Global Food Diagnostics Services Market estimated value was at US$ 14.8 Bn in 2022 and is projected to reach US$ 21.6 Bn by the end 2032. Newly released data for Global Food Diagnostics Services Market Analysis shows that global demand for food test kits enjoyed year-on-year (YoY) growth of 11% in 2021. It holds 21% of the Food Diagnostics Services Market and is expected to witness a prominent growth rate of 7.2% by 2032.
According to Future Market Insights analysis, Randox Laboratories Ltd, 3M Company, Neogen Corporation, Foss A/S, Thermo Electron Corporation, Fermantes, Danaher Corporation, Biomérieux SA, Merck Kgaa, Beckman Coulter Inc., Thermofisher Scientific Inc., and Perkinelmer Inc are identified as key food diagnostics brands.
Revenue for food diagnostic service segment grew by 14% during the period 2017-2021. The Demand for consumables segment increased 19% between 2020 and 2021, giving the combined Food Diagnostics Services Market a year-over-year growth of 5.7% in 2021, according to the FMI report.
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It includes in-depth insights into the food diagnostics services market. Some of these are:
- The estimated value of the food diagnostics market was at US$ 12.5 Bn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- During the forecast period, the safety segment is expected to rise at the highest rate by type of test.
- The rising prevalence of foodborne illness, food adulteration and an increase in food allergens has resulted in many food recall incidences.
- Growing customer concerns about food safety can have a positive effect on the global market for food diagnostics services systems.
- Food trade globalization also opens the door to new growth opportunities worldwide and is expected to improve the global demand for food diagnostics services in the coming years.
- The market is further driven by the involvement of major food diagnostics services companies are continuously investing and collaborating for the development of better and faster testing technologies, to aid adherence to various food safety regulations.
Eating & Shopping Habits Will Alter Growth Due to COVID-19 Outbreak
This pandemic will lead to certain shifts in consumer behavior and eating habits. Increasing population along with rising economic standards has led to increase in food service spending. Contrary to the aforementioned forecasts, however, the market can head to tough waters.
Coronavirus outbreak greatly affected buyers’ consumption habits. They are unlikely to purchase goods imposed around various nations amid lockdowns. This would have an invariable effect on business growth forecasts.
Who is Winning?
Major players in the global food diagnostics services systems market are Beckman Coulter Inc., Randox Laboratories Ltd., Biocontrol Systems Inc., E. I. Du Pont De Nemours and Company, Thermofisher Scientific Inc., Perkinelmer Inc., Thermo Electron Corporation, Fermantes, and 3M Company. Other key players include Omega Diagnostic Group Plc., VWR International, Bio-Rad Laboratories Inc., Merck Kgaa, Biomérieux SA, Danaher Corporation, Neogen Corporation, and Foss A/S.
Such players have wide market reach and high organizational and financial strength; in the recent past they have evolved organically and inorganically. Various businesses concentrate on methods for sustainable development, such as product launches, product approvals and others, such as patents and events. Activities observed in the market were inorganic growth approaches, acquisitions, and partnership & partnerships.
Such practices have paved the way for market players to grow their business presence and customer base. With the growing demand for food diagnostics services on the global premium, premium payers from the food diagnostics services industry are expected to see lucrative growth opportunities in the future.
Segments Covered in Food Diagnostics Services Market Analysis
Product Type:
- Systems
- Test Kits
- Consumables
Testing Type:
- Safety
- Quality
Food Tested:
- Meat, Poultry & Seafood
- Salad Dressing
- Processed Food
- Dairy Products
- Fruits & Vegetables
- Cereals, Grains & Pulses
- Nuts, Seeds & Spices
- Others
Region:
- North America
- Latin America
- Europe
- Asia
- Oceania
- Middle East & Africa
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Key Questions Answered in the Report
How much is the current worth of Food Diagnostics Services Market?
Currently Food Diagnostics Services Market is worth more than USD 14.8 Bn.
At what CAGR is the market expected to grow?
Food Diagnostics Services Market consumption is expected to grow at a CAGR of around 7.4% during the period 2022-2032.
How was the performance in the last five years?
In terms of revenue, Food Diagnostics Services Market grew at a CAGR of around 7.2% during 2017-2021
What is the demand outlook forecast for the Food Diagnostics Services Market?
The global Food Diagnostics Services Market is forecasted to surpass USD 21.6 Bn by the end of 2032.
Who are the top 5 players operating in the market?
Randox Laboratories Ltd, 3M Company, Neogen Corporation, Foss A/S, Thermo Electron Corporation, Fermantes, Danaher Corporation, Biomérieux SA, Merck Kgaa, Beckman Coulter Inc., Thermofisher Scientific Inc., and Perkinelmer Inc are expected to be the top players driving the market growth.
At what rate will the U.S. Food Diagnostics Services Market grow?
U.S. Food Diagnostics Services Market is projected to grow at a CAGR of around 9% over the next ten years.
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