Meat Speciation Testing Global Market Report 2024: Soaring Demand for Allergen Management and Transparency Driving Market Growth - 8.3% Forecasted CAGR

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Feb 19, 2024, 14:30 ET

DUBLIN, Feb. 19, 2024 /PRNewswire/ -- The "Meat Speciation Testing Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.

The meat speciation testing market size has grown strongly in recent years, growing from $2.04 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. Historical growth in meat speciation testing was largely propelled by stringent food safety regulations, heightened consumer concerns regarding food authenticity, the globalization of meat supply chains, instances of food fraud and mislabeling, and the industry's dedication to ensuring quality assurance standards.

The meat speciation testing market size is expected to continue to grow strongly in the next few years, to $3.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. Anticipated growth in meat speciation testing in the forecast period is linked to a heightened emphasis on managing allergens, a rising demand for transparency within the food supply chain, the emergence and popularity of plant-based and alternative proteins, the continued global trade of meat products, and advancements in testing technologies.

The meat speciation testing market is poised for growth due to the surge in food fraud incidents globally. This refers to deliberate misinformation by food suppliers about purchased items. With approximately 73% of enterprises reportedly involved in food fraud cases, estimated costs between $10 and $15 billion annually affect 1% of the global food business. This escalation in food fraud cases emphasizes the need for manufacturers to conduct meat speciation tests to ensure product quality and authenticity, thereby driving market expansion.

The meat speciation testing market is experiencing growth propelled by increased meat production. This production cycle involves raising, slaughtering, and processing animals for human consumption, often posing environmental challenges. Meat speciation testing verifies meat authenticity, ensuring regulatory compliance and consumer safety by identifying the species present. Forecasts from the United States Department of Agriculture project stable global pork production at 115.5 million tons and a 1% increase in chicken meat production to reach 103.3 million tons by 2024.

This surge in production, especially in Brazil, Vietnam, and the United States, drives the growth of the meat speciation testing market. Technological advancements stand as a pivotal trend in the meat speciation testing market, with major players focusing on innovative genomic technologies. Neogen Corporation's launch of the Encompass platform in September 2022 exemplifies this trend, offering tailored genomic data to aid beef and dairy farmers in herd management and meat adulteration detection. These cutting-edge genomic technologies signal a strategic shift among key players to maintain a competitive edge in the market.

Major companies in the meat speciation testing market are prioritizing advanced solutions, particularly real-time PCR methods, to meet rigorous quality standards and regulatory requirements. Bio-Rad Laboratories Inc.'s launch of the ID-Check Speciation Solution in April 2023 exemplifies this drive, offering a real-time PCR technique for detecting specific meat species' DNA in various samples. This innovative kit, focusing on mitochondrial DNA from diverse species, ensures swift detection in under 2 hours with exceptional sensitivity, meeting stringent industry demands for accuracy and efficiency.

The main technologies involved in meat speciation testing are PCR, ELISA, and other molecular diagnostic tests. PCR also known as a polymerase chain reaction, is a lab method for quickly making (amplifying) millions to billions of copies of a certain DNA region, which may subsequently be analyzed in more detail. The tests can be done on raw, cooked, and processed forms of meat of different species such as cow (Bos taurus), swine (Sus scrofa), chicken (Gallus gallus), horse (Equus caballus), sheep (Ovis aries), and others.

The meat speciation testing market consists of revenues earned by entities by providing LC-MS/MS, mycoplasma tests, chromatography, spectroscopy analysis, semi-quantitative DNA species testing, and non-cooked cured meats. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Markets Covered:

1) by Technology: PCR; ELISA; Other Molecular Diagnostic Tests
2) by Form: Raw; Cooked; Processed
3) by Species: Cow (Bos taurus); Swine (Sus scrofa); Chicken (Gallus gallus); Horse (Equus caballus); Sheep (Ovis aries); Other Species

Key Companies Mentioned: Eurofins Scientific SE; ALS Limited; VWR International LLC; Neogen Corporation; LGC Science Group Ltd

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Companies Profiled

Eurofins Scientific
ALS
VWR International
Neogen
LGC Science Group
AB Sciex
SYNLAB
Intertek Group
International Laboratory Services
SGS
Bio-Check UK
Minerva Biolabs
Romer Labs Holdings
Bureau Veritas Group
Merieux NutriSciences
QIMA Limited
Scientific Analysis Laboratories
Environmental Monitoring Systems Laboratory Analytical
Microbac Laboratories
AsureQuality Limited
Symbio Laboratories Inc.
David Berryman Limited
Eurofins Scientific
Geneius Laboratories
R-Biopharm
Randox Laboratories
PerkinElmer Inc.
Biorex Food Diagnostics
Foss A/S
ELISA Technologies Inc.
IDEXX Laboratories Inc.
Genetic ID NA Inc.
Thermo Fisher Scientific

For more information about this report visit https://www.researchandmarkets.com/r/1sf0c8

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