The Food Irradiation Market Is Estimated To Witness High Growth Owing To Increased Demand For Food Preservation
The 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.
Food irradiation is a process that uses radiation like gamma rays, x-rays or electron beams to eliminate microorganisms, bacteria, viruses and insects that cause food spoilage and food borne illnesses. Irradiated food can be safely stored at room temperature for extended shelf life without refrigeration which increases its demand globally.
Market Overview:
Food irradiation is a technology that improves the safety and extends the shelf life of foods by reducing or eliminating microorganisms and insects. It preserves taste, texture and nutrients of foods like spices, herbs, fruits, vegetables, poultry, meat and seafood. Treated foods are not radioactives as the process uses ionizing radiation at relatively low doses. Shelf stable packaged foods manufactured through irradiation eliminate risks of contaminations and spoilage, providing consumers healthier and safer food options.
Market key trends:
The global food irradiation market is driven by rising food borne illnesses due to contamination and lack of proper food safety regulations in developing nations. Growing international food trade compliance with irradiation regulations of authorities like WHO and FDA to ensure microbial decontamination of imports is boosting the market. Increase in population and changing dietary patterns rising demand for packaged and convenience foods treated through irradiation process for long shelf life. Adoption of novel technologies like electron beam and x-ray irradiation using linear accelerators and isotope sources to process bulkier food items effectively and efficiently at lower costs is a key trend.
Porter’s Analysis
Threat of new entrants: The Global Food Irradiation Market Size has moderate threat of new entrants as it requires huge capital investment and extensive research and development which poses entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is low in this market as the process provides hygienic and microbial free food products to consumers.
Bargaining power of suppliers: The bargaining power of suppliers is also low as there are numerous players providing irradiation equipment and technical services.
Threat of new substitutes: There is low threat from substitutes like thermal processing or chemical treatment as irradiation is considered safer with no residue left behind.
Competitive rivalry: Intense competition exists among the key players to gain major market share.
SWOT Analysis
Strength: Food irradiation ensures food safety and extends shelf life by eliminating pathogens and insects. It is a non-thermal process that maintains quality and nutrition of foods.
Weakness: High installation and maintenance cost of irradiation equipment. Negative perception among consumers regarding safety of irradiated foods.
Opportunity: Rising international food trade and stringent safety regulations will drive demand. Growing need for non-thermal methods to control pests in grain, spices, and vegetable imports presents opportunities.
Threats: Alternative non-thermal food processing technologies pose competition. Regulatory barriers and labeling requirements in many countries restrict market growth.
Key Takeaways
The global food irradiation market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing international food trade and stringent food safety regulations. North America dominated the market with highest share in 2023 due to advanced technologies and stringent safety standards implemented by regulating agencies like FDA.
The Asia Pacific region is projected to grow at the fastest rate during the forecast period owing to rising exports of food items from countries like India and China. Japan is also a major market for food irradiation in the region due to established technology and infrastructure.
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. The major players are focusing on new product launches and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
