Global Agricultural Testing Market to reach USD 7.7 billion by 2025:
Global agricultural testing market is valued approximately USD 4.6 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 6.64 % over the forecast period 2018-2025. Increase in outbreaks of foodborne illnesses and rapid industrialization leading to the disposable of untreated industrial waste are some key trends that are responsible for the wide adoption of agricultural testing globally. Moreover, growing demand for nutritious food would increase the adoption of agricultural testing as these are used to grow nutritious and health crop.
Global Agricultural Testing market is significantly driven by Increase in outbreaks of foodborne illnesses. According to the Centers for Disease Control and Prevention in November 2018, approximately 48 million get sick and 1,28,000 are hospitalized, 3,000 die from foodborne diseases each year in the United States.
Additionally, Salmonella is the most commonly known cause of hospitalization owing to the food poising in the United States with around 19,000 cases per year. Also, economic burden of foodborne illness is estimated to be around $77.7 billion, that is spent towards health-related costs and loss of productivity. Hence, in order to get rid of foodborne illness the adoption of agricultural treating would increase thereby, aiding the growth of the market over the forecast period of 2018-2025. Further, technological advancements in testing industry offers lucrative growth prospects for the global agricultural testing market globally over the forecast period. However, high costs related to the procurement of rapid agricultural testing equipment is the major factor that impede the growth of global agricultural testing market.
On the basis of segmentation, the agricultural testing market is segmented into sample, source and technology. The sample segment of global agricultural testing market is classified into soil, water, seed, compost, manure, biosolids and plant tissue of which soil segment is expected to emerge as the fastest growing segment owing to the growing contamination of soil caused by industrial effluents and wastewater, propelling the importance of soil testing. On the basis of source segment, the market is bifurcated into safety testing and quality assurance of which quality assurance holds the leading position in market owing to the needs to identify required nutrients essential for a robust development and growth of crops. Based on the technology segment, the market is classified into conventional technology and rapid technology.
The regional analysis of agricultural testing market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. Europe have occupied major share in the global agricultural testing market. The major reasons for the dominance of Europe are stringent regulation of food safety and with laws related to nutritional contents, labelling and chemicals. The dominance of the Europe region is witnessed owing to the presence of high number of testing laboratories across Europe. Whereas, Asia-Pacific is expected to emerge as the fastest growing region headed by Japan, China, India and Australia in terms of market share. The growth of Asia-Pacific region is witnessed owing to implementation of regulations for food testing and growing awareness about food safety norms.
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The leading market players include:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below: By Sample:
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Agricultural Testing Market in Market Study:
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