The ever-evolving Coronavirus (COVID-19) has caused interruptions in supply chains of companies in the Antibiotic Residue Test Kits Market. Through careful analysis of the COVID-19, our analysts at Fact.MR offer you a bird’s eye view of the current on goings of top tier companies in the Antibiotic Residue Test Kits Market. Learn how leading companies are striking potential partnership agreements to generate sales in the Antibiotic Residue Test Kits Market.
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Key role of simple diagnostic tests in detecting the presence of antibiotic residues in foods derived from animals will continue to propel the demand for antibiotic residue test kits. These tests ensure the food is safe for human consumption. Findings from these tests are of great value in increasing the nutritional index of animal-based foods. Moreover, stringent food safety measures continue to necessitate the need for adopting antibiotic residue test kits in the food & beverage industry.
Fact.MR’s recent report estimates the expansion of the global market for antibiotic residue test kits for the period, 2017-2026. During this forecast period, the global antibiotic residue test kits market is expected to witness growth at 6.2% CAGR in terms of value. By the end of 2026, around US$ 295 Mn worth of antibiotic residue test kits are expected to be sold globally.
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4 Key Highlights from the Report
- According to the report, the adoption of beta-lactams tests will be the highest across the global antibiotic residue test kits market. The report observes that throughout the forecast period, sales of beta-lactams tests will account for approximately one-third share of global market revenues. By the end of 2026, nearly US$ 95 Mn worth of beta-lactams test kits will be sold globally. The demand for tetracycline tests will also gain traction in the upcoming years, bringing in around US$ 50 Mn in global revenues by the end of 2026. Meanwhile, sulfonamides tests will register fastest revenue growth at a CAGR of 7.1% over the forecast period.
- Food and beverage industry will represent the largest end-user of antibiotic residue test kits. More than 65% of the global antibiotic residue test kits market value will be accounted by the end-use of these kits in ensuring the safety of food items and beverages, particularly for dairy products. The report also observes a rampant end-use of antibiotic residue test kits in veterinary purposes.
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- In 2017, North America registered highest sales of antibiotic residue test kits. The consumer marketplaces in the US and Canada will continue to promote the use of antibiotic residue test kits in food safety measures. By the end of 2026, North America will be dubbed as the largest market for antibiotic residue test kits, surpassing an estimated valuation of US$ 100 Mn.
- Europe and the Asia-Pacific excluding Japan (APEJ) regions are also expected to be at the forefront of global antibiotic residue test kits market expansion. These two region will register fast revenue growth in their antibiotic residue test kits markets, particularly due to high presence of dairy product manufacturers.
The report has profiled key companies developing antibiotic residue test kits across the globe. Companies namely, are observed as Thermo Fisher Scientific, Charm Sciences, DSM, Labtek Services Ltd., Perkin Elmer (Bio Scientific Corp.), IDEXX Labs, Neogen Food Safety, R-Biopharm AG, Sciex, and Eurofins are observed as key players in the global antibiotic residue test kits market. Majority of these players will be incorporating the advancements in the diagnostics of antibiotic residues. Extending the application of antibiotic residue test kits beyond measuring the safety of animal-based foods will also be prioritized by these companies in the near future.
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