(Food-Beverage-News.Com, January 16, 2018 ) the region with special emphasis on countries U.S., Canada. This report on North America Residue Testing market gives historical, current, and future market sizes (US$ Mn) of residue type, technology, application and countries. This report studies North America Residue Testing market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the market report includes regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed North America Residue Testing market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Opportunities).
North America Residue Testing Market estimated to be valued over US $1,000 Mn in 2016 and expanding at a growth rate about 4% from 2017 to 2023.
How the stringent government regulations affect North America residue testing market-
Surge in the stringent government regulations, rising awareness among the people, frequent pesticide residue monitoring programs are witnessed to enhance the market over the forecast period. Increased disposable income, change in consumer dietary habits, adoption of convenience foods, surge in production of milk and meat are expected to create demand for North America Residue Testing. In U.S., the favorable government policies are enacted on maximum residue limit (MRL) that promotes the residual testing in agriculture based products and foods. Furthermore, U.S. FDA issues drug residue warning letters to the meat producers if any adulterated drugs or drug residues are present in the meat. For instance, In June 2017, U.S. FDA resumed the glyphosate testing in various foods owing to growing concern of glyphosate in various foods and agriculture products. Furthermore, FDA laboratories also analyzing foods for 2,4-D and other acid herbicides. Glyphosate and 2, 4 D are commonly used weed-killing products in agriculture and these chemicals are carcinogenic in nature.
Pesticide Residue Testing Market is expected to account for 30.8% revenue share in North America residue testing market and projected to grow at 3.3% CAGR over 2017 to 2023. High usage of herbicides in U.S. is major driving factor of the market.
Spectroscopy technology segment expected to account for 33.0% revenue share in North America residue testing market and projected to grow at 7.0% CAGR over 2017 to 2023. Surge in adoption of mass spectrometry enables create lucrative opportunities for residue testing market.
Meat & Poultry Testing Market is projected to represent lucrative market opportunity over the forecast period in North America residue testing market.
U.S. is expected to dominate the North America Residue Testing market.
U.S. Residue Testing Market is accounted for US $800 million in 2016, and expanding at significant CAGR over the forecast period due to frequent residue monitoring programs in U.S. The U.S. Department of Agriculture (USDA), Pesticide data program collects the sample from retails outlets and analyzes for multi-residues.
Canada Residue Testing Market is projected to expand at a CAGR approximately 5.0%, from 2017 to 2023. High amounts of pesticide usage from the decades, increased awareness of health hazards due to pesticide residues, support from the government to enhance residue testing laboratories, stringent regulations are witnessed to fuel demand for residue testing market.
Competition Assessment
Key players' profiles in the North America Residue Testing market include: Intertek Group plc. (U.K.), SGS S.A. (Switzerland), Silliker Inc. (U.S.), Eurofins Scientific (Luxembourg), Bureau Veritas S.A. (France), ALS Limited (Australia), Microbac Laboratories, Inc. (U.S.), AsureQuality Laboratories (New Zealand). Key Findings of the Report:
North America Residue Testing market is expanding approximately 5.0% CAGR over 2017 to 2023.
U.S. Residue Testing Market is accounted for major revenue share in 2016, and expected to dominate the market over forecast period.
Based on Application, meat and poultry is expected to expand at significant CAGR over the forecast period.
Based Residue Type, pesticide residues testing segment accounted for major revenue share in 2016. Key Features of the Report:
The report provides granular level information about the market size, regional market share, historic market (2012-2016) and forecast (2017-2023)
The report covers in-detail insights about the competitor's overview, company share analysis, key market developments, and their key strategies
The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
The report tracks recent innovations, key developments and startup's details that are actively working in the market
The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter's Five Force Analysis in addition to recent technology advancements and innovations in the market
