Food Irradiation Market to Surpass US$ 300 Mn by 2030: FMI Study
The global food irradiation market is scheduled to cross the US$ 300 million mark by the end of 2030, according to ESOMAR-certified firm, Future Market Insights’ new report.
Food Irradiation Market
A recent market report published by FMI on the Food Irradiation Market provides global ind...
Heightening concerns regarding food adulteration and contamination is augmenting the need for effective quality assessment solutions, thus expanding the scope of food irradiation technologies. These technologies help enhance the shelf life of foodstuffs by eliminating bacterial and fungal growth.
Furthermore, accelerating demand for sterile foods in healthcare settings is also providing traction to food irradiation technologies. Sterile foods are highly beneficial for patients suffering from life altering diseases such as cancer and HIV/AIDS.
Key Takeaways from FMI’s Food Irradiation Report
- Stringent government regulations to stimulate food irradiation market in upcoming years
- Gamma radiation sources to remain highly prevalent due to their effectiveness and safety
- Ozone-based food irradiation technology to acquire immense popularity, attributed to its eco-friendly nature
- Asia-Pacific to generate lucrative revenue prospects during the 2020-2030 forecast period
- Limited awareness about food irradiation techniques likely to restrain growth moderately
“Rising incidences of food related mortalities is pushing vendors to invest in enhanced food irradiation technologies to make quality food available to potential customers,” opines the FMI analyst.
COVID-19 Impact Insights
The novel coronavirus pandemic has led to a major global economic downturn. Multiple industries are experiencing production cycle and supply chain disruptions due to government enforced lockdowns to contain the virus’s spread. Consequently, they are experiencing reduced profit and revenue margins.
With regard to food irradiation, sluggishness is anticipated to remain until the latter half of 2021. This is primarily because of a reduction in laboratory testing due to curbs on on-premises operations by agencies. However, this downturn is not expected to be severe, as testing is possible under remote conditions as well.
Furthermore, demand for clean-label and adulterant free foods has especially heightened since the pandemic’s onset, attributed to fears of contracting the coronavirus through the ingestion of contaminated foodstuffs. This is expected to sustain demand for food irradiating tests throughout the duration of the pandemic.
The global food irradiation market is interspersed with the presence of various regional and international level manufacturers. Prominent vendors include Food Technology Service Inc., Sterigenics International Inc., Gray Star Inc., Ionisos SA, Nordion Inc., Reviss Services Ltd., Sadex Corporation, Sterix Isomedix Services, Scantech Sciences Inc., and Phytosan SA De C.
A combination of divestitures, expansion of manufacturing and business capacities and acquisitions characterize the aforementioned players’ key market strategies. Besides, they also concentrate on enhancing their product portfolios through the development and introduction of new technologies.
In 2017, Sterigenics International Inc. successfully executed its gamma sterilization capacity in an effort to increase its global outreach. The expansion cost amounted to US$ 17.5 million. The expansion involved the installation of a new gamma irradiator to expand its testing capacities.
In 2019, Ionisos SA acquired Steril Milano, a specialist in sterilization services. The acquisition was initiated keeping in mind the company’s objective of enhancing their regional footprint across Europe, thus allowing them to access a wider customer base.
More Valuable Insights on FMI’s Food Irradiation Market Study
Future Market Insights, in its new report, offers an unbiased analysis of the global food irradiation market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the food irradiation market on the basis of source (gamma radiation, x-ray radiation and electron beam radiation) and technology (ultra-high pressure, steam pasteurization, food coating, ozone treatment and other technologies) across seven prominent regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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