PUBLISHER: The Business Research Company | PRODUCT CODE: 1414233
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414233
“Food Diagnostics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on food diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for food diagnostics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The food diagnostics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Food diagnostics involves the systematic examination and analysis of food products to assess their composition, quality, safety, and nutritional content. It serves the purpose of detecting food fraud and adulteration.
The primary categories of food diagnostics include systems, test kits, and consumables. A food diagnostic system is a combination of tools and resources that collaborate to analyze food samples, determining factors such as nutritional value, quality, and the presence of harmful substances. Tests conducted within this framework encompass food safety testing, food authenticity testing, and food shelf life testing. These tests can be conducted either in-house or outsourced, covering various food categories such as meat, poultry, and seafood; processed food; dairy products; fruits and vegetables; cereals, grains, and pulses; as well as nuts, seeds, and spices, among others.
The food diagnostics market research report is one of a series of new reports from The Business Research Company that provides food diagnostics market statistics, including the food diagnostics industry's global market size, regional shares, competitors with a food diagnostics market share, detailed food diagnostics market segments, market trends, and opportunities, and any further data you may need to thrive in the food diagnostics industry. This food diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed in the historical period can be linked to the implementation of rigorous food safety regulations, the globalization of food supply chains, increasing consumer demand for transparency, the adoption of rapid testing methods by the industry, and the growth of global trade in 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 anticipated growth in the forecast period can be ascribed to an emphasis on allergen detection, a surge in demand for on-site and portable diagnostics, an increasing emphasis on traceability, the growing significance of microbial testing, and the expansion of the organic and natural foods market. Major trends expected in the forecast period include technological convergence within the industry, the digitalization of food documentation, the adoption of rapid testing technologies, the rise of point-of-care diagnostics, the enhancement of biosafety levels, and the integration of remote sensing technologies.
The anticipated growth in the food diagnostics market is driven by the increasing number of food adulteration cases. Food adulteration involves lowering the quality of food by introducing or substituting hidden alternative components or removing some useful components. Food diagnostics, as a scientific method for determining the content and quality of food products, plays a crucial role in detecting food adulteration, where inferior or hazardous ingredients are added to food items. The rise in food adulteration cases contributes to the growing demand for food diagnostics. For instance, as of January 2023, the Food and Drug Administration (FDA) reported that food fraud affects approximately 1% of the global food sector, costing an estimated $10-$15 billion per year, with some more recent expert estimates suggesting a higher cost of up to $40 billion annually. Therefore, the increasing number of food adulteration cases is a driving force behind the growth of the food diagnostics market.
The increasing demand for dairy products is expected to fuel the growth of the food diagnostics market. Dairy products, derived from mammalian milk, are subject to food diagnostics to ensure public health, meet regulatory requirements, ensure product safety, monitor antibiotic residues, conduct traceability, perform mycotoxin screening, and uphold the reputation and integrity of dairy products in the market. For example, in November 2021, according to Dairy Foods Magazine, flavored milk sales in dollars increased by 4.8% to $1,646.5 million, while sales in units rose by 1.0% to $658.2 million. Therefore, the rising demand for dairy products is contributing to the growth of the food diagnostics market.
Product innovation stands out as a prominent trend gaining traction in the food diagnostics market. Major players in the food diagnostics sector are embracing novel technologies to maintain their competitive edge. For example, in November 2023, Roche Holding AG, a Switzerland-based healthcare company, introduced the qPCR system. This new lightcycler PRO system represents cutting-edge qPCR technology designed for both research and clinical diagnostics. Launched to meet the clinical demands in molecular diagnostics and address public health issues, Roche demonstrates its commitment to advancing diagnostic solutions, particularly in molecular and point-of-care solutions, core lab systems, lab automation, and high-medical-value diagnostics that are transforming patient care.
Prominent companies in the food diagnostics market are placing a strong emphasis on advanced solutions to drive market revenues. Advanced food diagnostic solutions encompass sophisticated technologies, methods, and tools utilized in the food industry for analyzing, monitoring, and ensuring the safety, quality, and integrity of food products. For instance, in June 2022, PerkinElmer Inc., a US-based company specializing in diagnostics, life sciences, and applied services, unveiled the GC 2400 platform. This platform, designed with efficiency in mind for industrial, pharmaceutical, food, and environmental investigations, integrates hardware, software, and a diverse selection of columns and consumables. The GC 2400 System employs industry-exclusive automated headspace or pneumatics technology for exceptional precision, and its automated sampling capabilities reduce manual labor and minimize human error. The platform combines a detachable touchscreen with intelligent sampling capabilities for faster decision-making both within and outside the laboratory.
In January 2021, Neogen Corporation, a US-based food safety company, completed the acquisition of Megazyme Ltd for an undisclosed sum. This strategic move expands, diversifies, and enriches Neogen's portfolio by incorporating a natural and complementary addition to the food diagnostics product line. The acquisition aligns with Neogen's objective of offering comprehensive leading solutions to global food producers. Megazyme Ltd., based in Ireland, specializes in manufacturing and supplying enzymatic bio-analysis test kits and reagents for the food, feed, dairy, beverage, and allied industries.
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, bioMerieux 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., Merieux NutriSciences Corporation, Microbac Laboratories Inc., Romer Labs Division Holding GmbH, Charm Sciences Inc., SGS North America Inc., Silliker Inc., Symbio Laboratories Pty. Ltd., TUV SUD AG
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
The countries covered in the food diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The food diagnostics market consists of revenues earned by entities by providing services such as testing the quality of a product, quality control, testing for adulterants, and food nutrient content analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The food diagnostics market also includes sales of DNA-based food test kits and ELISA kits, which are used in providing food diagnostic services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.