Set image format of field_view_field image field
Yes, you can set the field value display settings as a parameter to field_view_field

e.g: 

// Customize field display settings.
$display_settings = array(
  'label' =&gt; 'hidden',
  'settings' =&gt; array(
    'field_multiple_limit' =&gt; '1',
    'field_multiple_limit_offset' =&gt; '0',
    'image_link' =&gt; 'content',
    'image_style' =&gt; 'thumbnail',
  ),
  'type' =&gt; 'image',
  'weight' =&gt; 0,
);
// Get field value
$logo_var = field_view_field('user', $user, 'field_business_logo', $display_settings);