The Food Diagnostics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Food Diagnostics Global Market Report 2024, The food diagnostics market size has grown strongly in recent years. It will grow from $17.19 billion in 2023 to $18.51 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to stringent food safety regulations, globalization of food supply chains, consumer demand for transparency, industry adoption of rapid testing methods, global trade of food products.
The food diagnostics market size is expected to see strong growth in the next few years. It will grow to $25.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to focus on allergen detection, demand for on-site and portable diagnostics, rising importance of traceability, growing importance of microbial testing, expansion of the organic and natural foods market. Major trends in the forecast period include technological convergence in the industry, digitalization of food documentation, rapid testing technologies, point-of-care diagnostics, biosafety level enhancement, remote sensing technologies.
The increasing number of food adulteration cases is expected to propel the growth of the food diagnostics market going forward. Food adulteration refers to the process of lowering the quality of food by either including or replacing food substances with hidden alternative components, or by removing some useful components. Food diagnostics is a scientific method for determining the content and quality of food products that are used to detect food adulteration, which occurs when inferior or hazardous ingredients are added to food items. Hence, the increasing number of food adulteration cases increases the demand for food diagnostics. For instance, in January 2023, according to the Food and Drug Administration, a US-based intergovernmental organization, experts estimated that food fraud affects 1% of the global food sector and costs $10-$15 billion per year, though other more recent expert estimates put the cost as high as $40 billion per year. Therefore, the increasing number of food adulteration cases is driving the growth of the food diagnostics market.
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The food diagnostics market covered in this report is segmented –
1) By Type: System, Test Kits, Consumable
2) By Types Of Tests: Food Safety Testing, Food Authenticity Testing, Food Shelf Life Testing Market
3) By Site: Inhouse, Outsourcing Facility
4) By Food Tested: Meat Poultry And Seafood, Processed Food, Dairy Products, Fruits And Vegetables, Cereals Grains And Pulses, Nuts Seeds And Spices, Other Food Tested
Product innovation is a key trend gaining popularity in the food diagnostics market. Major companies operating in the food diagnostics market are adopting new technologies to sustain their position in the market. For instance, in November 2023, Roche Holding AG, a Switzerland-based healthcare company, launched qPCR system. The lightcycler PRO system is a new system that aims to be the most advanced qPCR technology for research and clinical diagnostics. The next-generation qPCR system is launched to meet clinical demands in molecular diagnostics and tackle issues related to public health. With this launch, Roche is showcasing its dedication to developing advanced diagnostic solutions, with a particular emphasis on advancements in molecular and point-of-care solutions, core lab systems, lab automation, and digital and high-medical-value diagnostics that are revolutionizing patient care.
The food diagnostics market report table of contents includes:
1. Executive Summary
- Food Diagnostics Market Characteristics
- Food Diagnostics Market Trends And Strategies
- Food Diagnostics Market – Macro Economic Scenario
- Global Food Diagnostics Market Size and Growth
. - Global Food Diagnostics Market Competitive Benchmarking
- Global Food Diagnostics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Food Diagnostics Market
- Food Diagnostics Market Future Outlook and Potential Analysis
- Appendix
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