(Entertainment-NewsWire.com, June 08, 2021 ) 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. Increasing instances of foodborne illnesses and food recalls coupled with increasing globalization of food trade are the factors that are projected to drive the growth of the food diagnostics market. Furthermore, rising awareness among consumers regarding food safety due to the outbreak of COVID-19 is also projected to drive the market growth.
Key food diagnostics market players include 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). These players have adopted various growth strategies such as collaboration and new product launches to expand their presence in the global food diagnostics market further. New product launches have been the most dominating strategy adopted by major players. This strategy has helped them to increase their presence in different regions.
By site, the outsourcing facility segment is projected to be the largest and fastest-growing segment in the food diagnostics market during the forecast period.
The growth of outsourcing facility segment is attributed to growing number of new entrants in the food diagnostics market. Additionally, the need for fully integrated, self-reliant and specialized equipment required for collecting and analyzing of food samples will drive the growth of outsourcing food testing services. Reduced overhead and operating cost along with the availability of advanced testing technologies are fueling the demand of food testing laboratories.
The European region is projected to be the largest market for food diagnostics during the forecast period.
The European region is projected to be the largest market for food diagnostics during the forecast period. The region is witnessing growth owing to factors such as changing conditions under which food is processed, traded and distributed, accelerating globalization of the food chain and international trade of food and agricultural products. The region is also backed by the presence of key players such as Biorex Food Diagnostics (UK) and Randox Food Diagnostics (UK) in the food diagnostics market. The growing adulteration across meat products in the UK has also pushed the growth of the European food safety industry further driving the food diagnostics market. Germany is projected to be the largest market in Europe for food diagnostics followed by the UK.
The hybridization-based sub-segment in the systems segment on the basis of type is projected to be the largest segment in the food diagnostics market during the forecast period.
Hybridization-based systems are further bifurcated into PCR systems, microarray systems, sequencers, and gene amplifiers. The growth of this segment is attributed to high analytical precision offered by hybridization-based systems. Growing demand of automated PCRs is also projected to drive the growth of this segment. PCR is projected to dominate the market followed by gene amplifiers.