(Entertainment-NewsWire.com, January 29, 2021 ) The food diagnostics market size is projected to grow from USD 13.5 billion in 2020 to USD 19.2 billion by 2025, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. Increasing instances of foodborne illnesses and food recalls coupled with increasing globalization of food trade are the factors that are projected to drive the growth of the food diagnostics market. Furthermore, rising awareness among consumers regarding food safety due to the outbreak of COVID-19 is also projected to drive the market growth.
Key food diagnostics market players include 3M (US), Thermo Fisher Scientific Inc. (US), PerkinElmer Inc. (US), Danaher Corporation (US), Shimadzu Corporation (Japan), Agilent Technologies Inc. (US), bioMerieux SA (France), Bio-Rad Laboratories, Inc. (US), Neogen Corporation (US), Foss (Denmark), Biorex Food Diagnostics (UK), and Randox Food Diagnostics (Ireland). These players have adopted various growth strategies such as collaboration and new product launches to expand their presence in the global food diagnostics market further. New product launches have been the most dominating strategy adopted by major players. This strategy has helped them to increase their presence in different regions.
3M (US) is involved in the manufacturing of a wide variety of technology and equipment catering to various industries. The company operates through four business segments: safety and industrial, transportation and electronics, health care, and consumer. It offers food diagnostics through its health care segment. It caters to various markets, including consumer, health care, electrical, and transportation and safety markets. It offers a variety of testing solutions for food processors to test the microbiological quality of food.
The company operates through 100 manufacturing facilities in around 35 countries. It has an additional sales presence in nearly 200 countries across regions, including the Americas, Europe, the Middle East and Africa, and Asia. Its subsidiaries include 3M Purification Inc. (US), 3M Health Information Systems, Inc (US), 3M China Limited (China), and Capital Safety Global Holdings Limited (UK).
Thermo Fisher Scientific Inc. (US) is a provider of quality and safety products and services. It offers a complete and integrated portfolio of solutions & services for laboratory research & analysis, healthcare & clinical science, manufacturing, and other fields. The company caters to four principal market segments, namely, pharma & biotech, academic & government, diagnostics & healthcare, and industrial & applied science.
Thermo Fisher operates through four business segments: life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and services. It offers food diagnostic systems and consumables through its specialty diagnostics segment. It also offers spectrometers and chromatography solutions for food safety testing through its analytical instruments segment.
The company offers its products under brands such as Applied Biosystems, Thermos Scientific, Invitrogen, Fisher Scientific, and Unity Lab Services.
Thermo Fisher serves more than 400,000 customers through a network of its subsidiaries, resellers, and distributors across the Americas, Asia Pacific, Europe, and the Middle East & Africa. It has several subsidiaries, such as Trek Diagnostic Systems LLC (US), Thermo Fisher Diagnostics (Ireland) Limited (Ireland), Thermo Fisher Diagnostics GmbH (Germany), and Thermo Fisher Scientific India Pvt Ltd (India).
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