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Residue Testing Market projected To Grow With Significant CAGR Over The Forecast Period

Residue Testing Market projected To Grow With Significant CAGR Over The Forecast Period
Residue Testing Market
Residue Testing Market
PR-Inside.com: 2018-05-17 14:27:24
An Overview of Residue Testing Market

Small traces of veterinary/agricultural chemicals or their by-products present inside or outside of any agricultural produce is termed as Agriculture Residue. Most of these residues include traces of heavy metals, mycotoxins, micro-organisms etc. Consumption of agricultural produce that is highly contaminated by these residues can negatively impact the health of the consumers. Main aim of residue testing is to know whether the agro products complies with their Minimum residue limits (MRL) or Maximum Level for metal and chemical residues and whether these agro products are safe for consumption. Residue testing can also detect small traces of insecticides such as DDT, dieldrin etc present in the soil.

Residue Testing Market – Drivers and constraints

Rising awareness, health concerns and stringent regulations to test the hazardous elements are likely to boost up the residue testing market. Other than this, advancement in testing technology, growing international trade for food materials, increase in sustainable food production, large untapped market in emerging regions are some other factors adding up to the growth of residue testing market. On other side growth will get hampered due to poor food control infrastructure and lack of resources. Also, factors like strict food production regulations and lack of awareness about the safety regulations likely to act as constraints.

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Residue Testing Market – Classification

The Residue Testing Market can be broadly classified into the following categories.

On the basis of type of residue, the residue testing market can be classified into the following categories:

i) Toxins

• Mycotoxins

• Others

ii) Pesticide

• Insecticides

• Herbicides

• Fungicides

• Others

iii) Food Allergens

iv) Veterinary drugs

v) Heavy metals

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Residue Testing Market – Global outlook

Huge demand for packaged foods and specialty diets are likely to act as driving forces for the global residue testing market. As we have already seen, how elimination of trade barriers and improvements in international food trade has led to the consolidation of residue testing regulations.

Based on the geography, the residue testing market can be classified into five regions.

i) Europe

ii) Asia-Pacific

iii) North America

iv) Middle East & Africa

v) Latin America

As Asia Pacific is still more dependent on agricultural commodities, the residue testing market is likely to see growth in this region. Growing population, untapped markets, betterment of food safety regulations, increase in food import and export are few factors that will support the growth of residue testing market. Also, Asia-Pacific region is seen as opportunity pool by other countries. In developed countries, factors like implementation of tolerance levels in food products likely to fuel the growth.

Residue testing market – key players

Few of the important players in this market are

i) Intertek Group plc (U.K.)

ii) SGS S.A. (Switzerland)

iii) Silliker Inc. (U.S.)

iv) Eurofins Scientific (Luxembourg)

v) Neogen Corporation (U.S.)

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Residue testing market – Recent developments

• January 2016 - Acquisition of Authen Technologies, a provider of Next-Gen DNA based species identification services by NSF International, an auditing, analyzing & certification services provider for food industries, dietary supplement and natural product.

• December 2016 – Biopremier acquisition by SGS to compete in next-generation sequencing technique of food allergen.

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About Precision Business Insights

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Press Information
Precision Business Insights
Kemp House,


152 – 160 City Road,


London EC1V 2NX

Satya
Marketing Lead
+1-866-598-1553
email
www.precisionbusinessinsights.com


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