GM Food Safety Testing Sector to Post Around 8% CAGR, Projects M&M in Its New Report Published at MarketPublishers.com20 Apr 2016 • by Natalie Aster
LONDON – The GM food safety testing marketplace was valued at USD 1.36 billion as of 2015, and it is poised to be worth USD 1.99 billion by end-2020, record a 7.9% CAGR. The key drivers include the demand for nutritious foods, consumer consciousness about GMO food, technological development of agricultural practices, massive investments in biotechnology R&D, labeling requirements in several countries, etc. However, factors like insufficient implementation of regulations and the lack of proper technical expertise amid farmers are restraining the growth of the sector.
Based on traits, the stacked segment takes the lead in the market, with the herbicide tolerance and insect resistance segments following after. In APAC, the stacked varieties also incorporate biofortification traits to produce food crops with high nutritional value.
Geography-wise, the USA is concentrated on the wider application of innovative technologies and broader range of food products tested for GM food safety testing. The consumers’ awareness on GM foods is on the rise in importing nations of Asia and Europe. Hence, the demand for specialised tests on processed food that contains GMOs necessitates novel technology development. Furthermore, there have been increases in the exports of GM crops in the USA. The UK was the most rapidly growing country market for GM food safety testing worldwide, and posted the second highest growth in value across Europe.
SGS S.A., Intertek Group plc, Eurofins Scientific SE, Bio-Rad Laboratories, Inc., Silliker, Inc., EMSL Analytical Inc., Genetic ID NA, Inc., OMIC USA Inc., and IFP are amid the prominent industry players.
New report “Genetically Modified Food Safety Testing Market” prepared by M&M is a must have for those interested in the GM food safety testing domain. It comprehensively categorises the market based on trait, technology, crop & processed food tested, and by region; offering detailed revenue figures for the total market and the different sub segments. The study examines in detail the market dynamics, casting light on key market growth drivers and obstacles, versatile opportunities and major challenges. The report gives true insights into key industry trends, covering a supply chain analysis, value chain analysis, oncoming technologies in GM food safety testing, Porter’s 5 forces analysis, consumer awareness on GMO, etc. The report reviews the competitive landscape and incorporates company profiles of top 10 industry players, and also includes comprehensive market forecasts through to 2020.
More new reports by M&M can be found at the publisher’s page.