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 technology that uses ionizing radiation like X-rays, gamma rays, and electron beams to kill microorganisms, bacteria, viruses, and insects that cause food spoilage and can pose risks to health. It helps increase the shelf life of food by delaying spoilage and extends the perishable commodities' shelf life without altering their taste or nutritional value.
Market key trends:
The increasing demand for convenient and ready-to-eat food products due to changing lifestyle and busy schedules has boosted the growth of the food irradiation market. Food irradiation helps meet this rising demand by delaying spoilage and microbial growth without using any preservatives or chemicals. Furthermore, the growing awareness about food-borne diseases and stringent food safety regulations enforced by governments worldwide have increased the adoption of food irradiation technology for safety purposes. The technology helps eliminate pathogens and ensure the microbiological safety of food.
SWOT Analysis
Strength: Food irradiation enhances food safety by eliminating harmful pathogens and reducing risk of foodborne illness. It extends the shelf life of foods by inhibiting spoilage.
Weakness: Irradiated foods may not be widely accepted by consumers due to concerns regarding effects on nutritional value and taste. Strict regulatory norms vary across regions.
Opportunity: Growing international trade of food products drives the need for alternative food preservation methods like irradiation. Rising awareness about food safety and hygiene presents growth prospects.
Threats: Alternative food processing and preservation techniques may limit the demand for irradiation technology. Stringent regulatory oversight also poses challenges.
Key Takeaways
The Global Food Irradiation Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing international food trade. Advances in technology to improve efficacy and efficiency are also boosting the market.
Regional analysis: North America dominates the global market currently due to stringent food safety regulations and advanced infrastructure. Asia Pacific is anticipated to be the fastest growing market owing to growing awareness about food safety in emerging countries and increasing foreign investments. Countries like India and China are major contributors to the regional market growth.
Key players operating in the food irradiation market are 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. Key players are focusing on new product launches, partnerships and mergers to strengthen their market position. They are investing in R&D to develop innovative technologies and simplify regulatory compliances.
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