Food companies pay a lot of attention to food safety. A new market intelligence report from BIS Research, Global Food Safety Testing Market — Analysis and Forecast (2017-2021), forecasts a 7.2 percent compound annual growth rate for the global food safety testing market. This translates into an estimated market value of $17.7 billion in 2021.
The focus on food safety should come as no surprise. It’s good business. No brand wants to be the source of foodborne illnesses or associated with a recall. Firms work hard to deliver wholesome products, comply with regulatory requirements such as the Food Safety Modernization Act, meet customer requirements and adhere to best practices. Some protein producers and their equipment and materials suppliers have formulated their own standard operating procedures, which exceed regulatory or customer requirements.