Rising Global Food Trade Drives the Demand for Food Safety Testing Equipment.
The increasing global food tradeis an important driver for food safety testing market. Over the decades there has been a rise in the food export and import form many countries. Standards and regulations for the food products differs from country to country, hence it is imperative for exporting companies to comply with corresponding country regulations. Therefore, it is mandatory for every food manufacturer to test their food products and attain certification for quality and safety. The Codex Alimentarius Commission is responsible for setting up international rules surrounding food trade and food quality. Every country sets up their legislation on food standards by adhering to Codex Alimentarius Commission standards.
Europe has the stringent regulations and monitoring control regarding food safety and quality. In 2014, the European Commission has banned the Mexican horse meat and mangoes from India owing to safety concerns. South Central America and Asia are the two major food exporters to Europe whereas North America holds significant share in exporting food to the region. All these regions test their products to get certified for exporting to Europe.
Moreover, food that is exported to Americas as well as few Asian countries such as Japan, Australia is also subjected to strict testing. Testing of food to ensure safety and get certified based on various assessments propel authenticity of food products facilitating trade and increasing demand. Hence, demand for the number of food tests is increasing prominently driving the market growth for food safety testing equipment and consumable products. Meat and poultry segment accounted for 26% share in 2015 globally and is estimated to grow at a CAGR of 6.4% during 2016-2021 whereas the global food safety testing equipment market is estimated to reach $3.3 billion by 2021.
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