A recent market study published by Future Market Insights on the Food Diagnostic Services market offers global industry analysis for 2015-2019 & opportunity assessment for 2020–2030. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters of the Food Diagnostic Services market, the growth prospects of the market are obtained with maximum precision.
Expansion witnessed in the global market is largely due to the demand for improved food quality and increasing health issues. Stringent regulations imposed by governments to ensure foodborne disease prevention are expected to accelerate growth witnessed in the market. Increasing concerns pertaining to food safety will also fuel the demand for food diagnostic services. Rising food trade around the world will bolster growth opportunities in the coming years.
The increasing prevalence of foodborne disease worldwide and increasing knowledge about food safety are some of the mainkey factors expected to boost the global market for food diagnostics services. Moreover, stringent food safety and preservation regulations implemented around the world and the availability of a wide variety of testing technologies and methods are expected to drive market over the forecast period.
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Key Research Findings
- Food diagnostics services are used for testing for impurities and contaminations during production, refining, and packaging processes
- Innovations and advances in these services are anticipated to drive the growth of the overall market over the forecast period
- Europe is expected to account for the largest share in the market
- The safety test segment is expected to rise at the highest CAGR over the forecast period
- High susceptibility to contamination of fruit and vegetables by different forms of pests, pesticides and GMOs is expected to boost growth in the food diagnostics services market
- Rise in foreign food-borne disease outbreaks is expected to remain the dominant factor driving the market.
It includes in-depth insights into the food diagnostics services market. Some of these are:
- The estimated value of the market was at US$ 12.5 Bn in 2020. 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.
“Stringent food safety regulations, availability of advanced rapid technology, the demand for convenience and packaged food goods, the outbreaks of chemical pollution in food processing industries, and rising customer consciousness about food safety in practices is projected to drive the market,” said a lead analyst at FMI.
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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.
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FOOD DIAGNOSTICS SERVICES MARKET TAXONOMY
The global Food Diagnostic Services market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Diagnostics Systems
- Diagnostics Consumables
- Meat Poultry & Sea Food products
- Processed food
- Fruits & Vegetables
- Dairy products
- Cereals & Grains
Mr. Debashish Roy
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