Market Overview:
The agricultural testing market involves testing of soil, seeds, water, compost and other samples associated with agriculture. Agricultural testing helps determine nutrient content of soil and enables farmers to apply required nutrients for better plant growth and higher crop yield. It also ensures quality and safety of agricultural products and prevents outbreak of diseases. Precision farming technique relies on extensive agricultural testing to customize farming practices based on soil and environmental conditions of each field.
Market key trends:
Adoption of precision farming is one of the major trends in the agricultural testing market. Precision farming involves collection of large volume of field data through soil testing, GPS/GIS systems and other technologies to customize and optimize use of inputs for each field. This minimizes wastage and increases productivity. Growing focus on ensuring food safety and meeting strict quality standards of export markets is driving increased regulatory monitoring and testing of agricultural commodities. Market players are developing innovative techniques like sensor based testing and genetic testing to detect deficiencies and resolve issues at an early stage for higher and sustainable farm output. They are also offering portable kits and devices for on-site testing to provide instant results and recommendations to farmers.
The global Agricultural Testing Market Demand is estimated to be valued at US$ 6.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The agricultural testing market requires high R&D investments and regulatory compliances which act as entry barriers for new players.
Bargaining power of buyers: The presence of numerous testing service providers gives buyers bargaining power in terms of price and quality.
Bargaining power of suppliers: Suppliers of testing equipment and technologies have some bargaining power due to differentiated products and technologies.
Threat of new substitutes: There are limited substitute options for agricultural testing however alternative assessment methods continue to evolve.
Competitive rivalry: The agricultural testing market comprises numerous global and regional players leading to high competitive rivalry.
Key Takeaways
The global Agricultural Testing Market is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period, due to increasing demand for ensuring food safety. The Asia Pacific region is expected to emerge as the fastest-growing market for agricultural testing owing to increasing population and farm mechanization in countries like China and India.
Regional analysis
The Asia Pacific region is expected to dominate the global agricultural testing market during the forecast period primarily due to the presence of large agricultural fields in countries such as India and China. Rapid economic growth and rising population in Asia Pacific countries are increasing the demand for food, which is fuelling the growth of the agricultural sector and farm testing needs in this region.
Key players
Key players operating in the Agricultural Testing Market are Eurofins Scientific, Agilent Technologies Inc., SCS Global Services, Bureau Veritas SA, ALS Limited, Element Materials Technology (EXOVA), TUV Nord Group, Apal Agricultural Laboratory, Intertek Group PLC, EMD Millipore Corporation (Millipore Sigma), BioMerieux SA, Aurea AgroSciences, 3M Company, Charm Sciences Inc., Neogen Corporation, and Biolumix. Eurofins Scientific and SGS SA are some of the leading players dominating the global agricultural testing market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
