Antibiotic Residue Test Kits Market: Food & Beverage Industry End-use to Translate High Revenue Growth
May 7, 2019 by Steve Blade
According to Fact.MR’s latest forecast study, the global market for antibiotic residue test kits is pegged to expand robustly in the near future. Key findings from the report reveal that the global antibiotic residue test kits market will witness an expansion at 6.2% CAGR in terms of value over the forecast period, 2017-2026. The report further estimates that by the end of 2026, approximately US$ 295 Mn worth of antibiotic residue test kits will be sold worldwide.
Simple diagnostic kits are widely and frequently used to detect antibiotics residues in food of animal origin. Improvements in antibiotics residue diagnostics has extended the accuracy of these tests in inspect raw milk or unprocessed meat at the arrival phase. In the upcoming years, antibiotic residue test kits will be witnessing a considerable traction in terms of adoption, particularly due to distinguished developments towards improving the diagnostic efficacy. This Fact.MR report analyzes the expansion of global antibiotic residue test kits market till date, and provides key insights on the growth of the market during the forecast period, 2017-2026.
Advancements in antibiotic residue diagnostics have extended their use of test kits to detect the presence of such residue in food originating from animals. The adoption of antibiotic residue test kits is gaining considerable traction as a food safety measure. Consumers are preferring products that have cleared the antibiotic residue tests, considering the role of these kits in ensuring that the food contains the essential antibiotic elements.
Food & Beverage Industry End-use to Translate High Revenue Growth
In 2018 and beyond, antibiotic residue test kits will be predominantly used in the food and beverage industry. A range of antibiotic residue test kits are being used for ensuring safety of milk and other dairy products. Their use in inhibiting the growth of microorganisms through anti-infection principles will further extend their end-use in the global production of food items and beverages. By the end of 2026, the end-use of antibiotic residue test kits in global food & beverage industry will bring in revenues worth over US$ 196 Mn. The report also reveals that the veterinary end-use of antibiotic residue test kits will register fastest revenue growth at an estimated 6.7% CAGR over the forecast period.
The report offers an overview of the global antibiotic residue test kits market. This comprises an introduction to the market, along with a standard definition of the product – antibiotic residue test kits. In this section, market value and year-over-year growth is offered to the readers. Year-over-year growth provides readers with a broader view of growth patterns over the forecast period. The report’s succeeding section focuses on drivers, restraints and key trends from macroeconomic, demand, and supply perspectives. Impact analysis of weighted average model-based growth drivers is contained in the report for better provision of decision-making insights to clients.
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The Fact.MR report provides segment-wise analysis and forecast for covering the wide scope of global antibiotic residue test kits market. Type of test, its end-user and region are key segments that define the growth of the global market for antibiotic residue test kits. In this segmentation analysis, a detailed country-wise forecast across all key market parameters is also included.
In 2017, North America registered highest sales of antibiotic residue test kits. The consumer marketplaces in the US and Canada will continue to promote the use of antibiotic residue test kits in food safety measures. By the end of 2026, North America will be dubbed as the largest market for antibiotic residue test kits, surpassing an estimated valuation of US$ 100 Mn.
Leading companies partaking in the development of antibiotic residue test kits have been profiled in this report. Companies namely, Thermo Fischer Scientific, DSM, Charm Sciences, Perkin Elmer (BioScientific Corp), Labtek Services Ltd., NEOGEN Food Safety, IDEXX Labs, R-Biopharm, Eurofins and Sciex are expected to instrument the global production of antibiotic residue test kits during the forecast period. Incorporating advancements in the field of antibiotic residue diagnostics will be prioritized by these market players. Moreover, several players in the global antibiotic residue test kits market will be eyeing at introducing multi-purpose kits in the near future.
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