New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food Diagnostics Global Market Report 2023" - https://www.reportlinker.com/p06479728/?utm_source=GNW
, Biorex Food Diagnostics, Merck KGaA, QIAGEN N.V., ALS Limited, Intertek Group plc, Hygiena LLC, EnviroLogix Inc.
The global food diagnostics market is expected to grow from $15.94 billion in 2022 to $17.19 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The food diagnostics market is expected to reach $23.02 billion in 2027 at a CAGR of 5.6%.
The food diagnostics market consists of revenues earned by entities by providing services such as testing the quality of a product, quality control, testing for adulterants, and food nutrient content analysis.The market value includes the value of related goods sold by the service provider or included within the service offering.
The food diagnostics market also includes sales of DNA-based food test kits and ELISA kits, which are used in providing food diagnostic services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Food diagnostics refers to the scientific investigation and analysis of food products to evaluate their ingredients, quality, safety, and nutritional value. It is used to identify food fraud and adulteration.
Europe was the largest region in the food diagnostics market in 2022. The regions covered in food diagnostics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of food diagnostics are systems, test kits, and consumables.Food diagnostic system is a collection of resources that work together to achieve the desired result from given inputs, which is used to analyze food samples in order to identify their nutritional value, quality, and the presence of harmful substances.
The type of tests done are food safety testing, food authenticity testing, and food shelf life testing, which can be done in-house and outsourcing facility for meat poultry and seafood, processed food, dairy products, fruits and vegetables, cereals grains and pulses, nuts seeds and spices, and others.
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.
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 October 2020, Neogen Corporation, a US-based food safety company, launched Reveal 3-D Food Buffer, a new food extraction method.This novel method gives their 3-D test users more flexibility by expanding test capabilities to include direct testing of food products, and it has been verified on a wide range of food matrices.
This method is applicable to all allergies and product kinds, and it employs a representative sampling protocol, which ensures confidence of results. The approach is simple to implement with Reveal 3-D detection limits.
In January 2021, Neogen Corporation, a US-based food safety company, acquired Megazyme Ltd for an undisclosed sum.This acquisition broadens, diversifies, and enriches Neogen’s portfolio by providing a natural and complimentary addition to the food diagnostics products while fitting aim of offering comprehensive leading solutions to global food producers.
Megazyme Ltd. is an Ireland-based manufacturer and supplier of enzymatic bio-analysis test kits and reagents for the food feed dairy beverage and allied industries.
The countries covered in the food diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The food diagnostics market research report is one of a series of new reports that provides food diagnostics market statistics, including the food diagnostics industry’s global market size, regional shares, competitors with a food diagnostics market share, detailed food diagnostics market segments, market trends, and opportunities, and any further data you may need to thrive in the food diagnostics industry. This food diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479728/?utm_source=GNW
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