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.
Increasing instances of foodborne outbreaks is driving the market growth
The global food diagnostics market size is projected to grow from USD 13.5 billion in 2020 to USD 19.2 billion by 2025, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The growth of commercial food services over the years have led to potential increase in the possibility of transmission of foodborne infections from handlers to consumers, which in turn is expected to drive the growth of food diagnostics market. However, lack of food control infrastructure in developing countries and comparatively higher prices of rapid technologies will certainly act as major restraints for the market growth.
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The meat, poultry, and seafood segment, by food tested is projected to grow at a higher growth rate during the forecast period
Food recalls due to microbiological contamination of meat, poultry and seafood products has led to various regulations being framed by the FSIS to control the contamination of meat and poultry products in slaughterhouses and processing plants is projected to drive the growth of safety testing for meat, poultry, and seafood segment in the food diagnostics market.
The Asia Pacific is projected to be the fastest-growing market during the forecast period
The Asia Pacific is projected to be the fastest growing market for food diagnostics in the forecast period. This is attributed to governmental authorities governing food safety systems in China, increased expenditure on food safety by FSSAI in India and major efforts by regulatory bodies to address current issues associated with food safety and quality. China is projected to be the largest and fastest growing market in Asia Pacific followed by Japan.
The food diagnostics market comprises of major players, such as 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). The study includes analysis of these players in the food diagnostics market, with their company profiles, recent developments, and the key market strategies.
Research Coverage
The study covers the food diagnostics market across segments. It aims at estimating the market size and its growth potential across different segments such as type, site, testing type, food tested and region. The study also includes an in-depth analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies to cater to the growing market demand during the current pandemic.
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Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall food diagnostics market and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
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