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.
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Global Food Irradiation Market was value US$ 158.65 Mn in 2019 and is expected to reach US$ 237.26 Mn by 2027 at a CAGR of 5.16% over forecast period 2020-2027.Global Food Irradiation Market Drivers and Restrains:Food irradiation is the treatment of food by a certain type of energy.
The process involves exposing the food, either packaged or in bulk, to carefully controlled amounts of ionizing radiation for a specific time to achieve certain desirable objectives.Increasing concerns over the food-borne diseases and high food losses from infection, spoilage, and contamination are some of the key factors driving the global food irradiation market.
Rising public concerns over food safety and increased demand for raw food products such as lettuce or spinach will provide ample opportunities for global food irradiation solution providers over forecast period.Restraints of the food irradiation market are lack of irradiation facilities and the reluctance of manufacturers to use this technology as it adds costs, thereby affecting the profit margin.Combinations of irradiation treatments with other preservation techniques are likely to be more commonly applied commercially to foods in the years ahead.
This is expected to create lucrative opportunities for market over forecast period.Global Food Irradiation Market Segmentation Analysis:Global Food Irradiation Market is segmented by Source of radiation, Food type and by Region.By source of radiation, Gamma radiation held highest market share in 2019 and is expected to keep its dominance over forecast period.
Gamma ray is a process in which ionizing energy, passes through the food that breaks the molecular bond and ionizes atoms.
Cobalt-60 is the most common source of gamma rays for food irradiation in commercial scale facilities as it is water insoluble and hence has little risk of environmental contamination by leakage into the water systems.By food type, Meat and Poultry type sub- segment is expected to hold highest market share over forecast period thanks to growing demand for meat and poultry products.Global Food Irradiation Market Regional Analysis:Region-wise, the Asia Pacific held highest market share in 2019 and is expected to keep its dominance over forecast period owing to increasing consumer acceptance and regulations and policies related to the consumption of irradiated food.
Future Market Insights (FMI) presents its new, comprehensive study on the global Food Irradiation market spanning from 2020 to 2030.
Researches at FMI have no left no stone unturned in bestowing readers a comprehensive view of the market, by studying the drivers, trends, challenges, and restraints.
Ranging from macro socio-economic factors to micro geography-specific trends, the research has taken into consideration every facet that is likely to play a vital role in the growth of the market in the years to come.
Presenting a plethora of valuable information, the report will serve as an effective tool, guiding the market players in making fruitful decisions in the forthcoming years.Backed by historical data and projected data, the report breaks down the vast study into numerous geographies and end-use segments, among others to condense the research.Impact of COVID-19 on FOOD IRRADIATION MarketThe unforeseen outbreak of COVID-19 is raising concerns in the foods & beverages space, and Food Irradiation market is not independent of it either.
The pandemic has caused several changes - both on the supply and demand side - which are making market players rethink their strategies in order to stay afloat.
Although this is exhibiting a dual impact on the growth, supply-side issues such as unavailability of workforce and travel restrictions are hindering smooth operations.FMI’s report includes a dedicated section expounding both the short-term and long-term impact of the pandemic on the Food Irradiation market.
