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| Global Food Irradiation Market Size |
The global Food Irradiation Market is estimated to be valued at US$ 219.84 Bn in 2023 and is expected
to exhibit a CAGR of 5.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Food irradiation is a technique for processing food using ionizing radiation.
The major types of ionizing radiation used for food processing include gamma
rays, X-rays, and electron beams. Irradiation is used to kill parasites,
bacteria, viruses and insects that cause food spoilage and food borne
illnesses. It maintains the quality, safety and extending the shelf life of
food without altering its taste or nutritional value. Irradiated foods include
spices, cereals, fruits, vegetables, meat, poultry and seafood. It is an
effective non-thermal food processing technique for eliminating microbial
contaminations in foods.
Market key trends:
One of the major trends in the Global
Food Irradiation Market Size is growing global concern about food
safety. Foodborne illnesses pose a serious threat to public health. According
to WHO estimates, almost 1 in 10 people fall ill every year due to eating
contaminated food and 420,000 people die from foodborne diseases worldwide.
Food irradiation helps eliminate pathogens and significantly reduce the risk of
foodborne illnesses. The COVID-19 pandemic has further emphasized the need for
advanced food safety and preservation techniques. Another key trend is the
rising demand for minimally processed and ready-to-eat food products. Busy lifestyles
and changing dietary patterns are fueling the demand for convenient packaged
food items. However, these products have a short shelf life. Food irradiation
extends the shelf life of perishable food items without interrupting the supply
chain. This offers opportunities for food manufacturers, retailers as well as
consumers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the food
irradiation market requires high initial setup and equipment costs. However,
growing demand for food irradiation services could attract potential new
players if entry costs decline over time.
Bargaining power of buyers: The bargaining power of buyers is moderate. While a
handful of large retailers can exert pressure on pricing and contractual agreements,
food irradiation is still a niche market with limited buyer options.
Bargaining power of suppliers: The bargaining power of suppliers is low to
moderate. There are a limited number of irradiation equipment and isotope
suppliers. However, these suppliers have limited differentiation in their
product offerings.
Threat of new substitutes: The threat of new substitutes is low as food
irradiation provides a unique value proposition of eliminating contaminants
without cooking or heating food. Emerging alternative food safety techniques
like high pressure processing are still niche in application and uptake.
Competitive rivalry: Intense as players compete mainly on pricing and
technological differentiation. Major players focus on expanding through regional
partnerships and acquisition.
Key Takeaways
The global Food Irradiation Market is expected to witness high growth,
exhibiting CAGR of 5.0% over the
forecast period 2023 to 2030, due to increasing demand for fresh and convenient
food along with rising foodborne illness outbreaks.
Regional analysis: North America accounts for largest share of the food
irradiation market currently due to stringent food safety regulations and
increasing consumption of processed food. Asia Pacific region is expected to register
highest growth in the coming years led by countries like China & India
driven by growing awareness, economic development and changing dietary
preferences.
Key players: Key players operating in the food irradiation market are
Sterigenics International, Inc., Ionisos SA., Gray Star, Inc. These players
focus on expanding their geographical footprint and service offerings through
partnerships and acquisition strategies to strengthen market presence.
Read More: https://www.rapidwebwire.com/global-food-irradiation-market-trends/