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"GM food safety testing market is projected to grow at a CAGR of 7.9%”
The GM food safety testing market, estimated at USD 1.36 billion in 2015, is projected to grow at a CAGR of 7.9%, to reach USD 1.99 billion by 2020. The market is driven by factors such as the demand for high nutrition food products, consumer consciousness regarding GMO food, and innovations leading to new GM crops and food. The high growth potential in the European region and untapped regions provide new growth opportunities for market players.
On the basis of trait, the GM food safety testing market is led by the stacked segment, followed by herbicide tolerance and insect resistance. Stacked trait includes various combinations of traits introduced in crops to ensure protection against insects as well as usage of harsh agrochemicals. In the Asia-Pacific region the stacked varieties also include bio-fortification traits to produce high nutrition food crops.
“U.S.: The future of the GM food safety testing market”
The U.S. is focusing on the increased usage of advanced technologies and wider range of foods tested for GM food safety testing. The awareness among the consumers with regard to GM foods is increasing in importing countries of Europe and Asia. Therefore, the demand for specialized tests on processed food containing GMOs requires new technology development. Also, there is an increase in the export of GM crops in the U.S. With greater applicability of GM food safety testing and focus on achieving greater profits, several food manufacturers are willing to spend on GM food safety testing services that can enhance the salability of products along with building brand value.
The U.K. was the fastest-growing country-level market for GM food safety testing in the world, and recorded the second highest in terms of value in the European region.
Break-up of Primaries:
- By Company Type - Tier 1 – 50 %, Tier 2 – 30%, Tier 3 – 20%
- By Designation – C level – 28%, Director level – 22%, Others – 50%
- By Region – North America - 40%, Europe – 20%, Asia-Pacific – 30%, RoW – 10%
Reasons To Buy this report:
- To get a comprehensive overview of the global GM food safety testing market
- To gain wide ranging information about the top players in this industry, their product portfolios and key strategies adopted by them
- To gain insights about the major countries/regions in which the GM food safety testing market is flourishing