Salmonella Testing Market is Estimated To Witness High Growth Owing To Increasing Disease Outbreaks
The Salmonella Testing Market is estimated to be valued at US$ 2.91 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Salmonella testing products help in detection and identification of the Salmonella bacteria that can contaminate food and water sources. Salmonella causes severe foodborne illness called salmonellosis. With increasing foodborne illness outbreaks and stringent food safety regulations, salmonella testing plays a crucial role in ensuring food safety.
Market key trends:
One of the major trends shaping the growth of Salmonella testing market is rising number of cases of salmonella outbreaks globally. As per the data from the Centers for Disease Control and Prevention, salmonellosis causes more than 1 million cases of illnesses in the United States every year. Increasing salmonellosis cases has boosted the demand for accurate and reliable testing methods for detection of Salmonella in food products and environments. Moreover, advancing technologies such as PCR-based testing and immunoassays are enabling rapid and reliable detection of Salmonella, which is further fuelling the growth of this market. Stringent food safety regulations especially in developed countries are also supporting the adoption of Salmonella testing globally.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter the Salmonella Testing Market due to high capital requirement for R&D and manufacturing testing kits.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of different brands offering Salmonella testing kits. However, compliance with quality standards limits switching.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and differentiated requirements of buyers.
Threat of new substitutes: Threat from new substitute is low as Salmonella testing has been an essential process for food safety for long.
Competitive rivalry: Intense due to presence of global and regional players.
SWOT Analysis
Strength: Established brands and global presence of major players. Wide range of testing options catering to diverse industry needs.
Weakness: High set up and maintenance cost of testing infrastructure limits small players. Require highly skilled professionals for testing.
Opportunity: Rising awareness about foodborne illnesses is driving the demand. Untapped growth potential in developing regions.
Threats: Stringent regulations delay product approvals. Threat from antibiotic resistant strains challenge accuracy of existing tests.
Key Takeaways
The Global Salmonella Testing Market is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing cases of food borne illness. The market size for 2023 is estimated at US$ 2.91 Bn. North America is expected to dominate the global market during the forecast period owing increasing food recalls in the US.
Regional analysis: Asia Pacific region is poised to grow at fastest pace due to growing population, rising food production and increasing spending on food safety in countries like India and China.
Key players analysis: Key players operating in the Salmonella Testing Market are Thermo Fisher Scientific, Merck KGaA, bioMérieux SA, Neogen Corporation, QIAGEN N.V., 3M Company and PerkinElmer Inc. These established global brands are focusing on developing rapid and accurate testing solutions to strengthen their market position.