Mycotoxin Testing Market worth $2.3 billion by 2029 - Exclusive Report by MarketsandMarkets™

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Friday, May 24, 2024 at 9:00am UTC

Mycotoxin Testing Market worth $2.3 billion by 2029 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, May 24, 2024 /PRNewswire/ -- The Mycotoxin Testing Market is estimated at USD 1.6 billion in 2024 and is projected to reach USD 2.3 billion by 2029, at a CAGR of 6.7% from 2024 to 2029 according to a report published by MarketsandMarkets™. The expansion of the agricultural sector, coupled with growing international trade in food and agricultural products, has increased the need for mycotoxin testing to comply with export regulations and maintain market access.  The increasing awareness of food safety among consumers and regulatory bodies worldwide has prompted stringent regulations governing mycotoxin levels in food and feed products. Compliance with these regulations necessitates comprehensive testing protocols, thereby driving market demand.

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By technology, chromatography- & spectroscopy-based technology is growing at the highest rate in the mycotoxin testing market.

Chromatography and spectroscopy-based technologies are pivotal in mycotoxin testing due to their multifaceted advantages. These techniques offer unparalleled sensitivity and selectivity, enabling precise detection of mycotoxins even at minute concentrations within complex food and feed matrices. Their ability to simultaneously analyze multiple mycotoxins in a single sample ensures comprehensive risk assessment and regulatory compliance. Furthermore, these methods facilitate quantitative analysis, providing accurate measurements crucial for ensuring product safety. The rapid analysis capabilities of chromatography and spectroscopy, coupled with automation and integration with sample preparation processes, streamline testing workflows and enhance laboratory efficiency.

In the type segment, Ochratoxin constitutes a significant share in the mycotoxin testing  market.

Ochratoxin plays a pivotal role in propelling the mycotoxin testing market due to several influential factors. Primarily, ochratoxin poses substantial health risks to both humans and animals, being identified as a potent nephrotoxin and carcinogen. This heightened awareness of ochratoxin's adverse health effects underscores the necessity for thorough testing to ensure its absence or minimal presence in food and feed products. Moreover, ochratoxin contamination is prevalent in a wide array of agricultural commodities, ranging from cereals to coffee, wine, and dried fruits, necessitating regular testing to mitigate risks. Stricter regulatory standards, established globally to protect public health, further drive the demand for ochratoxin testing, as compliance is essential for market access and trade.

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The European region constitutes the largest share of mycotoxin testing market in terms of value.

Europe boasts stringent regulatory standards and regulations regarding food safety, necessitating rigorous testing for mycotoxin contamination to ensure compliance. The European Union, in particular, has established maximum limits for various mycotoxins in food and feed products, compelling manufacturers and producers to adhere to strict testing protocols. Additionally, Europe has a robust food and agriculture industry, with a diverse range of products exported globally. This necessitates comprehensive testing to meet international standards and ensure the quality and safety of European food exports. The presence of key market players, research institutions, and regulatory bodies further strengthens Europe's position as a leader in mycotoxin testing.

Key players in this market include SGS Société Générale de Surveillance SA (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), dsm-firmenich (Netherlands), Eurofins Scientific (Luxembourg), ALS (Australia), Neogen Corporation (US), AsureQuality (New Zealand), Symbio Labs (Australia), Microbac Laboratories, Inc. (US), INSTITUT MERIEUX (France), Premier Analytics Services (UK), Charm Sciences (US), OMIC USA INC. (US), and Bio-Check (UK) Ltd. (UK).

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