The global food diagnostics market, with a valuation of USD 14.8 billion in 2021, is projected to exhibit robust growth with a Compound Annual Growth Rate (CAGR) of 6.5 percent during the forecast period. This upward trajectory is driven by a strong correlation between the markets expansion and the increasing prevalence of food-borne diseases worldwide. As stringent government regulations and policies are enforced to curb the spread of illnesses, the market for food diagnostics is expected to gain further momentum in the coming years. Technological advancements and alliances among key players in the food-tech sector are opening doors to lucrative opportunities, while the COVID-19 pandemic and globalization of the food trade have amplified concerns about food hygiene, driving the demand for food diagnostics.
A significant driver of growth is the necessity for manufacturers to enhance food safety at the consumer level, resulting in the adoption of preventative measures, contamination prevention strategies, and the utilization of hygienic practices. As demand for accurate, user-friendly, and cost-effective diagnostic kits and assays increases, the market is primed for expansion, with rapid technologies and culture-independent diagnostic tests such as PCR assays leading the way. Collaborations and alliances among industry players, combined with a technological shift towards automated and new diagnostic technologies, further contribute to the markets growth.
Key Drivers:
- Globalization and Food Safety Concerns: The expanding global food trade and increasing consumer concerns about food safety are driving the demand for food diagnostics. Stringent regulations and a rising need for microbiological testing and chemical analysis to ensure food safety compliance are propelling market growth.
- Technological Innovations: The emphasis on contamination prevention and hygienic practices is fueling the demand for new, improved, user-friendly, and cost-effective diagnostic kits and assays. Rapid technologies and culture-independent diagnostic tests are at the forefront of market expansion.
Key Restraints:
- High Cost of Technologies: Advanced technology instruments and consumables used for effective food sample testing often come with high costs. Expensive diagnostic systems and instruments pose challenges to mass adoption, particularly in low- and middle-income countries.
Segment Overview:
- Systems Dominance: The demand for rapid technologies and user-friendly diagnostic systems, such as immunoassays, PCR systems, PCR-based testing kits, and biosensors, is driving the dominance of this segment. However, cost considerations may limit their mass adoption.
- Meat, Poultry, and Seafood Lead: The meat, poultry, and seafood segment is expected to maintain its market dominance due to increased demand for meat speciation testing and growing concerns about meat adulteration.
Regional Landscape:
- Europe Leading: Europe is projected to hold the largest revenue share, attributed to stringent regulations, increased food safety concerns, and the presence of organizations ensuring food safety procedures.
- North American Stability: The North American market is anticipated to experience steady growth due to changing lifestyles and a rise in demand for processed foods. The Asia-Pacific region is expected to grow moderately, with varying levels of adherence to food safety regulations.
The global food diagnostics market is on an upward trajectory, driven by increasing consumer demand for safer food products, stricter regulations, and the adoption of advanced diagnostic technologies. As the importance of food safety continues to rise, the market is poised for significant expansion.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/food-diagnostics-market
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COMTEX_438893167/2840/2023-08-23T04:45:10
