Latin America Food Allergen Testing Market 2022-2028
MARKET OUTLOOK
The Latin America food allergen testing market is expected to advance with a CAGR of 7.34% over the forecasting years from 2022 to 2028, according to a report by Triton Market Research. Brazil, Mexico, and Rest of Latin America are studied in the market in this region.
Argentina and Chile are two important markets in Rest of Latin America. The National Institute of Statistics and Census of Argentina estimates that the value of food exported and imported by Argentina in 2019 was worth $21,968 million and $753 million, respectively. Cereals containing gluten, crustaceans & their products, table eggs & related products, fish & their products, peanuts & peanut products, soybeans & soybean products, milk & products, nuts, sulfur dioxide & sulfites, and tartrazine are food allergens that must be labeled, according to the Argentinian government. Such active efforts by the government to regulate the food processing industry are expected to support the market growth in the coming years.
Chile has strengthened its position as a major player in the global food industry. The $34 billion food processing industry in the nation contributes nearly 25% to the overall economy. Chile also benefits from a strong commercial network as a result of its 29 trade agreements with 65 nations. With exports of US’ processed food products to Chile exceeding $479.1 million in 2021, and reaching an all-time high, Chile has become the second-largest market in South America. As an active effort to monitor the food industry, laws governing food allergens, such as crustacean shellfish, eggs, fish, milk, peanuts, soy, tree nuts, wheat, and gluten-containing cereals, have been implemented in the country. This is expected to bolster the food allergen testing market in Chile.
COMPETITIVE OUTLOOK
Major players engaged in the food allergen testing market include Quest Diagnostics Incorporated, Mérieux NutriSciences, Intertek Group Plc, Auriga Research Pvt Ltd, Microbac Laboratories, TÜV SÜD, Neogen Corporation, and 3M.
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