Residue Testing Market

2020 Analysis and Review Residue Testing Market by Application - Feed and Pet Food, Agricultural Crops and Food and Beverages for 2019 - 2029

  • 2020-03-09
  • REP-GB-2083
  • 64 Tables
  • 96 Figures
  • 250 pages
  • PDF PPT EXCEL
Residue Testing Market

An Incisive, In-depth Analysis on the Residue Testing Market

This study offers a comprehensive, 360 degree analysis on the Residue Testing market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Residue Testing market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

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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.

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.

RESIDUE TESTING MARKET STRUCTURE ANALYSIS

  • The global residue testing market is highly fragmented, with presence of global and local players.
  • In an effort to maintain their positive trend, leading players are focusing on embracing advanced solutions and investing in R&D activities.
  • Moreover, they are entering into collaborations with local players, as well as are aligning with evolving customers’ expectations.

Report Metric

Details

Base year considered

2018

Actual estimates/Historical data

2014 - 2018

Forecast period

2019 - 2028

Market Value in 2019

US$ 3.5 Bn

Segments covered

Type, Technology, Application.

Regions covered

North America, Latin America, Europe, APEJ, Japan, and MEA.

Key Players

Microbac Laboratories, Inc., EUROLAB, Centers for Disease Control and Prevention (CDC), AsureQuality Laboratories, VICAM LP, Neogen Corporation, IDEXX Laboratories Inc., Charm Sciences Inc., Bureau Veritas S.A., Intertek Group plc., Silliker Inc., Eurofins Scientific, ALS Limited.

Growth Drivers

  • Uptight regulatory framework regarding food safety.
  • High demand from food & beverage industry.
  • Increasing awareness among customers regarding organic food products.

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Residue Testing Market: Global Industry Analysis 2014 - 2018 & Opportunity Assessment 2019 - 2029

A recent market study published by Future Market Insights on the residue testing market offers global industry analysis for 2014-2018 & opportunity assessment for 2019-2029. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters, the growth prospects of the market are obtained with maximum precision.

Market Segmentation

The global residue testing market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Type

Technology

Application

Region

  • Pesticide residues
  • Toxins
  • Heavy metals
  • Food allergens
  • Others residues (veterinary drugs, processing induced chemicals, and dioxins & PCBs)
  • Chromatography based (HPCL, GC, LC, LC-MS/MS)
  • Spectroscopy
  • Immunoassay
  • Other technologies (PCR and other rapid technologies)
  • Feed & Pet food
  • Agricultural Crops
  • Food & Beverages
  • Meat & Poultry
  • Dairy
  • Processed Foods
  • Nuts, seeds and spices
  • Cereals, grains, & pulses
  • North America
  • Latin America
  • Europe
  • APEJ
  • Japan
  • Oceania
  • Middle East & Africa

Report Chapters

Chapter 01 - Executive Summary

The executive summary of the residue testing market includes the market country analysis, proprietary wheel of fortune, demand-side and supply-side trends, opportunity assessment, and recommendations on the global residue testing market.

Chapter 02 - Market Introduction

Readers can find the detailed segmentation and definition of the residue testing market in this chapter, which will help them understand basic information about the residue testing market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the residue testing market report.

Chapter 03 - Market Background

The associated industry assessment of the residue testing market is carried out in this section. The macroeconomic factors affecting growth of the residue testing market are provided in this section and the impact of these macroeconomic indicators on the residue testing market is analyzed. The processing overview and technological advancements in the residue testing market is also provided.

Chapter 04 - Global Residue Testing Market Value Chain

Profit margins at each level of the residue testing market are analyzed and readers can find detailed information on top importers and exporters as well as the value chain of the market.

Chapter 05 - Market Dynamics

The drivers and restraints impacting the growth of the residue testing market are explained in this chapter. Opportunities and ongoing trends in the residue testing market are also comprehensively discussed.

Chapter 06 - Global Residue Testing Market Analysis and Forecast 2014-2029

This chapter includes detailed analysis of the historical residue testing market (2014-2018), along with an opportunity analysis for the forecast period (2019-2029). Readers can also find the absolute $ opportunity for the current year (2019 - 2020) and incremental opportunity for the forecast period (2019-2029). This chapter provides details about the residue testing market on the basis of segments. In this chapter, readers can understand market attractive analysis for all segments. This chapter explains how the residue testing market is anticipated to grow across North America, Latin America, Europe, Asia Pacific Excluding Japan, Japan and the Middle East and Africa.

Chapter 07 - North America Residue Testing Market Analysis 2014-2018 & Forecast 2019-2029

This chapter includes a detailed analysis of the growth of the residue testing market in the North America region, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on application and countries in the North America region.

Chapter 08 - Latin America Residue Testing Market Analysis 2014-2018 & Forecast 2019-2029

Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the residue testing market in the Latin America region. This chapter also includes growth prospects of the Residue testing market in leading LATAM countries such as Brazil, Mexico, Peru, Argentina, and the Rest of Latin America.

Chapter 09 -Europe Residue Testing Market Analysis 2014-2018 & Forecast 2019-2029

Important growth prospects of the residue testing market based on its end user in several countries such as EU-4, U.K., BENELUX, NORDIC, Russia, Poland and Rest of Western Europe are included in this chapter.

Chapter 10 - Asia Pacific Excluding Japan Residue Testing Market Analysis 2014-2018 & Forecast 2019-2029

This chapter includes a detailed analysis of the growth of the residue testing market in East Asia region including the important growth prospects of the Residue testing in several countries such as China, India, South Korea, ASEAN and Rest of APEJ are included in this chapter.

Chapter 11 - Japan Residue Testing Market Analysis 2014-2018 & Forecast 2019-2029

This chapter offers insights into how the residue testing market is expected to grow in Japan, along with different segments of the market during the forecast period of 2019-2029.

Chapter 12 - Middle East and Africa Residue Testing Market Analysis 2014-2018 & Forecast 2019-2029

This chapter offers insights into how the residue testing market is expected to grow in major countries in the MEA region such as GCC Countries, Turkey, North Africa, South Africa, and the Rest of MEA, during the forecast period 2019-2029.

Chapter 13 - Oceania Residue Testing Market Analysis 2014-2018 & Forecast 2019-2029

Important growth prospects of the residue testing market based on various segments in Australia and New Zealand are included in this chapter.

Chapter 14 - Competition Assessment

In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the residue testing market along with their market presence analysis by region and product portfolio.

Chapter 15 - Competition Deep-Dive

In this chapter, readers can find a comprehensive list of leading manufacturers in the residue testing market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Microbac Laboratories, Inc., EUROLAB, Centers for Disease Control and Prevention (CDC), AsureQuality Laboratories, VICAM LP, Neogen Corporation, IDEXX Laboratories Inc., Charm Sciences Inc., Bureau Veritas S.A., Intertek Group plc., Silliker Inc., Eurofins Scientific, ALS Limited among others.

Chapter 16 - Assumptions and Acronyms

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the residue testing report.

Chapter 17 - Research Methodology

This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the residue testing market.

Sources and Primary Research Splits (%)

Industry Interactions

  • C - Level Executives
  • Marketing Directors
  • Sales Heads
  • Production Managers
  • Distributors Heads
  • Sales Executives
  • Product Manufacturers
  • Distributors
  • Traders
  • Industry Experts
  • End Users
  • Current Market Dynamics and Challenges
  • Market Characteristics
  • Market Performance and Growth Quadrants
  • Competition Structure and Market Structure
  • Strategic Growth Initiatives
  • Near-term and Long-term Market Growth Prospects
  • Market Segment Splits and Authenticity
  • Opinions on Market Projections and Validity Of Assumptions

Primary Interview Splits residue testing market designation

References Catalogue

  • Industry Publications
    • Industrial Week
    • Industrial Product Review
    • Industrial Magazine
  • Industry Associations
  • Company Press Releases
  • Annual Reports and Investor Presentations
  • Research Papers
  • Government Websites and Publications
  • Trade Websites

Primary Interview Splits residue testing market stakeholder

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Harish Tiwari

Global Head - Business Development

Akshay Godge

Akshay Godge

Client Partner - Global Business Development

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