Global Residue Testing Market to Rise at 6.9% CAGR

The global residual testing market was valued at US$ 3.5 Bn in 2019. The market is forecast to rise at a CAGR of 6.9% between 2020 and 2030. Regionally, Europe held the largest share in the global market. However during the forecast period, Asia Pacific excluding Japan is expected to report growth at a higher CAGR. In terms of application, the market can be classified into feed and pet food, agricultural crops and food and beverages. Of these, the food and beverages industry accounted for the largest share in the global market.

Expansion of Food and Beverages Sector is expected to Support Growth

As consumers grow increasingly concerned about their health and wellbeing, the demand for specialist diets will increase. In addition to this, the food and beverages sector has witnessed a remarkable spike in the demand for packages foods in the last couple of years. Urbanization and busy lifestyle have been key influencers of consumers’ eating habits, and also have paved the way for expansion of the food industry. This is expected to have a positive impact on the residue testing market.

Following the dissolution of several trade restrictions, a surge in international food trade is noticed. Given the scenario, consolidation of regulations on residue testing has become imperative. The future holds promising opportunities for residue testing market, especially in emerging regions such as Asia Pacific. The region exhibits high reliance on agricultural commodity hence creating growth opportunities for the residue testing market.

residue testing market based on application

Regionally, the global residue testing market covers North America, Latin America, Europe, APEJ, Japan, Oceania, and the Middle East and Africa. Among these regions, Europe currently leads the market. The presence of some of the leading companies boosts the market in Europe.

Besides this, stringent regulations imposed to ascertain food safety will support the expansion of the Europe market. However, during the course of the forecast period, the APEJ market is expected to grow at a higher pace. The rising demand for food free of any kind of contamination and expansion of food industry will aid the growth of the residue testing market in APEJ.

Rising Awareness among Consumers will Stoke Growth Opportunities

The rising awareness among consumers about the importance of organic and contaminant free food will stoke growth opportunities in the market. In addition to this, the market will benefit from stringent regulations imposed in various countries to ascertain that only good quality food is made available to consumers.

FREQUENTLY ASKED QUESTIONS ABOUT RESIDUE TESTING MARKET

What drives the residue testing market?

Stringent government regulations imposed to ascertain food safety will favour the expansion of the global market. In addition to this, the market is expected to benefit from global organic revolution and recent technological advancements.

Which is the key factor restraining residue testing market?

Lack of awareness regarding the importance of residue testing among crop producers especially in underdeveloped nations, may restrict the growth of the market to an extent.

Which region will leads the global residue testing market?

According to FMI, Europe held the largest share in the global residue testing market. However, during the course of the forecast period, Asia Pacific is expected to report a higher CAGR.

Which type segment holds the leading share in residue testing market?

Pesticide residue held the dominant share among products available in the market.

Which segment based on application led the residue testing market?

Food and beverages industry currently holds the largest share in the global residue testing market, in terms of application.

Key Highlights

KEY RESEARCH FINDINGS

The global residue testing market registered US$ 3.5 Bn revenue in 2019.
Strict government norms on food safety and security, and tech-enabled developments are boding well for market.
Key market players continue to target food & beverages industry for value-based opportunities.
Pesticide residues would generate greater total returns to shareholders through 2029.
Europe would stay at forefront of residue testing market; Asia Pacific (APAC) to reflect potential growth avenues.

KEY FACTORS DRIVING RESIDUE TESTING MARKET

Expansion of Food & Beverages Industry

As consumers grow increasingly concerned about their health and wellbeing, the demand for specialist diets will increase. In addition to this, the food and beverages sector has witnessed a remarkable spike in the demand for packages foods in the last couple of years. Urbanization and busy lifestyle have been key influencers of consumers’ eating habits, and also have paved the way for expansion of the food industry. This is expected to have a positive impact on the residue testing market.

Following the dissolution of several trade restrictions, a surge in international food trade is noticed. Given the scenario, consolidation of regulations on residue testing has become imperative. The future holds promising opportunities for residue testing market, especially in emerging regions such as Asia Pacific. The region exhibits high reliance on agricultural commodity hence creating growth opportunities for the residue testing market.

Rising Awareness among Consumers Stokes Growth Opportunities

The rising awareness among consumers about the importance of organic and contaminant free food will stoke growth opportunities in the market. In addition to this, the market will benefit from stringent regulations imposed in various countries to ascertain that only good quality food is made available to consumers.

Europe in the Vanguard, APEJ to Emerge Lucrative

Regionally, the global residue testing market covers North America, Latin America, Europe, APEJ, Japan, Oceania, and the Middle East and Africa. Among these regions, Europe currently leads the market. The presence of some of the leading companies boosts the market in Europe.

Besides this, stringent regulations imposed to ascertain food safety will support the expansion of the Europe market. However, during the course of the forecast period, the APEJ market is expected to grow at a higher pace. The rising demand for food free of any kind of contamination and expansion of food industry will aid the growth of the residue testing market in APEJ.

On the flip side, the coronavirus (COVID-19) pandemic has compelled governments worldwide, especially in Europe, and Asia, to impose countrywide lockdowns, and self-quarantine norms. As such, manufacturing units in residue testing market are undergoing shutdowns until the containment of the pandemic. As the trend continues, residue testing market is likely to witness notable drop in revenue generation in 2020.