LONDON--(BUSINESS WIRE)--The global food diagnostic equipment and consumables market is expected to grow at a CAGR of around 7% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global food diagnostic equipment and consumables market for 2017-2021. The market is segmented based on product, including equipment and consumables and geography, including the Americas, EMEA, and APAC.
The growth of the global food diagnostic equipment and consumables market has been driven by the growing prevalence of foodborne illness and its cost burden on national healthcare budgets. According to the Centers for Disease Control and Prevention (CDC), in the US, between 2010-2014, 120 multistate foodborne illness outbreaks were reported. Due to the growing prevalence of foodborne illness, F&B companies are adopting high-quality food safety systems to ensure the safety of their customers.
Technavio’s research analysts categorize the global food diagnostic equipment and consumables market into the following segments by regions:
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Americas: largest food diagnostic equipment and consumables market
The strong presence of key vendors such as 3M, Danaher, and Thermo Fisher Scientific in the Americas and considerable investments to improve food safety have driven the growth of the market in the region. In 2016, in the US, to implement the Food Safety and Modernization Act (FSMA), the Food and Drug Administration (FDA) invested more than USD 100 million.
“The presence of several regulatory organizations in the US and Canada increases the adoption of food diagnostic equipment and consumables. In 2011, the President of the US passed the FSMA, which revolutionized food safety in the country. In Canada, Health Canada assesses the Canadian Food Inspection Agency's activities related to food safety. The CFIA uses six independent surveillance systems to estimate foodborne illnesses across the country,” says Amber Chourasia, a lead analyst at Technavio for research on lab equipment.
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Food diagnostic equipment and consumables market in EMEA
The presence of regulatory organizations and the growth of the aging population have driven the adoption of food diagnostic equipment and consumables in EMEA. Food safety laws vary across the region, and there have been several food scams in countries such as Spain and Italy, which are affecting the growth of the market.
“Germany has effective food safety laws. Hence, it contributes a significant proportion of the revenue to the market in the region. In Germany, the Federal Ministry for Food and Agriculture ensures adherence to proper food safety procedures. In Ireland, due to product recalls, the adoption of food diagnostic equipment and consumables has increased. Furthermore, the efficient implementation of the Hazard Analysis and Critical Control Points guidelines across the country has ensured food safety,” adds Amber.
Food diagnostic equipment and consumables market in APAC
The growing number of food scams in countries such as China and India is increasing consumer and industry focus on food safety systems. The increasing number of food safety awareness conferences such as the Asia-Pacific International Food Safety Conference and the Asian Conference on Food and Nutrition Safety is increasing industry and consumer awareness about food safety, which is driving the growth of the global food diagnostic equipment and consumables market in the region.
After several food safety issues in China such as adulterated baby formulations and expired meat being sold to restaurants, the country updated its food safety law on October 1, 2015. Such issues have increased awareness among consumers in the country.
The top vendors in the global food diagnostic equipment and consumables market highlighted in the report are:
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