The global rapid test market is anticipated to witness massive growth during the forecast period.
Rapid Test Market – Overview
The global rapid test market is anticipated to witness massive growth during the forecast period (2021 to 2031). Rapid test methods are increasingly being marketed as tools for food organizations to evaluate the effectiveness of their food safety management systems.
The food industry is expected to grow in tandem with population growth and the resulting increase in demand for convenience and processed foods. Due to increased food demand, farmers, food manufacturers, and suppliers have been pushed to enhance the quality of agricultural produce and food products. Moreover, food companies, big retailers, and importers have been conducting food safety testing in order to limit the occurrence of foodborne infections, which is expected to drive the rapid test market. Food safety assurance has become critical for food companies in order to comply with worldwide food processing and labeling requirements and meet customer demand for food safety.
Furthermore, during the COVID-19 pandemic, the demand for rapid tests surged as food manufacturers offered virus-proof food products to consumers in order to obtain a competitive advantage over other market participants.
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Rapid Test Market – Competitive Landscape
Players in the rapid test market are concentrating their efforts on expanding their presence through agreements and collaborations.
Prominent players in the global rapid rest market are SGS SA, Eurofins Scientific SE, Asurequality Ltd., Intertek Group plc, TÜV SÜD AG, Microbac Laboratories, Inc., Bureau Veritas SA, Merieux Nutrisciences Corporation, ALS Limited, and Genetic Id Na Inc.
Rapid Test Market – Trends and Opportunities
The growing need for rapid tests to examine food products as a result of rising foodborne illness and infectious diseases is likely to boost the global rapid test market in the coming years. Rapid tests are utilized to prevent the danger of bacterial or microbiological contamination caused by pathogens, allergies, meat speciation, GMOs, and other contaminants while maintaining product quality. Another factor expected to fuel expansion in the worldwide rapid test market is increased demand for rapid test technologies as a result of the implementation of rigorous food safety standards.
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Rising food trade throughout the globe, increasing demand for processed food, the complexities of the food supply chain, and increased government investment in various nations for food safety are also projected to boost the rapid test market during the forecast period. Moreover, increasing R&D and technology improvements and increasing test acceptance in both developed and developing countries are aspects that are likely to provide revenue potential for manufacturers operating in the rapid test market.
The COVID-19 pandemic is expected to have a huge impact on the food industry, emphasizing the importance of safe, healthy, and nutritional eating. Food safety and sustainability have been identified as severely impacted food system components during the COVID-19 pandemic. The usage of e-commerce to order groceries and restaurant meals has skyrocketed. Restaurants with established pick-up and drive-through operations have performed significantly better than those without. Dramatic shifts in consumer behavior regarding food consumption were noticed, with a preference for safety and quality. These factors have compelled manufacturers to evaluate the safety aspects of their food products in order to maintain their product offerings in the market.
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Rapid Test Market – Regional Landscape
North America is likely to contribute significantly to the rapid test market. The increased use of rapid tests due to stringent regulatory criteria related to food safety is likely to boost the growth of the rapid test market in the North American region.
Europe is expected to witness significant growth in the worldwide rapid test market, owing to increased food safety laws in the region’s countries.
Moreover, due to increased international commerce and technological improvements in emerging countries, the rapid test market in the Asia Pacific is projected to grow at a quick rate during the forecast period.
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