The global mycotoxin testing market is estimated to be valued at USD 946 million in 2020 and is projected to reach USD 1493.40 million by 2027, at a CAGR of 5.1 %. Apart from rising need for food safety, global mycotoxin testing market is driven by moist atmosphere, which is foremost to mycotoxins productions in food yields such as dairy products, herbs, cookies, bread, cereals, meat & poultry products, beverages like wine & beer.
Furthermore, consumer is more aware regarding the presence of mycotoxins in products has augmented numerous folds during the past, which is another driver which can boost mycotoxin testing market. Advanced technologies to quickly and efficiently test the existence of mycotoxins are some other factors which are favouring the growth of the market.
Increase in instances of foodborne illness due to mycotoxin contamination, growth in demand for compliance with international trade mandates and change in atmospheric conditions are some factors driving the growth in this market. Various government and regulatory bodies across the world have made testing of animal feed and food ingredients mandatory. The regulatory authorities do not approve animal feed for marketing, unless its safety and efficacy are proven. Such measures to prevent potential threats of contamination, chemicals, and toxic presence have been affecting the growth of the mycotoxin testing market greatly. To protect human and animal health, many countries have enacted specific regulations for mycotoxins in food and animal feed.
The mycotoxin testing markets in several developing regions lack organization, sophistication, and technology. The infrastructure of food control laboratories in many developing countries is likely to be scarce due to limited resources, limited technology, and poor management. There are numerous issues related to food safety such as lack of institutional coordination, outdated technology, less expertise for execution of regulation at low levels, and lack of updated standards; all these have been constraining the market for testing. Laboratories are poorly equipped and lack suitable trained analytical staff.
Traditional technologies include traditional visual inspection and culturing methods. The traditional culturing technologies consume more amount of time to produce results, as the time required for mycotoxin testing is crucial for the quality of food. Thus, testing laboratories are looking for a shift from conventional mycotoxin testing methods to rapid testing ones, which are efficient to generate results within a few hours. Due to the reliability of test results offered by chromatography- & spectroscopy-based technologies, ELISA technology is projected to disrupt in the coming decade. Rapid testing methods such as chromatography and spectroscopy techniques are used to ensure timely analysis of a larger sample size, and thereby offering market growth opportunities in order to reduce the time for mycotoxin testing.
The key players profiled in this market include SGS (Switzerland), Bureau Veritas (France), Eurofins (Luxembourg), Intertek (UK), Mérieux NutriSciences (US), ALS Limited (Australia), Neogen (US), Romer Labs (US), Symbio Laboratories (Australia), OMIC USA (US), AsureQuality (New Zealand), and Microbac (US).
On the basis of the geographical market segment, it is segmented into seven different regions: North America, Latin America, and Eastern Europe, Western Europe, and Asia-Pacific region, Japan and the Middle East and Africa.
In regional segments, Europe is presently the market leader in the global mycotoxin testing market. Governing administration’s present in the market have imposed various mycotoxin testing policies in Europe. U.K. is anticipated to be the fastest growing country in the European region. Asia Pacific region is expected to witness relatively high growth in the global mycotoxin testing market over the forecast period due to the growing food safety worries among the consumers and rising global trade.
Report : Mycotoxin Testing Market - By Type (Cyclopiazonic Acid, Citrinin, Alternaria, Aflatoxins, Fusarium Toxins, Ergot Alkaloids, Patulin, Ochratoxins, Sterigmatocystin And Others), By Technology (Chromatography- & spectroscopy, Immunoassay), By Sample (Food, Feed), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027