Latin America Residue Testing Market:
By Residue Type [Toxins (Mycotoxins, Others), Pesticide Residues (Insecticide, Herbicide, Fungicide, Others), Food Allergens, Veterinary Drugs, Heavy Metals, By Technology (Immunoassay, Spectroscopy, Chromatography, Others)], By Application (Dairy products, Fruits & Vegetables, Meat & Poultry, Cereals, Grains & Pulses, Processed Foods, Functional Food Ingredients, Nuts, Seed & Spice, Others) and Country (Brazil, Mexico, Argentina, Venezuela, Others) – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023
Latin America Residue Testing Market Report Description:
Latin America Residue Testing Market report gives the comprehensive outlook on Latin America Residue Testing across the region with special emphasis on countries Brazil, Mexico, Argentina, Venezuela, Others. This report on Latin America Residue Testing market gives historical, current, and future market sizes (US$ Mn) of residue type, technology, application and countries. This report studies Latin America Residue Testing market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the market report includes regulatory scenario and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed Latin America Residue Testing market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Opportunities).
Latin America Residue Testing Market:
Latin America Residue Testing Market was accounted for the US $300 million in 2016 and expected to expand at significant CAGR from 2017 to 2023.
Increased food productions, adoption of cutting-edge technologies are expected to create healthy growth opportunities for the market.
Increased agricultural production, improved regulations coupled with equipped with sophisticated food testing laboratories expected to enhance residue testing market. Regular toxin monitoring plans, increased production of pulses are expected to create demand for residue testing market.
Latin America region attracting market investments from the residue test kit manufacturers as it is one of the largest meat exporters in the world. Recent Brazil meat import bans by various countries such as U.S., China, Chile, South Korea, and the European Union might trigger establishment of new testing facilities in the region.
Toxins Residue Testing Market:
It is expected to account for 24.1% regional revenue share in 2017 and projected to grow at 9.7 % CAGR over 2017 to 2023. Favorable environmental conditions to grow mycotoxins, increased production of cereals, rising milk and meat production expected to enhance the market.
This segment expected to account around xx% revenue share in Latin America residue testing market and projected to grow at 6.0% CAGR over 2017 to 2023. The market for spectroscopy technology projected to reach US$ 156.0 Mn by 2023.
Mass spectroscopy technology:
This segment expected to attract huge demand due to high accuracy in detection of multi-residue elements in food. Mass spectrometry is projected to expand at 11.0% CAGR over forecast period.
Dairy Residue Testing Market:
It is projected to offer enormous opportunities over the forecast period in Latin America residue testing market due to the surge in the milk production, increased antibiotics, and hormones. Increased mycotoxin levels in dairy products, surge in pesticides, heavy metal contamination expected to enhance the revenue share in future.
Brazil is expected to accounts for major revenue share in 2017.
Brazil market projected to reach US$ 206.1 Mn by 2023 and expected to grow at 8.3 % CAGR over 2017 to 2023 and is expected to gain significant traction over the forecast period due to increased various meat scandals, recent restrictions by various nations on Brazilian meat.
Mexico Residue Testing Market:
This projected to grow at a significant CAGR from 2017 to 2023. Strengthened government regulations, emerging technologies, a rise in the food production, expected to enhance the market.
Key players’ profiles in the Latin America Residue Testing market include SGS SA, Intertek Group plc., Eurofins Scientific, Bureau Veritas S.A., ALS Limited, Neogen Corporation, Idexx Laboratories, AsureQuality, Charm Sciences, Inc., Microbac Laboratories, Inc., Unisensor.
Key Findings of the Report:
- Latin America Residue Testing market is expanding approximately 8.0% CAGR over 2017 to 2023.
- Brazil & Mexico expected to dominate the revenue share of residue testing market over the forecast period.
- Based on Application, meat and poultry, cereals, fruits and vegetables, is expected to expand at significant CAGR from 2017 to 2023.
- Based on Residue Type, toxins segment is expected to create lucrative opportunities for residues testing market over the forecast period.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2012-2016) and forecast (2017-2023)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Residue Type
- Pesticide Residues
- Food Allergens
- Veterinary Drugs
- Heavy Metal
- Chromatography (LC, GC, HPLC)
- Dairy Products
- Fruits & vegetables
- Meat & poultry
- Cereals, grains & pulses
- Processed foods
- Functional Food Ingredients
- Nuts, Seeds & Spices
- Rest of Latin America