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At What Rate is the Meat Speciation Testing Market Predicted to Expand Between 2024 and 2033?

In the past few years, the meat speciation testing market has seen significant growth. The market value is projected to rise from $2.04 billion in 2023 to $2.23 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 9.3%. This growth during the historical period is accredited to rigorous food safety rules, an increase in consumer anxiety over food authenticity, globalization of the meat supply chains, occurrences of food fraud and mislabelling, and industry dedication to quality assurance.

A substantial expansion is projected in the meat speciation testing market over the next few years. By 2028, expectations point to a growth value of $3.08 billion, demonstrating a compound annual growth rate (CAGR) of 8.3%. Several factors are expected to stimulate this growth in the forecast period, including an amplified focus on managing allergens, the rising demand for a transparent food supply chain, the arrival of plant-based and alternative proteins, global trading of meat products, and the advancement of testing technologies. Anticipated trends during the forecast period are an enhanced demand for halal and kosher certification, technological advancements in mass spectrometry, global expansion of meat supply chains, the emergence of point-of-care testing devices, and collaborations with certification agencies and laboratories.

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What Forces Are Boosting the meat speciation testing Market’s Growth?

The meat speciation testing market is set to flourish due to the escalating frequency of food fraud cases. Food fraud occurs when consumers are purposely deceived about the type and composition of the product they are purchasing by the food supplier. As the number of these cases rises, it necessitates manufacturers to inspect their products for the occurrence of diverse meat species, ensuring high-quality food for consumers. Notably, in January 2022, about 73.0% of businesses were implicated in food fraud cases globally, as stated by Springer Science, a German media firm. The economic brunt of food fraud oscillates between $10 and $15 billion every year, impacting 1% of the world’s food sector. Consequently, the increasing food fraud episodes are propelling the progress of the meat speciation testing market.

What Key Segments Make Up the Meat Speciation Testing Market?

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

What Are the Latest Trends Impacting the Meat Speciation Testing Market?

Technological advancement is a driving force in the meat speciation testing market, with leading companies concentrating on the creation of innovative genomic technologies to consolidate their market presence. An exemplar of this is when Neogen Corporation, an American company known for developing testing kits in the food safety sector, introduced the Encompass platform in September 2022. This platform employs genomic management technology to offer a structured format that allows customized views and indexes, concentrating on genetic data specific to individual needs. With this, genomic data classification is made possible for beef and dairy farmers, enabling them to manage their herds and implement genomic testing to root out meat adulteration.

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What Regions Are Dominating the Meat Speciation Testing Market Growth?

Europe was the largest region in the meat speciation testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the meat speciation testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Meat Speciation Testing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the meat speciation testing market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Meat Speciation Testing Market Include

1. Meat Speciation Testing Market Executive Summary

2. Meat Speciation Testing Market Segments

3. Meat Speciation Testing Market Size And Template Market Growth Rate

4. Key Meat Speciation Testing Market Trends

5. Major Meat Speciation Testing Market Drivers

……

25. Key Mergers And Acquisitions In The Meat Speciation Testing Market

26. Top Meat Speciation Testing Companies

27. Meat Speciation Testing Market Opportunities And Strategies

28. Meat Speciation Testing Market, Conclusions And Recommendations

29. Appendix

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