The food allergen testing market was valued at US$ 592.39 million in 2018 and is projected to reach US$ 1,198.53 million by 2027; it is expected to grow at a CAGR of 8.2% from 2019 to 2027.
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The COVID-19 pandemic originated in Wuhan (China) in December 2019, and since then, it has spread around the globe at a fast pace. The US, Russia, India, Italy, China, Spain, France and Germany are among the worst-affected countries in terms confirmed cases and reported deaths, as of June 2020. The pandemic has affected economies and industries due to imposed lockdowns, travel bans, and business shutdowns. Food &beverages is one of the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. The global Food Allergen Testing Market economic collapse due to COVID-19 is also limiting the demand for food allergen testing due to shutting down of factories andsuspended production due to obstacles in supply chains.
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Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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