As per the current market research conducted by CMI Team, the Global Food Diagnostics Market size is expected to record a CAGR of 7.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 16.32 Billion. By 2032, the valuation is anticipated to reach USD 30.75 Billion.
Increased international outbreaks of foodborne illnesses are expected to continue to be the main factor influencing the market for food medical specialities. Additionally, the market for food medical specialities is expected to be significantly impacted by the rise of food process trade safety testing with quicker findings.
Europe held a dominant position and is predicted to be in the dominating region during the forecast period due to the strict regulations being established by the regional regulatory and governing agencies. To provide a more secure supply of food for people in domestic and international economies, food security requirements are getting more and more strict.
The market for food diagnostics in Europe is anticipated to develop as a result of causes including an increase in incidents of food adulteration, financial constraints, food control concerns, a lack of knowledge about the harmful effects of foodborne diseases, and a lack of hygienic practices.
Foodborne disease cases are on the rise and are expected to fuel the growth of the food diagnostics market. Diagnostics is an important process because it involves the use of diagnostic techniques on food in order to ensure its quality and safety. These systems are made to detect contamination and contaminants in food that happen during the stages of production, processing, and packaging.
Increased international outbreaks of foodborne illnesses are expected to continue to be the main factor influencing the market for food diagnostics. Additionally, the market for food diagnostics is expected to be significantly impacted by the rise of food process trade safety testing with quicker findings.
The market for food diagnostics systems is expected to rise as a result of rising concerns about food quality and safety, stricter food safety regulations, increased food trade, and rising consumer knowledge of food safety.
Consumer consumption habits are continuing to change in favour of natural, organic, healthy eating, which frequently includes food that is devoid of GMOs and antibiotics, especially in developed countries. The product lineups of manufacturers are being impacted by this change. Hence, it is expected that healthy food consumption demand is driving the food diagnostics market.
The safety of food reaching end consumers may be in danger due to a lack of strict control measures and resources to monitor food safety along the food chain. Due to a lack of sufficient resources, expertise, and modernized standards for food production and monitoring, the growing number of small-scale producers in developing nations are frequently sources of dangerous food.
Small businesses in underdeveloped nations might not have implemented basic food testing procedures, which increases the danger of contamination. This is a significant aspect that will probably prevent the market from expanding. Moreover, food makers transmit information about a food product and its nutritional properties using statements, and other food labels.
False labelling is restricting market growth. It is when a business sells or distributes any product with inaccurate or misleading information about its composition, nature, origin, or use. Food fraud lawsuits and false labelling have increased as a result of the surge in adulteration of food and ingredients. It is preventing the market from expanding.
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Many countries are launching programs to improve food quality, safety, and fair trade, which could spur the market for food diagnostics to expand. Consumers’ concerns about food safety and quality are growing as the prevalence of foodborne illnesses rises, providing enormous opportunities for producers of food diagnostics. When food producers adhere to the standards, consumers can have confidence in the quality and safety of the products they buy.
The need for new, enhanced, user-friendly, and affordable diagnostic kits and assays to enable effective monitoring of food samples will be further translated into the necessity of manufacturers improving food safety at the consumer level through an emphasis on preventing contamination and the use of hygienic practices. This will give the market lots of chances to expand.
Over the forecast period, high costs and complexity related to diagnostic systems are predicted to restrain the growth of the global market for food diagnostic systems. High-end technologies like chromatography and spectrometry, which are utilized to evaluate food samples effectively, relate to expensive instruments and associated consumables.
The cost of these diagnostics systems also rises because of a greater emphasis on R&D activities and the need for accurate and reliable readings. The cost of acquiring these technologies is increased, particularly in low- and middle-income nations, because most of these testing devices are exported in huge quantities from wealthy regions like North America and Europe. These elements make widespread use of food diagnostic systems difficult.
On the basis of type, the systems segment is the leading segment and is expected to make the largest contribution to the food diagnostics market. Systems are simple to use, friendly to end users and deliver reliable test results. With the rising need for simple, quick, and fast diagnostics tools including immunoassay, PCR systems, PCR-based testing kits, and biosensors, the market for food diagnostic systems is anticipated to expand even more in the coming years. This market’s expansion is being driven by the rising need for quick technologies.
On the basis of site, the highest CAGR is projected for the outsourcing facility segment during the forecasted period. The increasing number of new players entering the food diagnostics market is responsible for the expansion of the outsourcing facility segment.
Two novel tests from the 3M Company were released: 3M Molecular Detection Assay 2 – STEC Gene Screen (stx and eae) and 3M Molecular Detection Assay 2 – STEC Gene Screen (stx). This will increase the company’s portfolio and make it easier for it to meet the varied screening requirements of laboratories.
List of the prominent players in the Food Diagnostics Market:
- 3M Company
- Merk Kgaa
- Danaher Corporation
- Agilent Technologies Inc.
- Neogen Corporation
- Biorex Food Diagnostics
- thermo Fisher Scientific Inc.
- Biomerieux Sa
- Bio-Rad Laboratories Inc.
- Randox Food Diagnostics
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