South and Central America Food Safety Testing Market is expected to reach US$ 1,905.2 million by 2028

PRESS RELEASE BY The Insight Partners 13 Dec 2021

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The rapid segment by technology is estimated to lead the market growth during the forecast period.

According to The Insight Partners market research study of “South and Central America Food Safety Testing Forecast to 2028 - COVID-19 Impact and Regional Analysis by Contaminant, Technology, Food Type and Country.” The South and Central America food safety testing market is projected to reach US$ 1,905.2 million by 2028 from an estimated value of US$ 1,140.3 million in 2021; it is estimated to grow at a CAGR of 7.6% from 2021 to 2028. The report highlights trends prevailing in the South and Central America food safety testing market and the factors driving market along with those that act as hindrances.

Foodborne illnesses are caused by chemical substances, parasites, and viruses entering the body through contaminated water or food. Examples of unsafe food include raw shellfish containing marine biotoxins, vegetables and fruits contaminated with feces, and uncooked foods of animal origin. E. coli, campylobacter, and salmonella are among the common foodborne pathogens that affect millions of people worldwide annually and result in fatal or severe outcomes. Symptoms include diarrhea, abdominal pain, vomiting, nausea, headache, and fever. Various types of seafood, millet gruel, vegetables, and rice have been implicated in cholera outbreaks. Further, the misuse and overuse of antimicrobials in human and veterinary medicine have been linked to the emergence of resistant bacteria rendering the treatment of humans and animals ineffective. Antimicrobial medicine is identified as one of the biggest threats to modern medicine. Therefore, it has become essential to detect the contaminants beforehand and prevent them from entering the food chain. Thus, the importance of food safety testing has been increasing globally in terms of volume. As per data published by WHO, unsafe food causes 420,000 deaths and 600 million cases of foodborne diseases are reported worldwide each year. Foodborne diseases are preventable; hence, numerous organizations along with governments are leading coordinated action across multiple industries to build resilient and strong food safety systems. The involved parties are heavily investing in providing consumers with tools to make safe food choices. Moreover, a 2018 World Bank report estimated that the economic burden through a total loss of productivity faced due to foodborne illnesses was estimated to be US$ 95.2 billion per year. The annual cost of treating foodborne illnesses is estimated to be US$ 15 billion.

Brazil reported the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina. South America's government has taken various actions to protect its citizens and contain the spread of COVID-19. It is anticipated that South America will face lower export revenues, both from the drop-in commodity prices and reduction in export volumes, especially to China, Europe, and the US, which are important trade partners. Containment measures in several South American countries had reduced economic activity in the food & beverages industry for at least the next quarter, with a rebound once the epidemic is contained. Manufacturers are comprehending strategies to revive from the current situation by reshaping their strategies and product innovation. One of the marketing strategy manufacturers prefer adopting is food safety assurance due to growing consumer awareness, which has led to growth of the food safety testing market.

Based on contaminant, the South and Central America food safety testing market is segmented into pathogens, pesticides, toxins, GMOS, and others. The pathogens segment is further sub-segmented into salmonella, E. coli, listeria, and others. Based on technology, the South and Central America food safety testing market is bifurcated into traditional and rapid. The rapid segment is further sub-segmented into PCR-Based testing, immunoassay-based testing, and others. Based on food type, the South and Central America food safety testing market is segmented into meat, poultry, and seafood products, dairy products, cereals and grains, processed food, fruits and vegetables, and others. Geographically, the South and Central America food safety testing market can be segmented into Brazil, Argentina and Rest of South and Central America.

SGS SA, Eurofins Scientific, Intertek Group Plc, TÜV SÜD, TÜV NORD GROUP, Bureau Veritas, NEOGEN Corporation, and ALS Limited are among the leading companies operating in the South and Central America food safety testing market.

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