Residue Testing Market Projected to Register 6.9% CAGR through 2030

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Residue Testing Market

• March 2020

Report Id REP-GB-2083 Published On Mar
9,2020 Category Food and Beverages
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Residue Testing Market Analysis
Global residue testing market will register
robust growth at approximately 6.9 CAGR over the
forecast period (2020-2030). Food beverages
application in particular continues to provide
the thrust to market growth. Global organic
revolution is the key factor boosting the demand
for residue testing across the globe. On that
premise, the global residue testing market hit
approximately US 3.5 Bn in 2019, concludes the
FMI report. Stringent regulations imposed by
government on food safety protocols are projected
to bode well for the residue testing market.
Moreover, recent technological advancements are
working in favor of the market. Food industrys
expansion will further augment the demand for
residue testing during the forecast period,
finds FMI in a new study. Key Takeaways of
Residue Testing Market Study Pesticide residue
continues to be the leading end-use segment
through 2029. Majority of demand for residue
testing is concentrated in food beverages
industry. Europe holds the leading revenue share
in the global residue testing market. Asia
Pacific Excluding Japan (APEJ) is projected to
witness prolific growth rate during the forecast
period.
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Residue Testing Market Analysis

• Residue Testing Market Key Growth Factors
• Growing prevalence of residue testing in
  agricultural crops and pet food is pushing the
  market growth.
• Higher predilection of consumers towards health
  and wellbeing is catalyzing the growth of residue
  testing market.
• Specialist diets are witnessing soaring demand
  among consumers thereby propelling the market
  growth.
• Packaged foods have grained traction on account
  of hectic lifestyle and shifting consumer choices
  thereby fuelling the market growth.
• Residue Testing Market Key Restraints
• Crop producers in underdeveloped regions have
  limited knowledge about residue testing which is
  obstructing the growth of market.
• Lack of food control infrastructure in developing
  countries is a significant roadblock to market
  growth.

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Residue Testing Market Analysis
Competitive Landscape Prominent players profiled
in this FMI study include, but are not limited
to, ALS Limited, Eurofins Scientific, Silliker
Inc., Charm Sciences Inc., Neogen Corporation,
Microbac Laboratories Inc., Bureau Veritas S.A.,
and Centers for Disease Control and Prevention
(CDC). Industry leaders must invest their efforts
in high-growth regions such as Asia Pacific which
holds remunerative opportunities in foreseeable
future. Greater reliance of emerging Asian
economies on agricultural commodity is to be
attributed for this growth. Press Release
Source https//www.globenewswire.com/news-release
/2020/03/24/2005507/0/en/Demand-for-Residue-Testin
g-Accounted-for-US-3-5-Bn-in-2019-Sales-Concentrat
ed-in-F-B-Industry-Future-Market-Insights.html
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Residue Testing Market Analysis

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Residue Testing Market Analysis
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