by Food allergen testing helps identify allergens in food products that can potentially cause adverse reactions in sensitive individuals. It ensures the safety of food products for consumers with food allergies.
The food allergen testing market is estimated to be valued at US$ 831.49 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Newer technologies are faster, more sensitive and able to detect trace amounts of allergens. This is important to identify potential allergens that may be present in food products due to cross-contamination. For example, microarray-based testing kits that allow detecting multiple allergens simultaneously are gaining popularity.
SWOT Analysis
Strength: Food allergen testing helps ensure product safety and compliance with food safety regulations. It reduces the risk of allergic reactions and product recalls.
Weakness: Food allergen testing is an expensive process and requires specialized equipment and highly skilled professionals. Not all food testing laboratories have the required capabilities.
Opportunity: Growing prevalence of food allergies worldwide and stringent food safety regulations present opportunities for companies offering advanced allergen testing solutions. Developing portable and easy-to-use testing kits also provides opportunities.
Threats: Inaccurate test results and lack of standardized testing protocols are threats. New players offering low-cost alternatives can also take away market share.
Key Takeaways
The Global Food Allergen Testing Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing consumer demand for allergen-free and gluten-free food products. The market size for food allergen testing is estimated to reach US$ 831.49 Mn in 2023.
Regional analysis: North America dominates the global market currently due to strict enforcement of governmental regulations regarding food labeling in the region. Asia Pacific is expected to witness fastest growth during the forecast period supported by growing health awareness, rising income, and increasing instances of foodborne illnesses in the region.
Key players operating in the food allergen testing market are ALS Limited, Asurequality Ltd, SGS SA, Bureau Veritas, Eurofins Scientific SE, Intertek Group PLC, Merieux Nutrisciences Corporation, Microbac Laboratories Inc., Neogen Corporation, Omega Diagnostics Group PLC, Crystal Chem Inc., and Danaher Corporation. Key players are focusing on new product launches, partnerships, and expansion in emerging markets to strengthen their market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
