The food diagnostics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Food Diagnostics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The food diagnostics market size has grown strongly in recent years. It will grow from $17.19 billion in 2023 to $18.51 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to stringent food safety regulations, globalization of food supply chains, consumer demand for transparency, industry adoption of rapid testing methods, global trade of food products.
The food diagnostics market size is expected to see strong growth in the next few years. It will grow to $25.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to focus on allergen detection, demand for on-site and portable diagnostics, rising importance of traceability, growing importance of microbial testing, expansion of the organic and natural foods market. Major trends in the forecast period include technological convergence in the industry, digitalization of food documentation, rapid testing technologies, point-of-care diagnostics, biosafety level enhancement, remote sensing technologies.
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Scope Of Food Diagnostics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Food Diagnostics Market Overview
Market Drivers –
The increasing number of food adulteration cases is expected to propel the growth of the food diagnostics market going forward. Food adulteration refers to the process of lowering the quality of food by either including or replacing food substances with hidden alternative components, or by removing some useful components. Food diagnostics is a scientific method for determining the content and quality of food products that are used to detect food adulteration, which occurs when inferior or hazardous ingredients are added to food items. Hence, the increasing number of food adulteration cases increases the demand for food diagnostics. For instance, in January 2023, according to the Food and Drug Administration, a US-based intergovernmental organization, experts estimated that food fraud affects 1% of the global food sector and costs $10-$15 billion per year, though other more recent expert estimates put the cost as high as $40 billion per year. Therefore, the increasing number of food adulteration cases is driving the growth of the food diagnostics market.
Market Trends –
Product innovation is a key trend gaining popularity in the food diagnostics market. Major companies operating in the food diagnostics market are adopting new technologies to sustain their position in the market. For instance, in November 2023, Roche Holding AG, a Switzerland-based healthcare company, launched qPCR system. The lightcycler PRO system is a new system that aims to be the most advanced qPCR technology for research and clinical diagnostics. The next-generation qPCR system is launched to meet clinical demands in molecular diagnostics and tackle issues related to public health. With this launch, Roche is showcasing its dedication to developing advanced diagnostic solutions, with a particular emphasis on advancements in molecular and point-of-care solutions, core lab systems, lab automation, and digital and high-medical-value diagnostics that are revolutionizing patient care.
The food diagnostics market covered in this report is segmented –
1) By Type: System, Test Kits, Consumable
2) By Types Of Tests: Food Safety Testing, Food Authenticity Testing, Food Shelf Life Testing Market
3) By Site: Inhouse, Outsourcing Facility
4) By Food Tested: Meat Poultry And Seafood, Processed Food, Dairy Products, Fruits And Vegetables, Cereals Grains And Pulses, Nuts Seeds And Spices, Other Food Tested
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Regional Insights –
Europe was the largest region in the food diagnostics market in 2023. The regions covered in the food diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the food diagnostics market report are Randox Food Diagnostics, 3M Company, Shimadzu Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Agilent Technologies Inc., Neogen Corporation, FOSS India Private Limited, bioMérieux SA, Danaher Corporation, Bio-Rad Laboratories Inc., Biorex Food Diagnostics, Merck KGaA, QIAGEN N.V., ALS Limited, Intertek Group plc, Hygiena LLC, EnviroLogix Inc., AsureQuality Limited, Bruker Corporation, Covance Inc., EMSL Analytical Inc., Eurofins Scientific SE, FoodChain ID Pty. Ltd., Mérieux NutriSciences Corporation, Microbac Laboratories Inc., Romer Labs Division Holding GmbH, Charm Sciences Inc., SGS North America Inc., Silliker Inc., Symbio Laboratories Pty. Ltd., TÜV SÜD AG
Table of Contents
1. Executive Summary
2. Food Diagnostics Market Report Structure
3. Food Diagnostics Market Trends And Strategies
4. Food Diagnostics Market – Macro Economic Scenario
5. Food Diagnostics Market Size And Growth
…..
27. Food Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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