The Latin America, Middle East and Africa Consumer Product Safety Testing Market is projected to witness market growth of 8.6% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Consumer Product Safety Testing Market by Country in 2023, and is forecast to continue being a dominant market till 2031; thereby, achieving a market value of $1.09 billion by 2031. The Argentina market is registering a CAGR of 9.4% during (2024 - 2031). Additionally, The UAE market would showcase a CAGR of 8.2% during (2024 - 2031).
Consumer demand for safe products is another significant factor driving adoption. As consumer awareness of product safety issues grows, there is an increasing expectation for products to perform well and be safe to use. High-profile product recall incidents due to safety concerns have heightened consumer sensitivity to product safety. This shift has prompted manufacturers to prioritize safety testing to build consumer trust and safeguard their brand reputations.
Investing in consumer product safety testing is a proactive risk mitigation strategy for manufacturers. By identifying and addressing potential safety hazards early in product development, companies can reduce the risk of costly product recalls, litigation, and damage to brand reputation. Rigorous testing helps to identify and mitigate risks related to electrical hazards, chemical contamination, mechanical failures, and other safety concerns before products reach consumers, thereby safeguarding both consumers and the company’s financial health.
As industrial production grows in Brazil, there is a corresponding increase in the production and diversity of consumer products across various sectors, including electronics, automotive components, chemicals, and manufacturing equipment. Consumer product safety testing becomes essential to ensure these products' safety, quality, and compliance with Brazilian regulatory standards and international requirements. According to the Agencia IBGE Noticias, Brazilian industrial production grew 0.9% from February to March 2024. The gain in pace follows the 0.1% change seen in the previous month. In the year, it accumulated an increase of 1.9% and, in 12 months, a positive change of 0.7%. With these results, the industry is 0.4% above the pre-pandemic level (February 2020). In conclusion, rising industrial production and increasing healthcare sector budget in the region are propelling the growth of the market.
The Brazil market dominated the LAMEA Consumer Product Safety Testing Market by Country in 2023, and is forecast to continue being a dominant market till 2031; thereby, achieving a market value of $1.09 billion by 2031. The Argentina market is registering a CAGR of 9.4% during (2024 - 2031). Additionally, The UAE market would showcase a CAGR of 8.2% during (2024 - 2031).
Consumer demand for safe products is another significant factor driving adoption. As consumer awareness of product safety issues grows, there is an increasing expectation for products to perform well and be safe to use. High-profile product recall incidents due to safety concerns have heightened consumer sensitivity to product safety. This shift has prompted manufacturers to prioritize safety testing to build consumer trust and safeguard their brand reputations.
Investing in consumer product safety testing is a proactive risk mitigation strategy for manufacturers. By identifying and addressing potential safety hazards early in product development, companies can reduce the risk of costly product recalls, litigation, and damage to brand reputation. Rigorous testing helps to identify and mitigate risks related to electrical hazards, chemical contamination, mechanical failures, and other safety concerns before products reach consumers, thereby safeguarding both consumers and the company’s financial health.
As industrial production grows in Brazil, there is a corresponding increase in the production and diversity of consumer products across various sectors, including electronics, automotive components, chemicals, and manufacturing equipment. Consumer product safety testing becomes essential to ensure these products' safety, quality, and compliance with Brazilian regulatory standards and international requirements. According to the Agencia IBGE Noticias, Brazilian industrial production grew 0.9% from February to March 2024. The gain in pace follows the 0.1% change seen in the previous month. In the year, it accumulated an increase of 1.9% and, in 12 months, a positive change of 0.7%. With these results, the industry is 0.4% above the pre-pandemic level (February 2020). In conclusion, rising industrial production and increasing healthcare sector budget in the region are propelling the growth of the market.
List of Key Companies Profiled
- Bureau Veritas S.A.
- DEKRA SE
- DNV AS
- Intertek Group PLC
- ALS Limited
- Eurofins Scientific SE
- ABS Group
- Element Materials Technology (Temasek Holdings)
- Applied Technical Services, LLC
- NSL Analytical Services, Inc.
Market Report Segmentation
By Sourcing- In House
- Outsource
- Electronics Testing
- Electrical Safety
- Connectivity
- Energy Efficiency Testing
- Electromagnetic Compatibility
- Others
- Consumer Electronics
- Communications
- Semiconductor
- Healthcare
- Aerospace & Defense
- Automotive
- Industrial
- Food & Beverages
- Others
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. LAMEA Consumer Product Safety Testing Market by Sourcing
Chapter 6. LAMEA Consumer Product Safety Testing Market by Offering
Chapter 7. LAMEA Consumer Product Safety Testing Market by Industry Vertical
Chapter 8. LAMEA Consumer Product Safety Testing Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Bureau Veritas S.A.
- DEKRA SE
- DNV AS
- Intertek Group PLC
- ALS Limited
- Eurofins Scientific SE
- ABS Group
- Element Materials Technology (Temasek Holdings)
- Applied Technical Services, LLC
- NSL Analytical Services, Inc.
Methodology
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