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Description
Europe Residue Testing Market size was valued at USD 783.0 million in 2021, growing at a high CAGR of 6.5% from 2022 to 2028 to reach USD 1212.7 million by 2028. The market is driven by increasing European Union regulations for residue testing in food like pesticide testing, rising awareness in consumers regarding the risk of pesticide and fungicide consumption, increasing research activities, increasing disease incidence, and the increasing need for food products. As a result, we are increasing safety standards and the increased demand for food security. The residue testing market is surging owing to frequent acquisitions and launchings by the market players. Strategic alliances by the players, such as acquisitions, mergers, expansions, and new product launches, may enhance the company’s growth. For instance, In July 2018, Eurofins Scientific, a global scientific leader in bioanalytical testing, announced that it had successfully closed the acquisition of Laboratorios Ecosur S.A., one of the leaders of the Food Safety testing market in Spain. However, the lack of standardization and inappropriate standard of sample collection hampers the europe residue testing market.
Key developments:
In December 2020, SGS acquired SYNLAB Analytics & Services. This acquisition will strengthen Group’s presence in North-Western Europe in environmental testing, food testing, life activities, and oil condition monitoring and allow SGS to enter new markets in the Nordics.
