Will Polese
Markets and Markets, USA
Title: Food processing, safety and technology: Trends, drivers and market forecast
Biography
Biography: Will Polese
Abstract
Statement of the Problem: Globally, 600 million people are prone to food poisoning and diseases caused by contaminated food, resulting in 40,000 thousand deaths, every year. Majorly caused by bacteria, viruses, parasites and chemicals in food, Asia-Pacific and Africa are the widely affected regions with more than 275 million casualties and 137,000 deaths, respectively. Large proportion of this is majorly attributed to unhygienic conditions during food processing at retail and industrial level, loopholes in food safety
regulations that are exploited by food manufacturers and processors for adulteration motivated by economic purpose, complexities in supply chain, lack of investments in infrastructure and improper storage, transportation and cold chain infrastructure. However, rising consumer awareness and concerns over safety aspects of food has resulted in increasing stringency of food safety laws and monitoring activities by country-based regulatory authorities.
Methodology & Theoretical Orientation: The study conducted is largely based on the data and information collected from extensive range of primary and secondary sources.
Findings: The global market for food safety testing services is forecasted to grow significantly, at a CAGR of 7.4%, from 2016 to 2021,
to reach a projected market size of USD 18.4 billion. Pathogens are the majorly tested contaminant, accounting for more than 65.0%
share in 2015 with PCR being the dominantly used technology. Meat and poultry and processed foods are the largely tested food,
together accounting for more than 50.0% share in the global market. Among regions, Europe is estimated to be the largest market;
whereas Asia-Pacific is projected to grow at the highest CAGR of 8.5% in next five years with China, India and Southeast Asian
countries driving the regional growth.
Conclusion & Significance: Market for GMO testing in food is forecasted to grow at highest CAGR; chromatography and spectroscopy
based technology is disruptive and is experiencing significant upsurge in demand.