The Global Food Diagnostics Services Market By the end of 2032, it is expected to have grown from an estimated value of US$ 14.8 billion in 2022 to US$ 21.6 billion. Data from the recently released Global Food Diagnostics Services business analysis indicates that in 2021, there was an 11% YoY increase in the demand for food test kits worldwide. With 21 percent of the food diagnostic services market, it is predicted to increase at a notable rate of 7.2% by 2032.
Based on a Future Market Insights report, the leading brands in food diagnostics include Thermofisher Scientific Inc., Beckman Coulter Inc., Randox Laboratories Ltd., 3M Company, Neogen Corporation, Fermantes, Danaher Corporation, Biomérieux SA, and Merck Kgaa.
The Global Food Diagnostics Services Market is poised for substantial growth, with an expected increase from US$ 14.8 billion in 2022 to US$ 21.6 billion by the end of 2032. Recent data reveals an 11% Year-on-Year (YoY) surge in demand for food test kits globally in 2021, contributing to a 21% market share in the food diagnostic services sector, predicted to grow at an impressive rate of 7.2% by 2032.
The income of the food diagnostic services segment climbed by 14% from 2017 to 2021. The FMI report states that a 19% rise in consumable demand between 2020 and 2021 led to a combined growth of 5.7% in food diagnostic services in 2021.
Become Informed: Learn about the leading food diagnostics brands and the market’s growth trends by utilising our sample report :
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It includes in-depth insights into the food diagnostics services industry 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.
Key Points and Takeaways:
- Market Projection: The food diagnostics market is forecasted to grow from an estimated US$ 12.5 billion in 2022 to US$ 21.6 billion by 2032.
- Leading Brands: Key players in the food diagnostics industry include Thermofisher Scientific Inc., Beckman Coulter Inc., Randox Laboratories Ltd., 3M Company, Neogen Corporation, Fermantes, Danaher Corporation, Biomérieux SA, and Merck Kgaa.
- Market Dynamics: The sector experienced a 14% increase in revenue from 2017 to 2021, with a notable 19% rise in consumable demand between 2020 and 2021.
Market Insights:
- Type of Test: The safety segment is expected to exhibit the highest growth during the forecast period.
- Market Drivers: Increasing prevalence of foodborne illnesses, food adulteration, and rising food allergens contribute to a growing demand for food diagnostic services.
Market Trends:
- Globalization Impact: Food trade globalization presents new growth opportunities, enhancing the global demand for food diagnostics services.
- Technological Advancements: Major companies are investing in the development of advanced testing technologies to adhere to food safety regulations.
Evolving Consumer Behavior Amid COVID-19: The COVID-19 pandemic has influenced shifts in consumer behavior and eating habits, impacting food service spending. While the market faces challenges due to altered consumption habits, it is expected to rebound as populations increase and economic standards rise.
Key Takeaways:
- The market is anticipated to show steady growth, driven by an increasing focus on food safety and compliance with regulations.
- The safety testing segment is projected to grow at the highest rate during the forecast period.
- Globalization and technological advancements are contributing to the market’s expansion.
Competitive Landscape: Major players such as Beckman Coulter Inc., Randox Laboratories Ltd., Biocontrol Systems Inc., E. I. Du Pont De Nemours and Company, and others are strategically investing in sustainable development, including product launches and partnerships.
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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Frequently Asked Questions
- How much is the current worth of the Food Diagnostics Services Industry
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- At what rate will the U.S. Food Diagnostics Services Industry grow?
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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