Food Diagnostics Market worth $23.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 1, 2023 /PRNewswire/ -- The Food Diagnostics Market is estimated at USD 16.2 billion in 2023 and is projected to reach USD 23.5 billion by 2028, at a CAGR of 7.7% from 2023 to 2028 according to a report published by MarketsandMarkets™. Food diagnostics involves a range of techniques and technologies used to detect contaminants, pathogens, allergens, and adulterants in food products. The market is primarily driven by the growing concerns regarding food safety, increasing consumer awareness, and stringent regulations imposed by governments worldwide. With the globalization of the food supply chain, the need for accurate and rapid testing methods has surged, fostering innovation in this sector.

Trends driving the market include the adoption of advanced technologies such as PCR, immunoassays, and biosensors for quicker and more accurate results. Additionally, the increasing demand for on-site testing solutions has gained prominence, especially in remote or developing regions. Opportunities for growth in this market are abundant, with a focus on developing cost-effective, portable, and user-friendly diagnostic tools.

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By type, the test kits segment is estimated to grow at the highest CAGR during the forecasted period.

Test kits are indispensable tools in the realm of food safety and quality testing. They are designed to provide quick, reliable, and cost-effective results for the presence of contaminants, pathogens, allergens, and quality parameters in various food products. Test kits are user-friendly, allowing even non-specialized personnel to perform tests with minimal training. This accessibility and simplicity make them ideal for on-site testing, where immediate results can lead to prompt corrective actions. Moreover, test kits enable rapid detection, significantly reducing the time required for analysis compared to traditional laboratory methods. This swift response is crucial in preventing contaminated or substandard food products from entering the market, ultimately safeguarding public health.

As governments and consumers demand greater transparency and accountability in the food supply chain, the need for rapid, cost-effective, and accessible testing solutions becomes paramount. Test kits address these needs efficiently, hence their accelerating adoption. Furthermore, advances in technology have enhanced the sensitivity and specificity of these kits, making them even more reliable and capable of detecting a wider range of contaminants.

By food tested, the fruits & vegetables segment is anticipated to grow at a significant rate in the food diagnostics market.

The consumption of fruits and vegetables is increasing globally, and consumers are becoming more conscious of the quality and safety of the produce they consume. In response to this, food safety regulations have become stricter, necessitating rigorous testing procedures for contaminants such as pesticides, pathogens, and heavy metals. The growing awareness of health and wellness further fuels the demand for safe and high-quality produce, prompting the need for advanced diagnostics. Additionally, there is a rising concern about foodborne illnesses linked to fruits and vegetables. Outbreaks and recalls are not only costly for producers but can also have serious health implications for consumers. Food diagnostics can help detect pathogens like E. coli, Salmonella, and Listeria in these products, preventing outbreaks and ensuring public safety.

Furthermore, with the global supply chain for fruits and vegetables becoming increasingly complex, tracing the origin and ensuring compliance with international standards becomes a challenge. Food diagnostics helps in tracking and verifying the authenticity of the products, supporting fair trade practices.

Inhouse, by site segment, is anticipated to grow at a significant CAGR in the global food diagnostics market.

In-house facilities for food quality and safety testing are essentially dedicated laboratories or testing units established within food manufacturing plants, enabling real-time analysis and monitoring of the production process. They empower food manufacturers with rapid decision-making capabilities, ensuring immediate corrective actions in the event of contamination or quality deviations. This results in enhanced product quality, reduced production downtime, and ultimately, increased consumer confidence. Moreover, in-house testing provides manufacturers with greater control over their supply chain, reducing the risk of product recalls and regulatory non-compliance. Furthermore, consumers are increasingly demanding transparency and traceability in the food products they purchase, prompting manufacturers to invest in in-house facilities to meet these expectations.

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North America is estimated to have a significant market share in the global food diagnostics market.

The stringent food safety regulations and their unwavering enforcement in the North American region have been instrumental in driving the demand for advanced food diagnostics technologies. Regulatory bodies such as the FDA in the United States and CFIA in Canada continually advocate for more rigorous monitoring and testing protocols, effectively compelling the adoption of cutting-edge food diagnostics solutions. The steadfast commitment to ensuring the safety and quality of food products places North America at the forefront of this burgeoning industry.

Additionally, North American consumers have become increasingly conscious of food safety issues and are placing a growing emphasis on healthy eating. This awareness has created a pressing need for greater transparency in the food supply chain. Consumers are scrutinizing the origin, quality, and safety of their food like never before. Consequently, the market for food diagnostics services has witnessed substantial growth as it offers consumers the assurance and peace of mind they seek when making food choices.

Major key players operating in the food diagnostics market include Bio-Rad Laboratories Inc. (US), Thermo Fisher Scientific Inc. (US), Shimadzu Corporation (Japan), Neogen Corporation (US), BioMerieux (France), Agilent Technologies Inc. (US), Merck KGaA (Germany), QIAGEN (Germany), Bruker (US), and Danaher (US).

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