The food safety testing market is associated with major companies providing solutions to handle, prepare, and store food to prevent foodborne illness. This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry. According to the latest report by BIS Research, titled ‘Global Food Safety Testing Market- Analysis & Forecast (2017-2021)’, global food safety testing market is expected to grow at a CAGR of 7.5% from 2016 to 2021. The key companies involved in this market are trying to expand their reach by adopting different strategies such as mergers and acquisitions, product launch, partnerships, and collaborations, etc.
One of the key players in the market, 3M, in February 2018, introduced its latest product, the 3M Petrifilm Rapid E. coli/Coliform Count Plate, a two-in-one indicator test that gives the consumer both an E. coli and total coliform count in 18-24 hours. Another key player in the market, Neogen Corporation, announced in the same month, the release of its BetaStar® Advanced, that can test for antibiotics in milk, adding that the BetaStar Advanced has been reviewed by the FDA, approved for use by the National Conference on Interstate Milk Shipments (NCIMS), and validated by the AOAC Research Institute.
The acquisition has also been a favored strategy in the market as Eurofins Scientific acquired Spectro Analytical Labs Ltd. in November 2017 to expand their testing services in India and also EAG Laboratories in September 2017 to get EAG’s 21 laboratories in 18 worldwide locations. Eurofins has been active in this strategy as prior to these two acquisitions, it acquired Japan Analytical Chemistry Consultants Co. Ltd. and Ecopro Research K.K. in August 2017 to respectively add pesticide residue laboratories in Japan into Eurofins’ portfolio and help them add Ecopro’s metabolome analysis for functional food.
The rising concerns over global food security and sustainability have led to extensive investments by the governments across the globe. The key players in the global food safety testing market are focusing on gaining more attention from the consumers by working upon different patterns of testing, enhancing their products to provide better tests. According to the analyst, “Presently, North America is at the forefront of the food safety testing market, with high penetration in the countries such as the U.S., Canada, and Mexico. However, during the forecast period, the Asia Pacific region is projected to display the fastest market growth from 2016 to 2021.”