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Report Buyer, the online destination for business intelligence for major industry sectors, has now added a new report showing that the U.S. market for food safety testing will be worth $2.1 billion in 2007. This is expected to increase to over $2.8 billion by 2012, experiencing a compound average annual growth rate (CAGR) of 5.8%.
“Food Safety Testing: The U.S. Market”, available from http://www.reportbuyer.com/
The second largest segment, GMOs, was worth an estimated $106 million in 2007 and will reach $193 million by 2012, a CAGR of 12.7%.
According to the report the potency of toxins and the need to meet domestic and international tolerance limits should propel this segment from a $78 million market in 2007 to $135 million in 2012, a CAGR of 11.6% over the next 5 years. Residue testing will grow from a $67 million market in 2007 to $85 million in 2012.
The smallness market value for other contaminants ($8million in 2007 and $10 million in 2012) is not indicative of their importance. Authors of the report write that an expanded federal surveillance program for bovine spongiform encephalopathy, the number of American allergy sufferers, religious practices and the chance of economic fraud toward comminuted meat species, together with the chance of industrial chemicals entering the food should sustain the 4.6% CAGR projected over the next five years.
“Food Safety Testing: The U.S. Market” is available from Report Buyer. For more information go to: http://www.reportbuyer.com/
Report Buyer product ID: BCC00173
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