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MARKET ANALYSIS FOR FOOD SAFETY

Ikechi Kelechi Agbugba

The food safety testing market is projected to grow from USD 17.0 billion in 2018 to USD 24.6 billion by 2023, at a CAGR of 7.7% during the forecast period. This is attributed to the growth in demand for convenience and packaged food products, an increase in outbreaks of chemical contamination in food processing industries, and the rise in consumer awareness about food safety. However, the increase in global outbreaks of foodborne illnesses and globalization in food trade drive the demand for food safety testing services. The fastest growing market of GMO is attributed due to Increase in consumer awareness for genetically modified organisms in food, and efficient technological trends are expected to drive the global market for GMO testing. Lack of information about the nutritional and safety properties of genetically modified food leads consumers to think that they are not safe for consumption, thereby driving the market for GMO testing and labeling. Among foods tested, the market is estimated to be dominated by the meat, poultry, and seafood segment in 2018.