. Residues can appear as single particles, clusters of particles, films, discolouration, or stains. Residual testing determines residue levels in food items by a thorough chemical and microbiological examination, providing food makers and producers access to international markets.
Market Trends, Drivers, Restraints, and Opportunities
- Strict government regulations regarding food safety in developed countries is expected to drive the residue testing market.
- Increasing consumer awareness about the safety of food products is estimated to spur the market growth.
- The COVID-19 pandemic positively influenced the market growth owing to rising concerns among the consumers regarding hygiene.
- High time required for the testing process can create challenges for the market growth.
- Rising financial investment for food safety and security solutions is anticipated to boost the market expansion.
Scope of Residue Testing Market Report
The report on the global residue testing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Residue Testing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Technologies (HPLC-based, LC-MS/MS-based, Immunoassay-based, and Others), Types (Pesticides, Heavy Metals, Toxins, Allergens, and Others), Applications (Feed & Pet Food, Agricultural Crops, Food [Meat & Poultry, Dairy, Fruits & Vegetables, and Processed Food], and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SGS SA; Bureau Veritas; Eurofins Scientific; Intertek Group plc; and AsureQuality Limited
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Residue Testing Market Segment Insights
HPLC-based segment is expected to grow at a rapid pace
Based on product technologies, the market is divided into HPLC-based, LC-Ms/Ms-based, immunoassay-based, and others. The HPLC-based segment is expected to grow at a rapid pace during the forecast period. Increasing customer interest in food quality has boosted significant technological advancements.
Toxins segment is projected to expand at a considerable CAGR
On the basis of types, the global residue testing market is segregated into pesticides, heavy metals, toxins, allergens and others. The toxins segment is projected to expand at a considerable CAGR during the forecast period. Consumer awareness regarding food safety and mass awareness campaigns carried out by various organisations are driving the market segment growth.
Agricultural crops segment predicted to account for a significant market share
Based on applications, the market is divided into feed & pet food, agricultural crops, food, and others. The food segment is further categorized as meat & poultry, dairy, fruits & vegetables, processed food and others.
The agricultural crops segment is estimated to account for a significant market share during the forecast period. Growing importance of residue testing in agriculture and food security crops is driving the growth of the market segment.
Residue Testing Market Regional Outlook
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the global residue testing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period. Stringent food safety regulations is one of the major factors driving the growth of the regional market growth.
Segments
Product Technologies
- HPLC-based
- LC-MS/MS-based
- Immunoassay-based
Types
- Pesticides
- Heavy Metals
- Toxins
- Allergens
- Others
Applications
- Feed & Pet Food
- Agricultural Crops
- Food
- Meat & Poultry
- Dairy
- Fruits & Vegetables
- Processed Food
- Others
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
The key players competing in the global residue testing market are Shiloh Industries, Inc.; Gibbs Die Casting Corporation Company; Georg Fischer; Sundaram - Clayton Limited; and Pace Industries. Companies are engaging in partnerships, acquisitions, and mergers to expand their market share. Moreover, they’re focusing on expanding their production capacities to leverage their market position.