Reports And Data

Rising demand for GM food and increasing need to verify that these crops are safe for human consumption are major factors driving market revenue growth.

NEW YORK, U.S, UNITED STATE, July 10, 2023/EINPresswire.com/ -- According to the most recent report by Reports and Data, the global Size for Genetically Modified (GM) Food Safety Testing Market was USD 1.52 Billion in 2022. It is projected to exhibit a compound annual growth rate (CAGR) of 9.4% during the forecast period.

GM crops are widely utilized in agriculture due to their ability to withstand pesticides, herbicides, and adverse weather conditions, leading to higher agricultural yields. These genetically modified foods are designed to offer various perceived advantages such as affordability, durability, and enhanced nutritional value.

Furthermore, the market's revenue growth is being driven by factors such as a growing population, shifting dietary preferences, and the increasing need to address food security challenges. With the world's population expanding, there is a rising demand for food, and GM crops are seen as a solution to meet this demand. Additionally, changing eating habits have resulted in a greater demand for processed foods that often contain GM ingredients. Consequently, there is now a requirement for GM food safety testing to ensure the safety of these products for human consumption.

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Leading Companies:
• Thermo Fisher Scientific Inc.
• Eurofins Scientific SE
• SGS SA
• Intertek Group plc
• Bureau Veritas SA
• ALS Limited
• Mérieux NutriSciences Corporation
• Romer Labs Diagnostic GmbH
• AsureQuality Limited
• Genetic ID NA, Inc.

Some Key Highlights from the Report

• In 2022, the PCR segment represented the largest revenue share. PCR-based testing methods are highly accurate, sensitive, and specific in identifying Genetically Modified Organisms (GMOs) in food products. PCR-based testing techniques are particularly suitable for screening food products to identify GMO-containing items, as these techniques can detect GMOs even at very low levels.

• During the projected period, the herbicide tolerance segment is predicted to account for a disproportionately large part of revenue. This is owing to an increased requirement to assess the safety of these crops. Farmers today routinely adopt genetically altered crops that are herbicide resistant since it allows them to use less herbicides, which decreases costs and enhances output.

• The North America market is expected to account for the largest revenue share in the genetically modified food safety testing market during the forecast period. This is because the region has seen a rise in food consumption, leading to an increasing need for food safety testing. Furthermore, there have been increasing investments and Research & Development (R&D) efforts in the food safety testing industry, which are expected to further drive market revenue growth in this region.

• During the forecast period, the Asia Pacific market is predicted to have the fastest growing revenue rate in the genetically modified food safety testing market. This is because nations such as Australia, China, and India are increasing their usage of genetically modified crops. Furthermore, the government's emphasis on food safety legislation is expanding, as is public knowledge of food safety. Furthermore, increased regional market participant investments and the availability of cutting-edge technology for testing food safety are likely to fuel market revenue growth in this area.

The global Genetically Modified (GM) Food Safety Testing market is segmented into:
• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Further market segmentation

Technology Outlook:
• Polymerase Chain Reaction (PCR)
• Immunoassay
• Microarray
• Others

Trait Outlook:
• Herbicide Tolerance
• Insect Resistance
• Stacked Traits
• Others

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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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