“Increasing instances of foodborne outbreaksis driving the market growth”
The global food diagnostics market size is projected to grow from USD 13.5 billion in 2020 to USD 19.2 billion by 2025, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The growth of commercial food services over the years have led to potential increase in the possibility of transmission of foodborne infections from handlers to consumers, which in turn is expected to drive the growth of food diagnostics market. However, lack of food control infrastructure in developing countries and comparatively higher prices of rapid technologies will certainly act as major restraints for the market growth.
“The systemssegment, by type dominated the food diagnostics market throughout the forecast period.”
Systems such as hybridization-based, spectrometry-based, chromatography-based and immunoassay-based are rapid, easy-to-use, and convenient and provide accurate test results. Due to these factors, systems are projected to dominate the market during the forecast period. Furthermore, the increasing number of COVID-19 cases is creating a consumer shift toward tested and contaminant-free food to boost immunity, which is projected to drive product innovation and the launch of new rapid systems for faster and accurate results.
“The meat, poultry, and seafood segment, by food tested is projected to grow at a higher growth rate during the forecast period.”
Food recalls due to microbiological contamination of meat, poultry and seafood products has led to various regulations being framed by the FSIS to control the contamination of meat and poultry products in slaughterhouses and processing plants is projected to drive the growth of safety testing for meat, poultry, and seafood segment in the food diagnostics market.
“The Asia Pacificis projected to be the fastest-growing market during the forecast period.”
The Asia Pacific is projected to be the fastest growing market for food diagnostics in the forecast period. This is attributed to governmental authorities governing food safety systems in China, increased expenditure on food safety by FSSAI in India and major efforts by regulatory bodies to address current issues associated with food safety and quality. China is projected to be the largest and fastest growing market in Asia Pacific followed by Japan.
In-depth interviews were conducted with CXOs, managers, and key executives from various key organizations operating in the food diagnosticsindustry.
- By Value Chain:Demand side: 43%, Supply side: 57%
- By Designation:Managers:21%, CXOs: 29%, and Executives: 50%
- By Region:North America: 34%, Europe: 37%, Asia Pacific: 16%, and RoW (South America, South Africa, Others in Africa and the Middle East): 13%
The food diagnostics marketcomprises of major players, such as 3M (US), Thermo Fisher Scientific Inc. (US), PerkinElmer Inc. (US), Danaher Corporation (US), Shimadzu Corporation (Japan), Agilent Technologies Inc. (US), bioMerieux SA (France), Bio-Rad Laboratories, Inc. (US), Neogen Corporation (US), Foss (Denmark), Biorex Food Diagnostics (UK), and Randox Food Diagnostics (Ireland). The study includes analysis of these players in the food diagnostics market, with their company profiles, recent developments, and the key market strategies.
The study covers the food diagnostics marketacross segments. It aims at estimating the market size and its growth potential across different segments such astype, site, testing type, food tested and region. The study also includes an in-depth analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies to cater to the growing market demand during the current pandemic.
Key Benefits of Buying the Report
- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall food diagnostics market and subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.