A new study by Global Industry Analysts predicts that the market for food safety testing is set to reach $24.4 billion by 2026. Global food safety testing in 2020 was estimated at $17.4 billion. A 5.8 percent compound annual growth rate (CAGR) is projected to grow the food safety testing market to $24.4 billion by 2026.
San Francisco-based GIA makes the projections in a new report that “presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.”
“Food safety testing assists in maintaining the quality of food products, in terms of their appearance, ingredients, and taste,” says the GIA report. Rising concerns over food and water safety and tightening environmental regulations are raising the need for testing contaminants, thereby generating strong demand for food safety diagnostics.”