FOOD DIAGNOSTICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

One of the major challenges faced by the global food diagnostics market is the high cost of instruments and testing procedures. The techniques and instruments used for various food testing such as PCR systems, chromatography devices, and spectrophotometers are quite expensive. This becomes a significant hurdle, especially for small and medium scale food companies in developing countries to implement robust food safety testing programs. The maintenance of these sophisticated instruments and regular calibration processes also involves substantial costs. Furthermore, the microbiological and chemical testing methods prescribed by regulatory bodies are often labor intensive and time-consuming. Conducting multiple tests on each food batch pushes up the overall cost of quality control and assurance for food businesses. The expensive food diagnostics solutions are a deterrent for companies in emerging low and middle-income markets to strengthen their food safety management systems. Overall, the high capital investment and operating expenses associated with various food pathology instruments and diagnosis methods pose a notable challenge for the broader growth of the global food diagnostics market.

Market Opportunities: Untapped emerging markets for market

One of the major opportunities for the global food diagnostics market lies in tapping the emerging markets of developing economies. While food safety is a priority in almost all countries, the diagnostics solutions available are not adequately accessible or affordable for the food industry of many developing nations. This results in a large proportion of global food production and supply being untested or under tested. As the economies progress and consumer purchasing power increases, the demand for safer and higher quality food will surge in emerging markets across Asia Pacific, Latin America, Middle East, and Africa. This provides substantial scope for diagnostic solution providers to penetrate these previously underserved regions. By developing low-cost instruments, miniaturized portable devices and simplified testing methodologies, companies can make their offerings more suitable for the needs in emerging markets. This will help drive the adoption of preventive food safety practices among smaller food businesses as well. Thus, catering to the untapped emerging markets through customized affordable solutions can open big opportunities for continued growth of the global food diagnostics market.