$ 348 Mn
$ 417 Mn
$ 313 Mn
Category Intelligence on Residue Services covers the following
Industry competes in a USD 1.16B testing market as of 2017. There are sufficient service providers within the supply market to meet the current and future demand for residue testing services. APAC is growing at the highest rate (~ 8–9 % CAGR) due to large population and corresponding demand for agro products. The growth is also driven by increasing awareness about consumer safety.
The crop protection residue testing market is expected to reach $1.63B, growing at a CAGR of 7percent by 2022. The herbicide submarket contributes to 44 percent of the entire testing market, with large growth due to its highest production and application in agriculture.
Favorable government policies and frequent monitoring programs on pesticide residue testing has created a competitive market for suppliers with increased M&A's, launching of newer tests etc. This provides opportunity to Industry to partner with suppliers who have increased functional capability.
Increased herbicide application and government monitoring programs are the key drivers of the residue services market. Lack of infrastructure and awareness in developing countries are the only restraining factors.
Majority of the M&A's among the supply base were aimed at increased geographic capability. Among geographic expansions, greater than 30 percent of them were aimed at Europe followed by Asia. This relates to suppliers having a larger presence in this region for Industry to partner.
Austria, Czech Republic, Hungary, Portugal, Spain, Poland, France, Italy are some of the regions within Europe which saw trending M&A over time. Certain expansion where aimed at increasing the functional capability of being a full service provider for e-fate, metabolism, eco-toxicology, field trials and residue analytical studies.