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Pesticide residue testing market projected to reach $1.63 bn by 2022
Dec. 2, 2016
The pesticide residue testing market is projected to reach USD 1.63billion by 2022, at a CAGR of 7.0% from 2016 to 2022. The market is driven by factors such as implementation of stringent food safety regulations, international trade of food materials, and advancements in testing technologies. The high growth potential in emerging markets and untapped regions provides new opportunities for market players. The lack of food control infrastructure & resources in developing countries, and the lack of awareness about food safety regulations among food manufacturers are the factors restraining the market growth.
The herbicide segment is projected to grow at the highest CAGR during the forecast period, due to the highest production and application of herbicides in the agriculture. The increase in food trade and contamination of agriculture produces and food products, especially in imported food products is also a significant driver. The exposure to these substances has caused concerns of possible health consequences, which in turn has increased the demand for herbicides residue testing. This is followed by fungicides, which is projected to remain the second-largest market through 2022.
LC-MS/GC-MS technology accounted for the largest share of the pesticide residue testing market in 2015. It is a powerful technique that has very high sensitivity, making it useful in many applications. It separates the components of a sample based on intrinsic affinity for both, a mobile phase and a stationary phase, after which it detects the separated components using ultraviolet, fluorescence, or electrical conductivity based on their properties. The stakeholders demand new emerging technologies for analytical testing and ensure certification denoting high quality of their products. This has been driving the market for LC-MS/GC-MS in pesticide residue testing.
Europe was the largest pesticide residue testing market in 2015. Governing organizations present in the market have enforced various pesticide residue testing policies. The Asia-Pacific market is projected to be the fastest-growing market during the forecast period due to the increasing food safety concerns among the consumers and the growing processed food market.
Source: MarketsandMarkets (M&M)
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