Market Research Report
Global Food Diagnostics Market - 2022-2029
|Global Food Diagnostics Market - 2022-2029|
Published: May 7, 2022
Content info: 195 Pages
Delivery time: 2 business days
The global food diagnostics market is valued at USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
The term "food diagnostics" refers to determining whether or not food is safe to eat. Food diagnostics are used to prevent the spread of certain foodborne diseases. Food diagnostics are becoming more common, and the need to preserve consumer confidence in food safety and availability is projected to drive up demand for safety testing. Furthermore, since the arrival of the coronavirus, all of the affected countries have made food safety a top priority to avoid contamination of any food products.
Increasing number of food recalls, globally
The rising number of food recalls is also expected to expand the fuel industry. In the year 2020, there was 13% increase in the number of food recalls in Europe, according to data from the Rapid Alert System for Food and Feed. Increased emphasis on microbiological quality and chemical analysis of food to ensure regulatory compliance for food safety has resulted in rising worries about the quality and safety of food products due to a rise in the number of food recalls. As a result, legislation requiring thorough testing of food products has increased the demand for food diagnostics. These recalls reveal patterns and prevalent issues in the food business regarding food safety, necessitating the implementation of preventative measures and pushing up demand for food diagnostics. For example, Thermo Fisher announced the opening of multiple global customer solution centers in September 2018, with the goal of meeting and exceeding the demands of scientists in food, beverage, pharmaceutical, and biotech laboratories by developing critical workflows and integrated solutions that help advance chromatography and mass spectrometry around the world. Moreover, the growing concern about food safety and cleanliness due to the rising number of COVID-19 cases and the expanding globalization of the food trade is driving the expansion of the food diagnostics market.
On the other hand, high-end technologies, such as chromatography-based and spectrometry-based, are coupled with high prices for instruments and related consumables necessary to test food samples successfully. An increase in the cost of these diagnostics systems is due to a greater focus on R&D activities and the need for precision and reliability of readings. Because the majority of these testing instruments are exported in significant quantities from affluent regions such as North America and Europe, the cost of obtaining these technologies rises, particularly in low- and middle-income countries. These factors make widespread use of food diagnostic systems difficult.
The systems segment is expected to hold the highest market share in 2021
In 2021, the systems segment dominated the market by type. The systems are simple, user-friendly, and deliver precise test results. With the growing demand for easy-to-use, convenient, and speedy diagnostics systems, including immunoassay, PCR systems, PCR-based testing kits, and biosensors, food diagnostic systems are expected to grow even more. The increased demand for quick technologies is propelling this segment forward. However, the expensive expense of these systems, such as spectrometry-based systems, will function as a major impediment to their widespread implementation. Due to their high analytical precision, hybridization-based systems are expected to dominate the market during the projection period.
During the forecast period, the outsourcing facility segment is expected to be the largest and fastest-growing segment in the food diagnostics market, by location. The increasing number of new entrants into the food diagnostics market is related to the rise of the outsourcing facility segment. In addition, the demand for completely integrated, self-contained, and specialized equipment for collecting and analyzing food samples will fuel the expansion of outsourcing food testing services. The need for food testing laboratories is being fueled by lower overhead and operating costs and the availability of improved testing methods.
Europe is the dominating segment during the forecast period
During the projection period, the European area is expected to be the largest market for food diagnostics. Factors such as changing conditions in which food is produced, traded and delivered, the growing globalization of the food chain, and the international trade of food and agricultural goods contribute to the region's expansion. The existence of key players in the Europe food diagnostics market, such as Biorex Food Diagnostics (UK) and Randox Food Diagnostics (UK), also helps the region to grow. The increased prevalence of adulteration in meat products in the United Kingdom has fueled the expansion of the European food safety business, which has fueled the rise of the food diagnostics market.
Market players in food diagnostics include Omega Diagnostic Group Plc., Bio-Rad Laboratories Inc., Merck Kgaa, Biomerieux SA, Thermo Fisher Scientific., Perkinelmer Inc., and Thermo Electron Corporation among others. Key players are following strategies such as product launches, acquisitions, mergers and partnerships to gain a competitive edge in the market. For example, SCIEX and NofaLab announced the invention of the first non-derivatized LC-MS/MS technology for quick and simple detection and quantification of glyphosate and other polar herbicides in food, feed, and water commodities in December 2018. Thermo Fisher Scientific Inc. bought Qiagen, a developer of assay technologies for molecular diagnostics, in March 2020. The company's specialty diagnostics portfolio, which includes food safety testing kits, will be strengthened.
COVID-19 Impact: Positive impact on the global food diagnostics market
The COVID-19 pandemic has raised consumer concerns about food safety and hygiene, increasing demand for food diagnostics. Growing concerns among consumers for processed food due to the outbreak of COVID-19 across the globe will increase the security and safety of food products, thus driving the global food diagnostics industry growth. The food testing laboratories have been declared as essential services as it is essential to facilitate trade and ensure smoother food chain operations across the country and international borders. Furthermore, in the face of a growing viral threat, government officials ensure that food products are manufactured safely. For instance, the European Commission has developed standards for food manufacturers to follow to offset the lack of government monitoring experienced during lockdowns.
Understand the current market scenario and viability of global food diagnostic market over the forecast period
Visualize the composition of the global food diagnostics market in terms of type, test type, food tested, site and region to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global food diagnostics market - regional and country level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
The global food diagnostics market report would provide an access to approximately 70 market data tables, 65 figures and 195 pages
Food and Beverages Manufacturers
Food Testing Service Providers
Import and Export Companies
Education & Research Institutes