Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Food Diagnostics Market by Type (Systems, Test Kits, and Consumables), Testing Type (Safety and Quality), Site (Outsourcing Facility and Inhouse), Food Tested (Meat, Poultry & Seafood, Dairy Products, Processed Food) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The food diagnostics sector is poised for substantial growth with the global market estimated to reach a noteworthy valuation of USD 23.5 Billion by 2028. This projection is based on a steady Compound Annual Growth Rate (CAGR) of 7.7% from its current value of USD 16.2 Billion in 2023. The surge in this market is largely attributable to the rising incidences of foodborne illnesses and stringent regulatory measures aimed at enhancing food safety.
Analyzing the market by type, the systems segment is noted for an impressive growth spurt, feeding the market with a CAGR of 7.9%. Advanced diagnostic systems are becoming the bulwark against food contamination, with technologies such as chromatography and spectrometry leading the charge in food safety assurance.
Breaking down the market by food tested, the meat, poultry, and seafood segment is recognized for setting the pace with an expected CAGR of 8.5%. This robust growth is fueled by the necessity for stringent testing to combat the challenges of food perishability and contamination risks in these industries.
Delving into market dynamics based on the site of testing, outsourcing facilities are estimated to burgeon with an 8.0% CAGR over the forecast period due to the proliferation of sophisticated testing that is far beyond in-house capabilities.
When looking at the geographical landscape, Europe emerges as a significant player and a catalyst for market expansion due to its rigid food safety standards and comprehensive regulations that ensure the steadfast implementation of food diagnostics.
The report presents an in-depth analysis of key market drivers, such as the increasing count of foodborne illness cases and proactive governmental initiatives for food safety. It further underscores the challenges and opportunities that are shaping the industry, including the advancements in diagnostic testing technologies and the potential for high-growth in emerging economies.
An extensive competitive analysis included in the report provides critical information on the strategies and product offerings of leading market players, alongside insight into emerging startups in the food diagnostics ecosystem.
With rigorous attention to detail, the study generously equips stakeholders with strategic insights into the competitive landscape, helping them to navigate the market with a nuanced understanding of the dynamics at play and the opportunities that lie ahead.
Market Highlights:
- Comprehensive analysis of factors such as technological innovations and the urgency of food safety on global scales
- Research and development activities spotlighting the effectiveness and innovation in food diagnostics
- Evaluation of new, uncharted market territories and investment prospects for stakeholders
- Insightful details about key market players and an unbiased competitive assessment of market shares
An awareness of the increasingly pivotal role of food diagnostics in ensuring the safety and quality of food products is revolutionizing the industry, paving the way for a future where consumers can place even greater trust in global food supply chains.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 408 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $16.2 Billion |
| Forecasted Market Value (USD) by 2028 | $23.5 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Industry Trends
- Introduction
- Trends/Disruptions Impacting Customers' Business
- Value Chain Analysis
- Raw Materials
- Food Mills
- Distribution
Premium Insights
- Increasing Instances of Foodborne Outbreaks and Globalization of Food Trade to Drive Food Diagnostics Market
- Systems Segment and Germany to Account for Significant Market Shares in 2022
- Safety Segment to Lead Market by 2028
- Meat, Poultry, and Seafood Segment to Dominate Market During Forecast Period
- Outsourcing Facility Segment to Dominate Market During Forecast Period
- Systems Segment and Europe to Account for Largest Market Share During Forecast Period
- Us to Account for Largest Market Share in 2023
Market Overview
Drivers
- Increase in Incidences of Foodborne Illnesses
- Initiatives by Regulatory Bodies and Governments to Improve Food Safety Across Regions
- Increase in Cases of Food Recalls
- Food Recalls in US
- Growth in Border Rejection Cases in Europe
Restraints
- Lack of Basic Supporting Infrastructure in Emerging Economies
Opportunities
- Technological Innovations in Testing
- Demand for Rapid Test Kits to Rise for Onsite Testing
- Dna-Based Test Kits for Pathogen Testing
- Multi-Contaminant Analyzing Technology
- Increase in Budget Allocation and Expenditure on Food Safety
- Growth in Food Trade and Regulations to Combat Outbreaks in Emerging Economies
Challenges
- High Cost of Rapid Technologies (Hybridization-Based, Spectrometry-Based)
- Heavy Duty on Test Kits
- Complexity in Quantification of Test Results
- Standardization of Testing Protocols
Companies Mentioned
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Biomérieux
- Biorex Food Diagnostics
- Bruker
- Clear Labs, Inc.
- Danaher
- Envirologix
- Foss
- Gold Standard Diagnostics
- Hygiena LLC
- Merck KGaA
- Nemis Technologies Ag
- Neogen Corporation
- Pathogendx Corporation
- Perkinelmer Inc.
- Promega Corporation
- Qiagen
- R-Biopharm Ag
- Randox Food Diagnostics
- Ring Biotechnology Co Ltd.
- Roka Bio Science
- Romer Labs Division Holding
- Shimadzu Corporation
- Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/bkbo7a
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