According to Precision Business Insights (PBI) latest report, the Europe residue testing market size is expected to be worth USD 833.5 million in 2022, growing at a 6.5% CAGR from 2022 to 2028.
Fungicide Residues Dominate the Residue Testing Market
Fungicide residues accounted for 27.3% of the market and are expected to grow at a CAGR of 6.7% between 2022 and 2028. The stringent government regulations on food contamination are one of the major factors driving the residue testing market.
The UK Leads to Residue Testing Market
The UK residue testing market is expected to be worth USD 253.5 million in 2021, growing at a high CAGR of 6.4% from 2022 to 2028 to reach USD 437.2 million by 2028. Increasing government initiatives and support to supply good food products and consumer awareness regarding food safety are driving the market in the UK.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Europe’s Residue Testing market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region. For instance, In July 2020, Bureau Veritas and The Ascott Limited (Ascott), which is one of the leading international lodging owner-operators, signed a Europe agreement for providing audits and certification for the hygiene and safety standards of Ascott’s worldwide properties; this development has helped the company to enhance their business and generate more revenue in the future.
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Europe Residue Testing Market Segmentation:
1) By Residue Type: Toxins (Mycotoxins, and Others), Pesticide Residues (Insecticide, Herbicide, Fungicide, Others), Food Allergens, Veterinary Drugs, Heavy Metals.
2) By Technology (Immunoassay, Spectroscopy, Chromatography, Others)
3) By Application (Dairy products, Fruits & Vegetables, Meat & Poultry, Cereals, Grains & Pulses, Processed Foods, Functional Food Ingredients, Nuts, Seed & Spice, Others)
Key player profiles in the europe residue testing market report are SCS Global Services, Eurofins Scientific, Bureau Veritas, SGS SA, Intertek Group plc, ALS Limited, AB SCIEX, LLC, Scicorp Laboratories PTY Ltd., Microbac Laboratories, Inc., and Symbio Laboratories.