Increasing Instances of foodborne illnesses drives food diagnostics market
Posted: Nov 22, 2020
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. Increasing instances of foodborne illnesses and food recalls coupled with increasing globalization of food trade are the factors that are projected to drive the growth of the food diagnostics market. Furthermore, rising awareness among consumers regarding food safety due to the outbreak of COVID-19 is also projected to drive the market growth.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225194671
Key food diagnostics market players include 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). These players have adopted various growth strategies such as collaboration and new product launches to expand their presence in the global food diagnostics market further. New product launches have been the most dominating strategy adopted by major players. This strategy has helped them to increase their presence in different regions.
Hybridization-based systems are further bifurcated into PCR systems, microarray systems, sequencers, and gene amplifiers. The growth of this segment is attributed to high analytical precision offered by hybridization-based systems. Growing demand of automated PCRs is also projected to drive the growth of this segment. PCR is projected to dominate the market followed by gene amplifiers.
The increasing number of food recalls and necessity to maintain trust and consumer confidence in safety and availability of food is projected to drive the demand of safety testing. Also, with the advent of the coronavirus, food safety is given greater importance by all the affected countries to prevent contamination of any food items.
Thermo Fisher Scientific Inc. (US) is a provider of quality and safety products and services. It offers a complete and integrated portfolio of solutions & services for laboratory research & analysis, healthcare & clinical science, manufacturing, and other fields. The company caters to four principal market segments, namely, pharma & biotech, academic & government, diagnostics & healthcare, and industrial & applied science.
Thermo Fisher operates through four business segments: life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and services. It offers food diagnostic systems and consumables through its specialty diagnostics segment. It also offers spectrometers and chromatography solutions for food safety testing through its analytical instruments segment.
The European region is projected to be the largest market for food diagnostics during the forecast period. The region is witnessing growth owing to factors such as changing conditions under which food is processed, traded and distributed, accelerating globalization of the food chain and international trade of food and agricultural products. The region is also backed by the presence of key players such as Biorex Food Diagnostics (UK) and Randox Food Diagnostics (UK) in the food diagnostics market. The growing adulteration across meat products in the UK has also pushed the growth of the European food safety industry further driving the food diagnostics market. Germany is projected to be the largest market in Europe for food diagnostics followed by the UK.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=225194671
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 com