Asia-pacific Food Allergen Testing Market 2022-2028
MARKET OUTLOOK
Triton’s research report on the Asia-Pacific food allergen testing market estimates the market to witness growth at a CAGR of 7.80% during the forecast period 2022-2028. Japan, Australia & New Zealand, China, ASEAN countries, South Korea, India, and Rest of APAC are evaluated in the region’s market.
India is estimated to emerge as the fastest growing country in the food allergen testing market over the forecast period. This is because it ranks among the top 5 agricultural producers in the world. Moreover, the high population has highlighted the demand for processed food products in urban locations. In this regard, the growing food processing industry, coupled with increasing purchasing power, creates a high demand for food allergen testing.
Likewise, South Korea’s food processing industry has grown significantly in the past years. As per the USDA, the food processing industry in the country generated around $65.2 billion in 2019. Along with this, the government regulations mandate food manufacturers to label products with allergens, such as squid, shellfish, peaches, tomatoes, crab, and shrimp. Any product containing one or more allergens must be printed in Korean on the label. Thus, these factors are estimated to widen the scope of the food allergen testing market.
COMPETITIVE OUTLOOK
The major companies in the food allergen testing market include 3M, Auriga Research Pvt Ltd, Microbac Laboratories, SGS SA, and Symbio Laboratories.
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