PUBLISHER: Inkwood Research | PRODUCT CODE: 1091869
PUBLISHER: Inkwood Research | PRODUCT CODE: 1091869
The global food allergen testing market is expected to register a CAGR of 7.33% during the forecast period, 2022-2030. The rising government regulations, the increasing international food trade, and the high prevalence of food allergies propel market growth.
Food allergy is a serious public health concern. The food allergy prevalence is evaluated to be around 6-8% and 2-4% in children and adults, respectively. However, children are the most vulnerable population to food allergy, and are 2-4 times more susceptible to eczema and asthma. The rising number of food allergies is one of the important growth drivers of the global food allergen testing market. For instance, 250 million have food allergies globally. In the US, around 32 million have food allergies. Such aspects have further prompted significant measures by the public health authorities globally to restrict allergic reactions. The market growth restraining factors include the lack of regulations in developing countries. The other major issues faced by developed countries' food processing industries include smaller in sizes and management by people lacking expertise in food technology.
The global food allergen testing market growth evaluation includes the geographical assessment of North America, Europe, Asia-Pacific, and Rest of World. Europe has the largest revenue share as of 2021, given the increased awareness among the population, rapid growth of the food industry, and the growing disposable income contributing to processed foods' growth.
There is intense competition for market domination, given the food regulations in developed nations. Some of the prominent companies in the market include SGS SA, 3M, Eurofins Scientific SE, ALS Limited, etc.