Increasing Cases of Food Recalls to Drive the Growth of Food Diagnostics Market
The market for food diagnostics is projected to grow from USD 13.5 billion in 2020 to USD 19.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. This is attributed to increasing instances of foodborne outbreaks, increasing number of food recalls, growth of international food trade and rising consumer awareness regarding food safety & quality. The initiatives taken by regulatory bodies to improve food safety across geographies is also projected to drive the market growth.
The rising concerns regarding the quality and safety of food products owing to an increase in the number of food recalls have led to increased emphasis on the microbiological quality and chemical analysis of food to ensure regulatory compliance for food safety.
This has resulted in the introduction of legislations for rigorous testing of food products, which has further led to the growing demand for food diagnostics. These recalls indicate the trends and common problems occurring in the food industry regarding the safety of food, which calls for preventive measures, further driving the demand for diagnostics of food products.
The European region accounted for the largest share in the food diagnostics market. The large market share in this region is attributed to stringent regulations being implemented by the regulatory and authoritative bodies in the region. Apart from this, recent foodborne outbreaks in Spain and increasing contamination of meat products in the UK are also projected to drive the growth of food diagnostics market in Europe. Increasing number of border rejection cases in Europe is likely to present growth opportunities for the market.
Key Market Players:
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).
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