The global food diagnostics market size is projected to grow from USD 12.1 billion in 2018 to USD 17.1 billion by 2023, at a CAGR of 7.1%
LONDON, Feb. 18, 2019 /PRNewswire/ -- Increase in the outbreaks of foodborne illnesses and stringent food safety regulations are projected to drive the overall growth of the food diagnostics market.
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The global food diagnostics market size is projected to grow from USD 12.1 billion in 2018 to USD 17.1 billion by 2023, at a CAGR of 7.1% during the forecast period. The food diagnostics market is driven by factors such as an increase in the global outbreaks of foodborne illnesses, globalization in food trade, stringent food safety regulations, and the adoption of advanced technologies. However, the lack of coordination between market stakeholders, improper enforcement of regulatory laws, and supporting infrastructure in developing countries can hinder the growth of the market.
The safety segment is estimated to dominate the food diagnostics market in 2018.
The safety segment is estimated to account for the largest share in 2018, in terms of value.Safety testing of food samples includes testing for targets such as toxins, pathogens, heavy metals, pesticides, GMOs, and organic contaminants.
The inclusion of several chemicals and toxins, with the growing incidents of food adulteration, acts as a major concern for the food sector, as this leads to food toxicity and public health concerns.As a result, safety testing of these food samples has gained importance over the years.
The presence of such contamination in food products can lead to foodborne illnesses, which could also cause several health issues for consumers. Thus, significant emphasis has been laid on safety testing of food samples.
Meat, poultry, and seafood segment is projected to account for the larger market share during the forecast period.
This segment includes products from fish, crustaceans, mollusks, crabs, beef, chicken, mutton, and pork.Meat & meat products are tested for various contaminants such as pathogens, meat speciation, GMOs, allergens, and other residues by means of food diagnostics.
Meat speciation testing, in its different forms, is a routine practice conducted to safeguard consumer interest and health, especially against malpractices such as adulterations.Often, feed given to livestock, especially soymeal, also contains genetically modified soybean.
Certain processed meat and meat products such as ham and sausages are genetically modified during the production process.Many additives commonly found in sausages and hams are often produced using methods involving GM microorganisms.
The food diagnostics technology widely used for meat identification is the detection of species-specific proteins or DNA analysis (using PCR-based technology).
The Asia Pacific is projected to be the fastest-growing region in the food diagnostics market.
The Asia Pacific is projected to be the fastest-growing market due to the higher adoption of new technologies with an increasing number of foodborne illnesses.The growth of the market in this region is driven by various rules & regulations implemented in different countries.
Food security standards are increasingly becoming stringent to ensure safer supply of food to individuals in local and foreign countries. Governments have put various regulations in place for consumers, producers, and regulators.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, food diagnostics manufacturers, and executives from various key organizations operating in the food testing industries.
• By Company Type: Tier 1: 30%, Tier 2: 30%, and Tier 3: 40%
• By Designation: C-level Executives: 20%, Directors: 30%, and Others: 50%
• By Region: North America: 15%, Europe: 15%, Asia Pacific: 30%, South America: 20% and RoW: 20%
The food diagnostics market comprises major manufacturers such as 3M Company (US), Merck KGAA (Germany), Thermo Fisher Scientific Inc. (US), Biomerieux SA (France), Danaher Corporation (US), Bio-Rad Laboratories Inc. (US), Neogen Corporation (US), Biorex Food Diagnostics (UK), Randox Food Diagnostics (UK), FOSS (Denmark), Hygiena LLC (US), Agilent Technologies Inc. (US), Qiagen (Germany), GEN-IAL GmbH (Denmark), and Envirlogix Inc. (US). The study includes an in-depth competitive analysis of these key players in the food diagnostics market, with their company profiles, recent developments, and the key market strategies.
Research Coverage
The study covers the food diagnostics market across segments.It aims at estimating the market size and growth potential across different segments such as food tested, type, type of test, and region.
The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the 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 to 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.
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