Market Overview

The shelf-life testing market is projected to grow at a CAGR of 7.0%

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The shelf-life testing market is projected to grow at a CAGR of 7.0%

PR Newswire

NEW YORK, August 20, 2018 /PRNewswire/ -- The shelf-life testing market is projected to grow at a CAGR of 7.0%.
The shelf-life testing market is estimated to be valued at USD 3.39 billion in 2018 and is projected to reach 4.76 billion by 2023, at a CAGR of 7.0%. The market is driven by stringent safety regulations for food products, increase in the outbreak of foodborne illnesses, and growth in demand for packaged and convenience foods. The lack of market coordination & standardization and improper enforcement of regulatory laws & supporting infrastructure in developing economies restrain the market growth of shelf-life testing.

Read the full report: https://www.reportlinker.com/p05486764

Microbial contamination projected to be the fastest-growing segment, in terms of type, for shelf-life testing from 2018 to 2023.
The microbial contamination segment is projected to grow at the highest CAGR during the forecast period. Unhygienic manufacturing conditions in food & beverage processing plants, low rate of adoption of appropriate sanitary practices in manufacturing units, use of already contaminated equipment & procurement of contaminated raw material, unsanitary storage conditions, cross-contamination, and non-maintenance of the required temperature in cold chain facilities are the major factors driving the growth of microbial contamination in industry supply chains.

The real-time segment is projected to be relatively large & fast-growing for shelf-life testing from 2018 to 2023.
The shelf-life testing market, by method, is estimated to be dominated by the real-time segment in 2018.It is also projected to grow at a higher rate through 2023.

Widely acceptable results and higher suitability for food & beverage products in comparison to the accelerated shelf-life testing method drive the market growth for the real-time testing method.

Europe is set to lead the shelf-life testing market with the largest share in 2018.
The European market is estimated to be the largest in 2018; this dominance can primarily be attributed to factors such as supporting government regulations that mandate shelf-life testing of food products at the production stage as well as during imports and exports, increasing prevalence of foodborne diseases, ongoing technological advancements, and consumer protection.The Asia Pacific market is projected to grow at the highest CAGR from 2018 to 2023.

The emerging trends regarding convenience foods and processed food & beverages in the Asia Pacific region mainly include convenience, health, and taste. This has further prompted food & beverage manufacturers in the region to get their products tested for shelf life, as it not only gives information about the duration till which the product is free from any microbial contamination but also on its physical and sensory properties, thus helping manufacturers to assign the correct shelf life of the product and ensure compliance to regulatory norms.
The breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study, is as follows:
• By Company Type: Tier 1: 33%, Tier 2: 28%, and Tier 3:39%
• By Designation: C-level: 49%, D-level: 21%, and Others: 30%
• By Region: North America: 25%, Europe: 30%, Asia Pacific: 40%, and RoW: 5%

Key shelf-life testing manufacturing players include the following:
• SGS (Switzerland)
• Bureau Veritas (France)
• Intertek (UK)
• Eurofins (Luxembourg)
• ALS Limited (Australia)
• TÜV SÜD (Germany)
• TÜV NORD GROUP (Germany)
• Mérieux (US)
• AsureQuality (New Zealand)
• RJ Hill Laboratories (New Zealand)
• SCS Global (US)
• Agrifood Technology (Australia)
• Symbio Laboratories (Australia)
• Microchem Lab Services (Pty) Ltd (South Africa)
• Premier Analytical Services (UK)

The key players in the shelf-life testing market adopted acquisitions as their key growth strategy to increase their market share and profits. Expansions & investments accounted for the second-most important strategy to be adopted by market players.

Research Coverage
The report analyzes the shelf-life testing market across different types and regions.It aims at estimating the size and future growth potential of this market across different segments such as parameter, food tested, method, technology, and region.

The report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.

Reasons to buy this report:
• To get a comprehensive overview of the global shelf-life testing market
• To gain wide-ranging information about the top players in this industry, their service portfolios, and key strategies adopted by them
• To gain insights of the major countries/regions in which the shelf-life testing market is flourishing

Read the full report: https://www.reportlinker.com/p05486764

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