This document is the first version of the Market Research and Strategy Report (D7.1 due in M6) for the Food Safety Market Project (TheFSM), an Innovation Action supported by the Horizon 2020 programme of the European Commission (Grant agreement ID: 871703). General information on the project, including its objectives and partners, facts and results, can be found on foodsafetymarket.eu. The document offers a preliminary market assessment report, starting with the identification of stakeholders in a broader context, and an analysis of the competitive Food Safety landscape. Second, value propositions for key customer segments have been identified, along with opportunities and challenges for market entry and growth. A methodology for risk analysis for the TheFSM adoption has been developed. Together, these pieces lay out the groundwork for business planning and business growth in the subsequent stages of the project. This deliverable builds on the critical findings from the D1.1 Report on Requirements for TheFSM. It is conceived as a living document that will be continually enriched with new insights and perspectives. The Report is centered around the following underlying objectives: • Formulate a business model and a growth strategy, supported by risk assessment and practical advice for the adoption of the TheFSM in key customer segments; • Deliver the exploitation strategy, for the benefit of the partners and the European Food Safety industry, while protecting intellectual property created by the project. Further work on the market analysis will be carried out in M12 of the TheFSM project, as part of the deliverable D7.2 Ongoing Documentation of Governance and Business Models. In M12, we will publish our Annual Report of Marketing, Sales & Partnership Activities (D7.3), whereas in M36 we will release D7.4 Future Sustainability Roadmap for TheFSM.