Food Diagnostics Market Worth $17.1 Billion by 2023 - Exclusive Report by MarketsandMarkets™

Food Diagnostics Market Worth $17.1 Billion by 2023 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, Feb. 6, 2019

CHICAGO, Feb. 6, 2019 /PRNewswire/ -- According to the new market research report "Food Diagnostics Market by Type (Systems and Consumables), Type of Test (Safety and Quality), Food Tested (Meat, Poultry, & Seafood, Dairy products, Processed Foods, Cereals & grains, and Fruits & Vegetables), and Region-Global Forecast to 2023", published by MarketsandMarkets™, the Food Diagnostics Market is projected to grow from USD 12.1 billion in 2018 to USD 17.1 billion by 2023, at a CAGR of 7.1% during the forecast period. The major factors driving the food diagnostics market is the increase in global outbreaks of foodborne illnesses. Further, stringent food safety regulations, availability of advanced rapid technology, growing demand for convenience and packaged food products, increasing outbreaks of chemical contamination in food processing industries, and rising consumer awareness about food safety in practices is projected to drive the market.

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The fruits & vegetables segment is projected to grow at the highest CAGR in the global food diagnostics market during the forecast period.

The fruits & vegetables segment is projected to be the fastest-growing segment due to the easy susceptibility to microbial and other contaminations, along with the growing number of tests for fruit & vegetables (as they are also largely used as ingredients). Furthermore, high susceptibility to contamination of fruit and vegetables by different types of pathogens, pesticides, and GMOs are also projected to drive the growth of the food diagnostics market.

Browse in-depth TOC on "Food Diagnostics Market"
81 – Tables
38 – Figures
201 – Pages

The safety segment, by type of test, is projected to grow at the highest rate during the forecast period.

The safety testing segment is projected to grow at the highest CAGR during the forecast period. Food diagnosis of samples is conducted as a pre-emptive measure to reduce the chances of contamination and improve the nutritive quality of the produce before it is commercialized. Increasing global trade of food produce and regulations imposed on the quality and safety of the produce are driving the market for food diagnostics.

Moreover, the growing prevalence of foodborne illness, food adulteration, and increase in food allergens have resulted in several incidences of food recalls in the last five years. This has resulted in an increase in the number of food safety tests being conducted, which has subsequently stimulated the demand for food diagnostics systems and consumables.

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Europe is projected to account for the largest market share during the forecast period.

Europe is estimated to account for the largest market share in 2018. The market in this region is primarily driven by the growth in the German and UK markets. The market in this region is driven by the European food policies that have been extensively emphasized by the National Reference Laboratories (NRLs) and the European Reference Laboratories (EURLs) to maintain food standards and protect consumer health. The market is further driven by the presence of major food diagnostics companies such as 3M Company (US), Merck KGAA (Germany), and Thermo Fisher Scientific Inc. (US) that are continuously investing and collaborating for the development of better and faster testing technologies, to aid conformity to various food safety regulations.

Major vendors in the food diagnostics market include Biomerieux SA (France), Danaher Corporation (US), Bio-Rad Laboratories Inc. (US), Neogen Corporation (US), Biorex Food Diagnostics (UK), Randox Food Diagnostics (UK), FOSS (Denmark), Hygiena LLC (US), Agilent Technologies Inc. (US), Qiagen (Germany), GEN-IAL GmbH (Denmark), and Envirlogix Inc. (US).

Browse Adjacent Markets: Food Testing Services and Logistics Market Research Reports & Consulting

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