Prolific demand for packaged and convenience food products coupled with stringent safety regulations will stoke market growth.
DUBAI, UAE / ACCESSWIRE / May 20, 2020 / Food diagnostics has gained paramount importance in identifying the microbial contaminants present in food, particularly the fresh produce i.e. fruits and vegetables. Further, accentuation of sanitation measures during COVID-19 pandemic will bode well for market. According to FMI's analysts, the global food diagnostics market will hit approximately US$ 24 Bn by 2029 end. Moreover, the food diagnostics market will receive tailwinds from seafood, meat, and poultry industry in view of heightening demand over the forecast period (2019-2029). However, supply chain disruptions spurred by global outbreak of COVID-19 will alter the market's growth trajectory through the pandemic.
'Niche players must follow multipronged growth-oriented strategies such as product development, and strategic partnerships to bolster competitive ascendancy,' concludes FMI.
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Key Takeaways of Food Diagnostics Market Study
- Processed food diagnostics will gather substantial portion of revenue share in the overall market stack.
- Europe leads the global food diagnostics market on the back of strict safety policies implemented by EU Reference Laboratories (EURLs), National Reference Laboratories (NRLs), and Control Laboratories (CLs).
- Safety segment will register an impressive CAGR over the forecast period by type of test.
- Rising incidences of food allergens and food adulteration is impelling the demand for food diagnostics.
Food Diagnostics Market - Key Growth Drivers
- Multiple outbreaks of foodborne illnesses have restated the significance of food diagnostics, specifically during the COVID-19 era.
- Favorable and stringent regulatory policies regarding quality and safety of food products are fuelling the growth of food diagnostics market.
- Heightened consumer awareness coupled with proliferation of health-conscious consumers is strengthening the food diagnostics market growth.
- Advent of advanced technologies such as faster testing in food diagnostics will augur well for market during the projection period.
Food Diagnostics Market - Key Restraints
- Lack of effective collaboration between prominent stakeholders is impeding the growth of food diagnostics market.
- Regulatory legislation laxity in developing countries is restricting the market growth in Asia Pacific.
Anticipated Impact of COVID-19 on Food Diagnostics Market
Major companies in the global food diagnostics market are developing and offering new guidelines on safe consumption and handling of food. According to World Health Organization (WHO), there has been no evidence so far regarding transmission of COVID-19 via food packaging or food items. However, minuscule traces of SARS-CoV-2 virus were found in a sample of non-potable water in Paris. Therefore, the risk of food contamination cannot be denied. Use of Personal Protective Equipment (PPE) such as gloves and masks is strongly advised for chefs and delivery agents by food diagnostic experts. Hence, governments have been reinforcing food hygiene principles which are bolstering the growth of food diagnostics market during the pandemic.
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Competitive Landscape of Food Diagnostics Market
Some of the noteworthy players in the global food diagnostics market that are featured in this FMI report include, but are not limited to, Thermo Fisher Scientific, The Merck Group, Minnesota Mining and Manufacturing Company, Envirlogix Inc., GEN-IAL GmbH, Qiagen, Agilent Technologies Inc., Hygiena LLC, FOSS A/S, Randox Food Diagnostics, Bio-Rad Laboratories Inc., Danaher Corporation, Biomerieux SA, Biorex Food Diagnostics, 3M Company, Perkinelmer Inc., Biocontrol Systems Inc., VWR International, Omega Diagnostic Group Plc, and Neogen Corporation. Multiple product launches, sustainable development, acquisitions, and partnerships are key strategies being adopted by top players in the food diagnostics market. In addition, sustaining the financial strength during this pandemic is the priority of leading manufacturers as well.
More about the Report
This Future Market Insights study of 200 pages provides all-inclusive insights on the global food diagnostics market. The market analysis is based on type (diagnostics systems and diagnostics consumables), test type (safety and quality), and food tested (meat poultry & sea food products, processed food, fruits & vegetables, dairy products, and cereals & grains) across six regions (North America, Latin America, Europe, Asia, Oceania, and Middle East & Africa).
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