In a recent published report, Kenneth Research has updated the market report for Pesticide Residue Testing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Pesticide Residue Testing Market products.
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The global Pesticide Residue Testingmarket was valued at USD 1.10billion in 2016 and is projected to reach USD 1.99billionby 2025, growing at a CAGR of 6.8% from 2017 to 2025.
Pesticide Residue is a serious issue as the effect of such contamination can be seen in generations. The growing use of pesticides in agriculture has resulted in rising demand for pesticide residue testing. The presence of carcinogenic compounds in pesticides can have an adverse effect on the population
1. Market Drivers
1.1 Global movement of organic revolution
1.2 Rising international trade of food materials
2. Market Restraints
2.1 Lack of food control infrastructure & resources in developing countries
2.2 Lack of education about food standards
The global Pesticide Residue Testing market is segmented on the type, food tested, technology, class,and region.
1. By Type:
2. By Technology:
2.2 High Performance Liquid Chromatography
2.3 Gas Chromatography
3. By Food Tested:
3.2 Processed Food
3.3 Meat and Poultry
3.4 Fruits and Vegetables
3.5 Cereals and Grains
4. By Class:
4.3 Carbomates and Organonitrogens
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
1. Symbio Laboratories
2. Microbac Laboratories
3. ALS Limited
4. Eurofins Scientific SE
5. Bureau Veritas SA
6. SCS Global Services
7. Silliker Inc.
8. Intertek Group PLC
9. SGS SA
10. Asurequality Ltd.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Pesticide Residue Testingmarketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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