The food irradiation market is predicted to be worth US$ 312 million in 2023, and rise to US$ 540.9 million by 2033. Initially, the global market was expanding at a CAGR of 3.3% during 2018 to 2022.
Sustainability is gaining importance in the food industry, and irradiation can help reduce food waste by extending the shelf life of food products. This can mitigate the damaging environmental effects of food production and distribution.
The effectiveness and safety of food irradiation are being guaranteed by regulatory systems from all over the world. As regulatory approvals spread and become more standardized, food irradiation becomes more and more widespread.
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Moreover, food preservatives can extend the shelf life of foods. As a result, the market for food preservation goods is advantageous to the worldwide business. Antioxidants and antibacterial substances, two types of food preservatives, have been shown to have potential health benefits.
Opportunities Expanding Market Profitability
To increase food safety and decrease food waste, emerging regions have aggressively promoted and developed food irradiation technology. Food irradiation is projected to continue to play a significant role in the food business due to the rising demand for safe and high-quality food items.
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Key Takeaways
- In 2022, the United States accounted for 5.6% share in the food irradiation market.
- The food irradiation market was significantly expanding, with a size of US$ 300 million in 2022.
- The market offers incredible prospects as a result of consumers’ growing health consciousness, and analysts predict a 1.04x growth rate between 2022 and 2023.
- The market in China is anticipated to expand at an adequate CAGR of 3.5% by 2033.
- In 2022, Germany accounted for 3.4% share in the food irradiation market.
- In 2022, Australia accounted for 0.3% share in the food irradiation market.
- By 2033, it is expected that the United Kingdom market expansion is likely to expand at a respectable CAGR of 5.3%.
- Based on the source, the Gamma radiation is likely to lead the market and continue to lead the market.
- Based on technology, the ozone treatment continues to dominate the sector during the forecast period.
Critical Approaches Increasing Top Players’ Wealth
To increase the efficacy and efficiency of their irradiation technology, businesses in the food irradiation industry are continually making research and development investments. Technology advancements can give a competitive edge to businesses that can provide quicker, more dependable, and less expensive solutions.
Companies operating in the market must adhere to laws and norms pertaining to food irradiation. By offering dependable, safe, and compliant irradiation services that satisfy industry standards, businesses that can guarantee compliance with regulatory regulations can gain a competitive advantage.
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Recent Developments
- Scantech Sciences: Scantech Sciences is an American business that offers irradiation solutions for extending the shelf life and ensuring the safety of food. The business announced the release of its new Cesium-137 irradiator in 2021, which is intended to offer a more affordable and effective option for food irradiation.
- Providing irradiation solutions for food safety and sterilization is an Indian company called Lanexis Enterprises Pvt. Ltd. To fulfill the rising demand for irradiation services in India, the business declared the installation of a new Cobalt-60 irradiator at its site in Gujarat in 2020.
Key segments
By Source:
- Gamma Radiation
- X-ray Radiation
- Electron Beam Radiation
By Technology:
- Ultra-high Pressure
- Steam Pasteurization
- Food Coating
- Ozone Treatment
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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