Demand for food safety products to reach US$18 billion
A Freedonia report finds that the global market for food safety products is on the rise and will likely hit US$18 billion in 2016
Cleveland, Ohio – National and international high-profile foodborne illness outbreaks and large product recalls due to food safety concerns have fuelled the demand for food safety products.
In fact, a recent report by The Freedonia Group, says world demand for food safety products is forecast to rise 8.4 per cent per year to US$18 billion in 2016.
The report, called World Food Safety Products, says the demand for food safety products will also be boosted by the adoption of more stringent food safety regulations in both developed and developing countries.
The report says issues such as prevention, identification and traceability of food contaminants will remain key for consumers, food industry stakeholders and legislators.
Also, advances in the food safety sector will be further supported by growth in food and beverage production, and expansion in the foodservice industry, as food processing plants and foodservice establishments constitute the largest markets for food safety products.
Opportunities for suppliers
Disinfection products will continue to account for the largest share of the global market for food safety products, representing over one-half of total demand through the forecast period.
Disinfectants and sanitizers are used at every level of food production, delivery and preparation, reflecting the variety of potential food contamination points.
Use of disinfection equipment, on the other hand, is concentrated at the food processing level.
Demand for diagnostic testing products will benefit from an upsurge in the frequency of food plant inspections, in no small part due to increasingly strict food safety regulations worldwide.
Demand for disposable gloves is also expected to advance rapidly, boosted by gains in foodservice applications, especially in the fast growing quick service restaurant segment.
Good opportunities will exist for smart labels and tags, driven by the rapid adoption of new smart label technology in food packaging and heightened emphasis on traceability in the food supply chain.
The US will remain the world’s largest national user of food safety products by far, accounting for one-quarter of the world market through the forecast period.
However, the most rapid advances will occur in developing regions.
China will continue to see some of the fastest growth in demand, due to mounting pressure to ensure the safety of the food supply following a number of food safety incidents.
In the coming years, China will surpass Japan to become the world’s second largest food safety product market.
Other countries such as India, Brazil, Russia, and Mexico will also see rapid increases in food safety product demand through 2016, but gains will stem from a much smaller base.