Global Shelf-life Testing Market: Overview
The global shelf-life testing market deals with a vast set of products, tools, devices, and services used to accurately determine the best before or use by dates for products such as foods and beverages, cosmetics, and medicines has been exhibiting substantial growth over the past few years. The shelf-life testing market has especially garnered massive traction recently owing to the increased demand in the foods and beverages industry. The food and beverages industry continues to be the leading consumer of shelf-life testing services, thanks to the rising prevalence of food-borne disease worldwide and the growing awareness regarding these rising incidences.
The report reveals critical data regarding the key drivers and restraints in the global shelf-life testing market. The shelf-life testing market size has been examined on the basis of contemporary trends as well as historical performance. The forecast period of 2018 to 2025 gives in-depth insight into the upcoming patterns in the market. The research includes information gathered from primary and secondary sources. Primary sources consist of interview responses of experienced industry experts in order to ensure accuracy. Premium journals, company presentations, industry association, annual reports, internal database are the secondary sources of the report.
Global Shelf-life Testing Market: Trends and Opportunities
The key factors driving the global shelf-life testing market include increasing food trade, growing incidence of foodborne illnesses, rising food recalls, stringent regulatory practices, and easier access to new testing technologies. The shelf-life testing market is also significantly influenced by the employment of technologically advanced equipment and techniques, which are making processes and outcomes more reliable. Concerns regarding food safety have impelled food and beverage manufacturers as well as consumers to emphasize on the use of shelf-life testing services. The primary challenges that the food industry faces today are traceability, identification, and prevention of food contaminants. The implication of stringent regulations regarding food safety to prevent contamination of food has impelled food product manufacturers and consumers have increased the use of shelf-life testing tools and services.
With the progress of food and beverage manufacturing industry and expansion of the food service industry, the global shelf-life testing market is also expected to grow. The sales of several diagnostic test products are likely to increase over the next couple of years due to the projected rise in the inspection of food plants. However, the growth of the market is likely to be adversely impacted by the lack of awareness among people in developing economies. The disorganization in the regulatory systems is further expected to hinder the growth of the global shelf-life testing market.
Global Shelf-life Testing Market: Geographical and Competitive Dynamics
From a geographical standpoint, the report examines the shelf-life testing market in regions such as North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Of these, the market for shelf-life testing in Asia Pacific is presently the regional market with the most promising growth opportunities. The regional market is likely to expand at an impressive CAGR over the forecast period, chiefly owing to the alarming rise in the number of cases associated with infectious diseases spread through packaged and processed food products and governments focusing on making food safety policies more stringent. The rise in the number of shelf-life testing facilities in emerging economies such as China and India in the region will also help drive the shelf-life testing market.
Global Shelf-life Testing Market: Key Players
The report also provides a detailed account of the competitive dynamics of the global shelf-life testing market wherein along with an analytical account of the recent developments in the market, the detailed business profiles of some of the leading companies in the market is also included. Some of the most prominent vendors in the global shelf-life testing marketspace are Intertek, RJ Hill Laboratories, Eurofins, Bureau Veritas, ALS Limited, TÜV NORD GROUP, Symbio Laboratories, Microchem Lab Services (Pty) Ltd, Premier Analytical Services, AsureQuality, and Agrifood Technology.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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