Summary
Major players in the residue testing market are Eurofins Scientific SE, Bureau Veritas S.A., SGS S.A, Intertek Group plc., Symbio Laboratories, ALS Limited, AsureQuality Limited, Microbac Laboratories Inc., QTS Analytical, NSF International, Arbro Pharmaceuticals Private Limited, Fera Science Limited, AB Sciex LLC, Meth Lab Cleanup Company, Trilogy Analytical Laboratory, and Waters Agricultural Laboratories Inc.
The global residue testing market is expected to grow from $4.48 billion in 2022 to $4.78 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The residue testing market is expected to grow to $6.15 billion in 2027 at a CAGR of 6.5%.
The residue testing market includes revenues earned by entities by providing residue testing through ionization, liquid chromatography, and gas chromatography.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Residue testing is the process of detecting and measuring the level of chemical substances in an agricultural product by undergoing testing and analysis. Residue testing verifies that the products’ quality matches both domestic and foreign market access and safety regulations.
North America was the largest region in the residue testing market in 2022.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 and Africa.
The main types of residue testing are chromatography, spectroscopy, immunoassay, and others.Chromatography is a method used for separating chemicals into individual components.
Chromatography is used to test pesticides and their residues in residue testing.It is used to test pesticide residues, toxins, heavy metals, food allergens, and others.
It is used in meat and poultry, dairy products, processed foods, fruits and vegetables, cereals, grains and pulses, nuts, seed and spice, and others.
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.
Technological Advancements are a key trend gaining popularity in the residue testing market.Major companies operating in the residue testing market are focused on developing new technological solutions, such as automation, to strengthen their market position.
For instance, in October 2020, PerkinElmer, a US-based provider of end-to-end solutions to monitor the safety and quality of food, launched the industry’s first fully automated pesticide residue workflow.QS-Works 420 workflow provides a streamlined solution, faster sample preparation, and intuitive cloud-based software.
It is the first-ever workflow that has a connected suite of technology and it includes LES (laboratory execution system), which allow scientists to process and integrate data across all instruments.
In July 2021, Intertek Group plc, a UK-based inspection, product testing, and certification, and assurance company, acquired JLA Brazil for an undisclosed amount.Through this acquisition, Intertek will provide enhanced services to the leading FMCG customers with the scale and service offerings of JLA.
JLA Brazil is a Brazil-based provider of microbiological, chemical testing, and inspection services to FMCG companies.
The countries covered in the residue testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The residue testing market research report is one of a series of new reports that provides residue testing market statistics, including residue testing industry global market size, regional shares, competitors with a residue testing market share, detailed residue testing market segments, market trends and opportunities, and any further data you may need to thrive in the residue testing industry. This residue testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
