The residue testing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Residue Testing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The residue testing market size has grown strongly in recent years. It will grow from $4.72 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to food safety regulations, increased pesticide usage, consumer awareness, quality assurance in agriculture, stringent veterinary drug controls, environmental pollution concerns, public health concerns.
The residue testing market size is expected to see strong growth in the next few years. It will grow to $6.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to focus on microbial residue testing, global harmonization of standards, consumer demand for transparency, preventive residue management, climate change impact on residue levels. Major trends in the forecast period include rapid testing technologies, blockchain for traceability, strategic collaborations in testing services, customization of testing protocols, multi-residue analysis methods, mycotoxin detection.
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Scope Of Residue Testing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Residue Testing Market Overview
Market Drivers –
The increasing outbreaks of chemical contamination in food processing industries are expected to propel the residue testing market. Chemical contamination refers to the appearance or addition of chemical substances in foods. Increasing chemical contamination requires inspection, testing, and certification to purify the product, for which residue testing is utilized. For instance, in May 2022, according to WHO, a UN agency for international public health, it was estimated that in 600 million, almost 1 in every 10 people fall ill after eating contaminated food. Further, around 4,20,000 die every year due to contaminated food, losing 33 million healthy life years. Therefore, the increasing outbreaks of chemical contamination are driving the growth of the residue testing market.
Market Trends –
Major companies operating in the residue testing market are developing mobile residue testing laboratory to gain a competitive edge in the market. This initiative aims to support farmers and exporters in making faster purchase decisions, especially considering changes in agriculture-related laws. For instance, in October 2021, Eurofins Scientific SE, a Luxembourg-based testing laboratories company launched a mobile residue monitoring laboratory to offer rapid and accurate testing services near farms and procurement markets. The mobile lab, equipped with advanced instruments, including LCMSMS and GCMSMS, will focus on testing major export commodities like basmati rice, cumin, chilli, and soya. By reducing turnaround time by over 50%, the lab enables quicker transactions, empowering farmers and enhancing India’s export capacity. The mobile lab is designed to travel across the country, providing on-the-spot testing services for agri commodities.
The residue testing market covered in this report is segmented –
1) By Type: Chromatography, Spectroscopy, Immunoassay, Other Types
2) By Product Type: Pesticide Residues, Toxins, Heavy Metals, Food Allergens, Other Types
3) By Application: Meat and Poultry, Dairy Products, Processed Foods, Fruits and Vegetables, Cereals, Grains and Pulses, Nuts, Seed and Spice, Other Applications
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Regional Insights –
North America was the largest region in the residue testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the residue testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the residue testing market report are Eurofins Scientific SE, Bureau Veritas SA, SGS SA, Intertek Group plc, Symbio Laboratories Pty Ltd., ALS Limited, AsureQuality Limited, Microbac Laboratories Inc., QTS Analytical Ltd., NSF International, Arbro Pharmaceuticals Private Limited, Fera Science Limited, AB Sciex LLC, Meth Lab Cleanup Company LLC, Trilogy Analytical Laboratory Inc., Waters Agricultural Laboratories Inc., Neogen Corporation, Mérieux NutriSciences Corp., Romer Labs Division Holding GmbH, TÜV SÜD AG, Nelson Laboratories LLC, Pacific BioLabs Inc., Pace Analytical Services LLC, Avomeen Analytical Services, Brooks Applied Labs LLC, EMSL Analytical Inc., Exova Group Limited, Food Safety Net Services, IEH Laboratories & Consulting Group, Maxxam Analytics, Micro Quality Labs Inc., Midwest Laboratories Inc., RJ Lee Group Inc., Silliker Inc., SRC Analytical Laboratories, Summit Environmental Technologies Inc., TestAmerica Laboratories Inc., Whitehouse Laboratories
1. Executive Summary
2. Residue Testing Market Report Structure
3. Residue Testing Market Trends And Strategies
4. Residue Testing Market – Macro Economic Scenario
5. Residue Testing Market Size And Growth
…..
27. Residue Testing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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