Micro Imaging Technology Inc (MMTC)

[Dreamchaser]

A slice of the market already advanced in motion of which MMTC will be joining ranks when sales come about proves the price could reach that high when considering the size of the market that is waiting for the MIT 1000. These are just a few reasons:

1) The global food safety testing market is projected to reach a value of USD 16.1 Billion by 2020, at a CAGR of 7.4% from 2015.

(2) The Asia-Pacific market is expected to grow due to the increase in agriculture produce trade supply. This is because the exported and imported products have to be safe and certified accordingly, based on the food safety regulations of that particular country.

(3) The increased consumption of processed food, both in developing and developed countries, is creating a significant opportunity for processed food testing.

(4)The contamination of most of the processed food occurs from the processing machineries.

(5) Inefficient supply chain and food contamination outbreaks are fueling the growth of the market.

(6) Food Safety and Inspection Services (FSIS) established a new rule to prevent contamination of meat and poultry products in slaughter houses and processing plants based on HACCP food safety control system.

(7) Rapid advanced technologies are dominating the food safety testing market because traditional methods are time consuming and labor intensive. Culture method protocols are recognized as internationally accepted reference methods in foodborne pathogen detection (published by the International Organization for Standardization (ISO)). Advanced technologies are quick, accurate, and easy-to-use.

(8) Rapid technologies, especially rapid detection kits, are used for food safety testing in processed foods. Worldwide different regulations have been set for ready-to-eat (RTE) products safety testing. Processed food products include frozen products, snacks, packaged products, etc. Listeria and other pathogens such as clostridium may be found in final RTE products.

(9) The global food safety testing market is gaining importance due to the pervasiveness of foodborne diseases worldwide. Increased stringencies of food safety rules & regulations by the governments of trading countries have also been pushing the growth of this market. Other driving factors include increasing globalization of food trade and development of rapid food safety testing techniques. The market is growing due to the implementation of stringent regulations to control the outbreaks of disease

Read More:
http://www.marketsandmarkets.com/Market-Reports/food-safety-365.html