Mycotoxin Testing Market worth $1,337 million by 2025 - Exclusive Report by MarketsandMarkets™

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Sep 01, 2020, 06:30 ET

CHICAGO, Sept. 1, 2020 /PRNewswire/ -- According to the new market research report "Mycotoxin Testing Market by Type (Aflatoxins, Ochratoxin, Fumonisins, Zearalenone, deoxynivalenol, Trichothecenes, Patulin), Technology (Chromatography- & Spectroscopy-Based, Immunoassay-Based), Sample (Feed & Food), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Mycotoxin Testing Market size is projected to reach USD 1,337 million by 2025, which was estimated at USD 946 million in 2020; it is expected to grow at a CAGR of 7.1% from 2020. The market is driven by factors such as implementation of stringent regulatory compliance on mycotoxin detecton, growth in international trade that will lead to increase in testing on both souring and destination place of the goods, and increasing consumers awareness for certification of products for different toxins and food & feed born mycotoxins. Also, rising humid atmospheric condition leading to an increase in mycotoxin has been driving the growth of this market.

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The mycotoxin testing market includes major Tier I and II suppliers like SGS, Eurofins, Bureau Veritas, Intertek, ALS Limited, Neogen, AsureQuality, Microbac Labratories Inc., Romer Labs, Smbio Alliance Labrotaries, OMIC USA Inc, and Merieux Nutrascience. These serivc poviders have their facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. Though COVID-19 has impacted their businesses as well, there is no significant impact on the global operations of their mycotoxin testing services. The international trade barriers, closure of restaurants, hotels, and live animal markets, supply chain hindrances, consumption patterns of livestock-based products were considered to be moderately significant, which has disrupted the market for myctoxin testing.

Browse in-depth TOC on "Mycotoxin Testing Market"

378 – Tables
56 – Figures
374 – Pages

However, during this pandemic situation, coronavirus not only had a significant impact on public health worldwide but also on the various stages of the food and feed supply chain. Due to the lockdowns in various countries, closure of the international borders, shutdown of laboratories/processing plants and delay in cross border transit that has led to supply chain hindrances, the mycotoxin testing market witnessed a slight decline in first two quarters of 2020. Gradually, as the restrictions of the government measures are likely to relax, the market for mycotoxin testing would witness a slight increment in the upcoming years till 2030. Mycotoxin prevalence is a problem growing worldwide as the fungi can grow in various climatic conditions. Thus, proper testing of such contaminants at every stage of the supply chain is required to avoid foodborne diseases. Food manufacturers/growers will have to pay more attention to their food quality and food safety testing to reduce the occurrence of food-borne diseases. Moreover, the certification process will become important across the supply chain, as manufacturers require their own suppliers to be certified to benchmark standards. Also, the outbreak caused by the coronavirus in the world is projected to encourage the growth of the mycotoxin testing market due to the implementations of stringent regulatory guidelines by federal bodies for mycotoxins in food and animal feed. Therefore, mycotoxin testing services are projected to gain traction at every stage of the value chain.

Post COVID-19 outbreak, the demand for food safety and hygiene practices is projected to increase significantly. It is projected that the importance of having proper food safety at every stage of the supply chain to ensure food quality and safety will rise. Moreover, regulatory pressure by governments may increase the number of tests at the manufacturing units, which is projected to drive the growth of the global mycotoxin testing market.

The food mycotoxin testing segment is projected to be the largest market during the forecast period.

The food segment is estimated to account for a largest market share during the forecast period, as mycotoxins cannot be destroyed by conventional food processing techniques and have toxin effects in humans after consumption such as immunosuppression, irritable skin, birth defects, and neurotoxicity. International trade mandates also call for more testing to be conducted on food products. Genotyping techniques have helped scientists in the identification of mycotoxin-producing fungi. Mycotoxins in food lead to significant economic losses and impacts the international trade as well as the health of humans.

The aflatoxin segment is estimated to witness the fastest growth in the mycotoxin testing during the forecast period.

Mycotoxin prevalence is a problem growing worldwide as fungi can grow in various climatic conditions. Thus, proper testing of such contaminants at every stage of the supply chain is required to avoid foodborne diseases. Aflatoxins are considered one of the most dangerous types among the group of mycotoxins present in food and feed. It is produced by the fungi–Aspergillus flavus and Aspergillus parasiticus. This concern has lead to grow aflatoxin segment at the fastets growth rate. The mild to life-threatening disorders associated with aflatoxin contamination, birth defects among infants, chronic diarrhea, and immunosuppression. Aflatoxins are potent carcinogens and could lead to cases of liver cancer, these are the factors creating an opportunity for the growth of the aflatoxin testing market.

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With the introduction of stringent regulations, Europe is estimated to be the largest market during the forecast period.

The mycotoxin market in Europe is driven by the introduction of stringent regulations pertaining to the mycotoxin testing in food as well as feed. According to Europa, European Food Safety Authority (EFSA) collects and evaluates occurrence data on mycotoxins in food and feed. It also prepares guidance for applicants on how to conduct the safety and efficacy assessment of feed additives that help to reduce the contamination of feed by mycotoxins. Increasing awareness about the effects of myctoxin in food and feed products has lead to increased demand and concerns for certification details over products, this is projected to contribute to the market growth.

This report includes a study on the marketing and development strategies, along with a study on the service portfolios of the leading companies. It includes the profiles of leading companies such as 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).

Related Reports:

COVID-19 Impact on Food Safety Testing Market by Testing Technologies (DNA-based, Immunoassay-based, Chromatography- & Spectroscopy-based), Targets Tested (Pathogen, GMO, Allergen, and Mycotoxin), and Region - Global Forecast to 2021
https://www.marketsandmarkets.com/Market-Reports/covid-19-impact-on-food-safety-testing-market-139341984.html

Food Safety Testing Market by Target Tested (Pathogens, Pesticides, GMOs, Mycotoxin, and Allergens), Technology (Traditional and Rapid), Food Tested (Meat, Poultry, Seafood, Dairy, Processed Foods, and Fruits & Vegetables), and Region-Global Forecast to 2023
https://www.marketsandmarkets.com/Market-Reports/food-safety-365.html

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