Food Diagnostics Market Growth, Key Players, Share, Trends, Segmentation, and Forecast to 2025
Posted: Aug 16, 2020
Food diagnostics systems are designed to identify food contamination and quality parameters at various stages of a supply chain, such as storage, manufacturing, processing, and packaging. Food diagnostics include systems that detect the presence of contaminants and analyze the nutritional content of the food sample to help monitor the safety and quality of food samples. It also includes consumables such as reagents, disinfectants, and test accessories that are essential to perform food safety and quality tests and obtain accurate and specific results.
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MarketsandMarkets expects the global food diagnostics market to grow from USD 13.5 billion in 2020 to USD 19.2billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.The increasing consumer awareness regarding food safety and increasing number of global food recall cases are some of the key factors that are projected to drive the growth of the food diagnostics market. However, high cost of rapid technologies such as spectrometry-based is a major factor inhibiting the market growth. Technological innovations in testing are projected to create opportunities for growth of food diagnostics market.
Drivers: Increasing cases of food recalls
The rising concerns regarding the quality and safety of food products owing to an increase in the number of food recalls have led to increased emphasis on the microbiological quality and chemical analysis of food to ensure regulatory compliance for food safety. This has resulted in the introduction of legislations for rigorous testing of food products, which has further led to the growing demand for food diagnostics. These recalls indicate the trends and common problems occurring in the food industry regarding the safety of food, which calls for preventive measures, further driving the demand for diagnostics of food products.
Restraints: Lack of basic supporting infrastructure in developing countries
The lack of rigorous control procedures and resources to monitor food safety throughout the food chain is likely to risk the safety of food reaching the end consumers. The rising number of small-scale producers in developing countries are often sources of unsafe food, owing to the lack of adequate facilities, knowledge, and updated standards of food production and monitoring. Small-scale players in developing countries may not have adopted proper food testing practices, resulting in a higher risk of contamination. This is a major factor that is likely to hinder the market growth.
Opportunities: Technological innovations in testing
Increased food safety concerns will compel manufacturers to improve food safety at the consumer level through an emphasis on preventing contamination and the use of hygienic practices which will further be translated into the necessity for new, improved, user-friendly, and cost-effective diagnostic kits and assays to enable effective monitoring of food samples. This will present numerous growth opportunities for the market. There is a significant increase in the use of rapid technologies and culture-independent diagnostic tests, such as PCR assays and other antigen-based tests. Regulatory bodies such as the FDA, CDC, and USDA are also using new technologies such as whole-genome sequencing for fast and efficient monitoring of sources of foodborne illnesses. The technological focus from conventional testing methods has been shifting toward automated and novel technologies. Many key players in the market are undergoing partnerships, resulting in the integration of technologies for faster and accurate results, further creating potential growth opportunities for food diagnostics market.
Hybridization-based systems are projected to dominate the market during the forecast period. High analytical precision, user-friendly procedures, and accurate output in food diagnosis are the major factors driving the growth of hybridization-based systems.
The outsourcing facility segment, by site is projected to dominate the market during the forecast period. Cost-control, trained staff and state-of-the-art technologies are some of the major factors contributing to the growth of this segment.
In terms of geographical coverage, the food diagnostics market has been segmented into six regions, namely, North America, Asia Pacific, Europe, South America, Africa and Middle East. Europe is projected to dominate the market during the forecast period. Stringent regulations for food safety and recent foodborne outbreaks such as listeriosis outbreak in 2019 are some of the key factors driving the food diagnostics market in Europe.
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