DUBLIN, Dec 1, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Pesticide Residue Testing Market - Global Forecast to 2022" report to their offering.
The pesticide residue testing market is projected to reach USD 1.63billion by 2022, at a CAGR of 7.0% from 2016 to 2022. The herbicide segment is projected to grow at the highest CAGR during the forecast period, due to the highest production and application of herbicides in the agriculture. The increase in food trade and contamination of agriculture produces and food products, especially in imported food products is also a significant driver. The exposure to these substances has caused concerns of possible health consequences, which in turn has increased the demand for herbicides residue testing. This is followed by fungicides, which is projected to remain the second-largest market through 2022. The pesticide residue testing market was dominated by the European region in 2015. The growth in this market is driven by the presence of large number of food industries and stringent regulatory laws, as well as the fact that it is the largest international trader of food products. Asia-Pacific is projected to be the fastest growing market owing to the growth prospects in countries such as China and India among others. This is due to the growing need for food safety and expansion of various food industries and testing laboratories. Lack of food control infrastructure & resources in developing countries and lack of awareness about food safety regulations among food manufacturers are the restraining factors in the pesticide residue testing market.