Food Diagnostics Market: Growth, Market Analysis and Forecast to 2023

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The global food diagnostics market size 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. Increase in the outbreak of foodborne illnesses, globalization in food trade, adoption of advanced technologies to maintain food quality and safety, and a rise in consumer awareness about food safety are factors projected to drive the market for food diagnostics.

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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.

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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.

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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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Geographical Prominence:

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.stats
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