The worldwide market for food diagnostics was estimated at US$ 12.5 Billion during 2019 and is likely to touch US$ 23.9 Billion towards the end of 2029. The worldwide market is likely to reflect a 6.70% CAGR during 2019-2029. The foremost fueling aspects on the food diagnostics market are the growing worldwide outbreaks of food borne ailments. Additionally, , the availability of advanced rapid technology, strict food safety regulations, augmented need for processed and convenience food items, augmented outbreaks of chemical pollution in food processing sectors as well as improved knowledge of food safety practices amid customers.
Key Takeaways from Market Study
- Amid the assessment period, the safety category will rise at the maximum pace by test type.
- The increasing prevalence of food adulteration, food borne illness and a rise in food allergens has ensued in seberal food recall incidences.
- Increasing consumer concerns regarding food safety could have a positive influence on the worldwide market for food diagnostics systems.
- Food trade globalization additionally opens the door to novel development prospects globally and will enhance the worldwide need for food diagnostics in the approaching years.
- The market is moreover fueled by the liaison of topmost food diagnostics companies are incessantly collaborating and investing for the growth of faster and better testing technologies, to assist obedience to several food safety regulations.
“Strict food safety regulations, accessibility of superior rapid technology, the need for packaged and convenience food goods, the irruptions of chemical pollution in food processing sectors, and growing consumer consciousness regarding food safety in practices is likely to fuel the market,” said a lead analyst at FMI.
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Shopping & Eating Habits would Alter Development Because of COVID-19 Outbreak
This pandemic would direct towards certain shifts in eating habits and buyer behavior. Growing populace together with increasing economic standards has directed towards rise in food service expenditure. Dissimilar to the aforesaid forecasts, however, the market could lead to tough waters. COVID-19 outbreak greatly impacted buyers’ expenditure habits. They are improbable to buy goods imposed around several countries amid lockdowns. This will have an unchanging consequence on business development forecasts.
Topmost participants in the worldwide market for food diagnostics systems are Randox Laboratories Ltd., Beckman Coulter Inc., Biocontrol Systems Inc., Thermofisher Scientific Inc., E. I. Du Pont De Nemours and Company, Perkinelmer Inc., Fermantes, Thermo Electron Corporation, along with 3M Company. Other topmost participants comprise VWR International, Omega Diagnostic Group Plc., Bio-Rad Laboratories Inc., Biomérieux SA, Merck Kgaa, Danaher Corporation, Foss A/S, and Neogen Corporation.
Such participants have wide market reach and higher financial and organizational strength; in the current past they have developed inorganically and organically. Several businesses focus on ways for sustainable development, for instance product approvals, product launches, and others, such as events and patents. Activities ascertained in the market were inorganic development prospects, partnership & partnerships, and acquisitions. Such practices have made the way for market participants to expand their customer base and business presence. With the expanding need for food diagnostics on the worldwide premium players from the food diagnostics sectors are projected to witness lucrative development prospects in the future.
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