The initiatives taken by regulatory bodies to improve food safety across geographies is also projected to drive the market growth.
Food diagnostics systems are designed to identify food contamination and quality parameters at various stages of a supply chain, such as storage, manufacturing, processing, and packaging. Food diagnostics include systems that detect the presence of contaminants and analyze the nutritional content of the food sample to help monitor the safety and quality of food samples. It also includes consumables such as reagents, disinfectants, and test accessories that are essential to perform food safety and quality tests and obtain accurate and specific results.
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MarketsandMarkets expects the global food diagnostics market to grow from USD 13.5 billion in 2020 to USD 19.2billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.The increasing consumer awareness regarding food safety and increasing number of global food recall cases are some of the key factors that are projected to drive the growth of the food diagnostics market. However, high cost of rapid technologies such as spectrometry-based is a major factor inhibiting the market growth. Technological innovations in testing are projected to create opportunities for growth of food diagnostics market.
Hybridization-based systems are projected to dominate the market during the forecast period. High analytical precision, user-friendly procedures, and accurate output in food diagnosis are the major factors driving the growth of hybridization-based systems.
The outsourcing facility segment, by site is projected to dominate the market during the forecast period. Cost-control, trained staff and state-of-the-art technologies are some of the major factors contributing to the growth of this segment.
In terms of geographical coverage, the food diagnostics market has been segmented into six regions, namely, North America, Asia Pacific, Europe, South America, Africa and Middle East. Europe is projected to dominate the market during the forecast period. Stringent regulations for food safety and recent foodborne outbreaks such as listeriosis outbreak in 2019 are some of the key factors driving the food diagnostics market in Europe.
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