New Food Trends, Technologies, and Increasing Consumer Awareness to Drive Global Market
The food & beverages industry has witnessed considerable changes over the past couple of decades, owing to two main factors, including evolving consumer preferences and advancements in technology. At present, food safety, hygiene, and other parameters linked with food quality have garnered considerable attention and the trend is likely to continue over the upcoming years due to increasing consumer awareness pertaining to food safety, quality, and more recently, the outbreak of the COVID-19 pandemic. In addition, new technologies and food safety concepts & guidelines are expected to play an imperative role in transforming the food safety sphere in the upcoming years.
Research and development activities across private laboratories and government-funded research institutes have increased at a rapid pace across the world, which, in turn, are projected to pave the way for innovations and accurate food safety testing procedures during the forecast period. Moreover, as new food trends, including ‘clean label’, ‘free from’, and more continue to gain the spotlight, food safety testing techniques are likely to adapt to these food trends. As food safety continues to remain one of the core areas of focus for governments and consumers, the global food safety testing market is projected to grow at a considerable pace during the forecast period.
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At the back of these factors, along with stringent policies and legislations related to food safety, the global food safety testing market is on course to attain a market value of US$ 39.8 Bn by the end of 2030. In the current scheme of things, stakeholders across the supply chain in the food & beverages sector are under considerable pressure to ensure that the food products are safe to consume, healthy, and clean due to which, the food safety testing market is anticipated to witness considerable developments during the assessment period.
Entry of Innovative Technologies to Streamline Food Safety Testing
The global landscape of the food sector has experienced considerable changes over the past few years, due to the evolving regulatory landscape. As a result of the regulatory landscape, players operating in the food sector are required to comply with regulations due to which, innovations and focus on food safety testing have shifted gears in recent times. Several food & beverage manufacturers are focusing on the process of streamlining their food certification process by simplifying documentation and data logging. In addition, food safety testing market players are also increasingly working toward minimizing certification costs, increasing risk assessment, and introducing new innovative technologies to address existing challenges with food safety testing.
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Market Growth to Remain amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have a minor impact on the overall state of the global food safety testing market. Although test results and testing procedures were off-schedule in the second quarter of 2024 due to the uncertainty associated with the lockdown regulations in several nations, in the current scenario, operations are back on track and expected to remain smooth during the entirety of 2024. However, routine surveillance of food facilities and farms has been postponed in several regions of the world due to the ongoing COVID-19 pandemic following which the demand for a range of food products has experienced a slight decline. However, although the retail supply chain has remained unaffected by the COVID-19 pandemic, the production of several food and beverages has witnessed a drastic decline in several regions.
The spread of COVID-19 has impacted health, nutrition, livelihoods, and well-being of people and will have lasting effects on them. Nutritional, environmental, and economic impact are the main concerns of changing consumer preferences in food safety. There is also increasing awareness of linkages between food demand and dietary choice, global food security, and environmental outcomes such as water use and climate change. There is a need to understand how consumer preferences for food and beverages are changing and what the implications are for the future.
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Food Safety Testing Market: Trends
- Growing health and wellness trend and intense M&A activities to drive marketConsumers have become health conscious and majority of them spend a significant portion of their disposable income on fitness and well-being. They have also become increasingly aware that along with exercise, a proper diet is necessary to achieve physical fitness. High protein food aids in maintaining good health. Gluten-free bakery products and snacks comprising protein and vitamin ingredients are gaining popularity among consumers. Thus, the trend of food fortification is rising, which, in turn, fuels the expansion of the food safety testing market.
- Last few years have seen heightened trend of M&A activities in the global food safety testing market. Top players in the market are increasingly planning expansion and penetration activities in new and emerging markets. Most of the mergers and acquisitions are highly concentrated in MEA and Asian countries. Eurofins Scientific SE, a prominent player in global testing, inspection, and certification industries carried out almost 60 acquisitions in the year 2017, and continued the same trend in 2018 with some notable acquisitions.
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