Press release
Food Irradiation Market to Surpass US$ 300 Mn by 2030
Food Irradiation Market
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.
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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.
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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.
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Competition Landscape
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.
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About 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, the global financial capital, and has delivery centers in the 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.
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