by The global food diagnostics market, valued at USD 14.8 billion in 2021, is poised for robust growth with a projected CAGR of 6.5 percent during the forecast period. This expansion is closely linked to the increasing prevalence of food-borne diseases worldwide. Government-imposed food safety regulations aimed at curbing illness outbreaks are expected to further drive market growth.
The Impact of Food Safety Concerns
Heightened consumer concerns about food safety, combined with globalization trends, are driving a surge in demand for food diagnostic services. Food recalls have underscored the importance of microbiological and chemical testing to ensure food safety compliance. As a result, there is a growing need for accurate, user-friendly, and cost-effective diagnostic kits and assays for monitoring food samples. Rapid technologies, such as PCR assays and antigen-based tests, are gaining popularity, enabling quicker and more accurate identification of foodborne pathogens.
Technological Innovations in Testing
The markets shift from traditional testing methods to automated and novel technologies is a significant driver of growth. Leading players in the food diagnostics sector are forming alliances to integrate technologies, resulting in faster and more precise results. Whole-genome sequencing and other advanced technologies are aiding regulatory agencies in tracking the causes of foodborne illnesses efficiently.
COVID-19 Impact
While the COVID-19 pandemic created uncertainty across industries, the food diagnostics market has continued to evolve. Food safety management systems based on principles like Hazard Analysis and Critical Control Points (HACCP) have become integral to preventing food contamination. These systems are expected to positively influence the market in the coming years.
Market Segment Insights
- Systems Dominate: Easy-to-use diagnostic systems, including immunoassays, PCR systems, PCR-based testing kits, and biosensors, are driving market growth due to their accuracy and convenience. The growing demand for rapid technologies is a significant factor in this segment.
- Meat, Poultry, and Seafood Lead: The meat, poultry, and seafood segment holds the largest market share, driven by the need for meat speciation testing and the identification of genetically modified organisms in animal feed.
Regional Dynamics
- Europe: Europe is expected to dominate the market, thanks to stringent regulations and recent foodborne outbreaks that have prompted strict measures. Control Labs, National Reference Labs, and EU Reference Labs play critical roles in ensuring food safety.
- North America: Stable revenue growth is anticipated in North America due to the increasing demand for processed food and beverages driven by changing lifestyles. Food testing needs are rising in response to food-related diseases.
- Asia-Pacific: The Asia-Pacific region is expected to grow steadily as it grapples with food safety issues and governments take steps to improve food security.
Key Players in the Market
Prominent players in the food diagnostics market include 3M, Thermo Fisher Scientific Inc., PerkinElmer Inc., Danaher Corporation, Shimadzu Corporation, Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories, Inc., Neogen Corporation, Foss, Biorex Food Diagnostics, and Randox Food Diagnostics.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/food-diagnostics-market
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This press release first seen on Brilad
COMTEX_442703636/2840/2023-10-31T00:17:51
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.