by The food irradiation market is estimated to be valued at US$ 199.4 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The food irradiation market involves the use of ionizing radiation to eliminate pathogens and extend the shelf life of food products. This process ensures the safety and quality of food by reducing the risk of microbial contamination, thereby preventing foodborne illnesses. Food irradiation is widely used for the preservation of meat, poultry, seafood, fruits, and vegetables. It also helps in controlling insect infestation in stored grains and cereals. The use of irradiation technology in the food industry helps in reducing post-harvest losses and increasing food security. It is approved by various regulatory bodies, such as the U.S. Food and Drug Administration (FDA), for its effectiveness in controlling pathogens without compromising the nutritional value or taste of food products.
Market Dynamics:
The growth of the food irradiation market can be attributed to several factors. Firstly, the increasing demand for food preservation techniques to extend the shelf life of food products is driving the market growth. Food irradiation helps in preventing spoilage and reducing food waste, which is a major concern globally. Secondly, rising consumer awareness regarding food safety and the need for eliminating harmful pathogens from the food supply chain is further fueling the market growth. Food irradiation offers an effective solution for eliminating bacteria, viruses, and parasites from food products, thus ensuring their safety for consumption. Additionally, the growing adoption of food irradiation by food manufacturers and retailers to comply with food safety regulations and standards is boosting the market growth.
SWOT Analysis:
Strength: The food irradiation market is expected to witness high growth due to its ability to reduce foodborne illnesses and increase the shelf life of food products. Additionally, irradiation does not alter the taste, texture, or nutritional value of the food.
Weakness: One weakness of the food irradiation market is the lack of consumer acceptance and awareness. Many consumers are reluctant to purchase irradiated food products due to misconceptions and concerns about potential health risks. Another weakness is the high initial investment required for implementing irradiation technology.
Opportunity: There are two main opportunities in the food irradiation market. Firstly, the increasing demand for processed food products and the need to address food safety concerns provide a favorable environment for the market’s growth. Secondly, the adoption of irradiation technology in developing countries offers immense growth opportunities for market players.
Threats: Two major threats to the food irradiation market include strict regulations and potential negative consumer perceptions. Regulatory bodies impose various rules and guidelines to ensure the safe and proper use of irradiation technology. Additionally, negative consumer perceptions regarding the safety and effectiveness of irradiated food products can hinder market growth.
Key Takeaways:
The Global Food Irradiation Market Size is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period (2023-2030). The market’s growth is primarily driven by the increasing demand for food safety and longer shelf life, along with the rising need for processed food products.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the food irradiation market. The stringent food safety regulations, the presence of key market players, and the increasing demand for packaged and processed food products contribute to the region’s market dominance.
Key players operating in the food irradiation market include Sterigenics International, Inc., Ionisos SA., Gray Star, Inc., Reviss Services Ltd., Nordion Inc., Sadex Corporation, Steris Isomedix Services, Scantech Sciences Inc., Steri-Tek, and Symec Engineers (India) Pvt. Ltd. These key players play a significant role in driving market growth through their technological advancements, product innovation, and strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
