The global food diagnostics market was valued at USD 13.5 billion in 2020 and expected to reach USD 19.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the food diagnostics market include the growing concerns associated with food safety and hygiene due to increasing number of COVID-19 cases and increasing globalization of food trade. The increasing cases of food recalls are also projected to drive the market growth.
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Hybridization-based systems are further bifurcated into PCR systems, microarray systems, sequencers, and gene amplifiers. The growth of this segment is attributed to high analytical precision offered by hybridization-based systems. Growing demand of automated PCRs is also projected to drive the growth of this segment. PCR is projected to dominate the market followed by gene amplifiers.
The increasing number of food recalls and necessity to maintain trust and consumer confidence in safety and availability of food is projected to drive the demand of safety testing. Also, with the advent of the coronavirus, food safety is given greater importance by all the affected countries to prevent contamination of any food items.
The European region is projected to be the largest market for food diagnostics during the forecast period. The region is witnessing growth owing to factors such as changing conditions under which food is processed, traded and distributed, accelerating globalization of the food chain and international trade of food and agricultural products. The region is also backed by the presence of key players such as Biorex Food Diagnostics (UK) and Randox Food Diagnostics (UK) in the food diagnostics market. The growing adulteration across meat products in the UK has also pushed the growth of the European food safety industry further driving the food diagnostics market. Germany is projected to be the largest market in Europe for food diagnostics followed by the UK.
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Key food diagnostics market players include 3M (US), Thermo Fisher Scientific Inc. (US), PerkinElmer Inc. (US), Danaher Corporation (US), Shimadzu Corporation (Japan), Agilent Technologies Inc. (US), bioMerieux SA (France), Bio-Rad Laboratories, Inc. (US), Neogen Corporation (US), Foss (Denmark), Biorex Food Diagnostics (UK), and Randox Food Diagnostics (Ireland). These players have adopted various growth strategies such as collaboration and new product launches to expand their presence in the global food diagnostics market further. New product launches have been the most dominating strategy adopted by major players. This strategy has helped them to increase their presence in different regions.
Food Diagnostics Market: Overview, Trends, and Growth
The global food diagnostics market was valued at USD 13.5 billion in 2020 and expected to reach USD 19.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the food diagnostics...
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