Global Mycotoxin Testing Market Size, Share Is Expected to Increase to USD 11.12 Billion by 2030, at a CAGR of 7.25% | Industry Trends, Analysis & Forecast

New York, NY, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Mycotoxin Testing Market By Technology (Immunoassay-Based, High-Performance Liquid Chromatography, LC-MS/MS-Based, And Others), By Type (Patulin, Fusarium, Aflatoxins, Ochratoxins, And Others), By Food-Type (Dairy, Meat & Poultry, Processed Food, Fruits & Vegetables, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” in its research database.

“According to the latest research study, the demand for global Mycotoxin Testing Market size & share in terms of revenue was valued at USD 6.12 billion in 2021 and it is expected to surpass around USD 11.12 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.25% during the forecast period 2022 to 2030.”

What is Mycotoxin Testing? How big is the Mycotoxin Testing Industry?

Mycotoxin Testing Report Coverage & Overview:

Mycotoxin is classified as a secondary metabolite with high toxicity. It is produced by microorganisms originating from the group fungi. Consumption of mycotoxin can result in a fatality or can lead to severe medical concerns amongst animals and humans. Since mycotoxins are aerobic, they can be found anywhere and rely on organic matter when kept in humid surroundings at appropriate temperatures. If the conditions are suitable, fungi gas grows at an exponential rate and results in colonies that cause an increased level of mycotoxin presence. Although the exact reason for the presence of mycotoxin is still unknown, even after years of research, they are most evidently found in food products.

As the presence of the toxic compound is known to weaken the chemical properties of the host, the presence of mycotoxin in small quantities at the initial stage can lead to more fungal proliferation. However, the growth of mycotoxin is dependent on the extrinsic and intrinsic environment and may also vary greatly in terms of toxic content depending on the hosts’ metabolism, susceptibility, and immunity. Mycotoxin testing is a mandate for every business, irrespective of the size, that is functioning in the food and industry sector, as international and regional regulatory bodies are extremely stringent regarding the food content that is circulating in the economy.

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Global Mycotoxin Testing Market: Growth Dynamics

The global mycotoxin testing market is projected to grow owing to the increasing analysis and strict regulations related to the content of animal feed that is present in the local market. In animals, consumption of mycotoxin can lead to various serious medical issues like alimentary toxic aleukia, hemorrhagic syndromes, hepatic diseases, Nephropathy, neurological issues, immunity disorders, and different types of cancer. Hence animal feed providers are required to perform mycotoxin testing to provide complete proof of the exact content present in the animal feed before it is rolled out in the market for purchase. Mycotoxin test providers have launched multiple at-home tests as well as rapid tests that provide instant results. These factors could also help the global market grow further as more people have access to the test to be conducted as per convenience and do not have to depend on external reports.

However, the global market is projected to face challenges due to the high cost associated with mycotoxin testing. Some of the tests can cost over USD 100 per sample and the price only goes up depending on the type of test chosen. This makes the test unaffordable for many small-scale companies which could cause them to select an undesirable route to bring their products into the market for sale purposes. The percentage of accuracy offered by at-home tests could also greatly impact the global market growth because in case the tests are inaccurate, it could result in heavy losses.

The growing consumer awareness is expected to provide growth opportunities while the lack of qualified personnel may challenge revenue growth.

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Report Scope

Mycotoxin Testing Market: Segmentation Analysis

The global mycotoxin testing market is segmented based on technology, type, food type, and region

Based on type, the global market divisions are patulin, fusarium, aflatoxins, ochratoxins, and others. In 2021, the global market may be dominated by the aflatoxins segment as the countries upgrade their systems and infrastructure to control and prevent the exposure of the regional population to carcinogenic substances. Aflatoxin exposure in high amounts is associated with liver cancer and people may be exposed to it through eating contaminated products like peanuts, or by eating infected dairy or meat products. As per official estimates, more than 10,000 women and 24,000 men in the US suffer from liver cancer.

Based on food type, the global market divisions are dairy, meat & poultry, processed food, fruits & vegetables, and others. Although mycotoxin testing is mandatory for all food types including animal fodder, in 2021, the global market was led by the processed food segment owing to the large consumer database. The global processed food market stood at a value of USD 144 billion in 2021. The meat & poultry industry is also projected to grow at a high CAGR, as the consumption of animal-based food increases.

The global Mycotoxin Testing market is segmented as follows:

By Technology

• Immunoassay-Based
• High-Performance Liquid Chromatography
• LC-MS/MS-Based, and Others

By Type

• Patulin
• Fusarium
• Aflatoxins
• Ochratoxins
• Others

By Food-Type

• Dairy
• Meat & Poultry
• Processed Food
• Fruits & Vegetables
• Others

Browse the full “Mycotoxin Testing Market By Technology (Immunoassay-Based, High-Performance Liquid Chromatography, LC-MS/MS-Based, And Others), By Type (Patulin, Fusarium, Aflatoxins, Ochratoxins, And Others), By Food-Type (Dairy, Meat & Poultry, Processed Food, Fruits & Vegetables, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” Report at https://www.zionmarketresearch.com/report/mycotoxin-testing-market

Competitive Landscape

Some of the main competitors dominating the global Mycotoxin Testing market include - 

• Symbio Laboratories
• Romer Labs Diagnostic GmbH
• Microbac Laboratories Inc.
• Bureau Veritas SA
• Silliker Inc.
• Asurequality
• ALS Limited
• Eurofins Scientific SE
• Intertek Group PLC
• SGS SA

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Mycotoxin Testing market is likely to expand at a CAGR of around 7.25% during the forecast period (2022-2030).                                
• In terms of revenue, the Mycotoxin Testing market size was valued at around US$ 6.12 billion in 2021 and is projected to reach US$ 11.12 billion by 2030.
• The global mycotoxin testing market is projected to grow owing to the increasing level of strictness surrounding food safety.
• Based on technology segmentation, high-performance liquid
• was predicted to show maximum market share in the year 2021
• Based on food type segmentation, processed food was the leading type in 2021
• On the basis of region, Europe was the leading revenue generator in 2021

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Key questions answered in this report:

• What is the market size and growth rate forecast for Mycotoxin Testing industry?
• What are the main driving factors propelling the Mycotoxin Testing Market forward?
• What are the leading companies in the Mycotoxin Testing Industry?
• What segments does the Mycotoxin Testing Market cover?
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Key Offerings:

• Market Size & Forecast by Revenue | 2022−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Technology, By Type, By Food-Type By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Europe (EU) is projected to lead the global mycotoxin testing market owing to the presence of stringent laws related to animal feed. In 2021, the EU animal feed market generated USD 99 billion in revenue. The European Feed and Food Ingredient Safety Certification Aisbl is responsible for regulating the animal feed market in the territory. Growth in Asia-Pacific is projected to be driven by the growing awareness amongst the end-consumers about food ingredients and the increasing emphasis of regional governments on conducting extensive tests before rolling out the product in the live market. Revenue in North America could witness new heights due to the presence of stringent rules laid down by the US Food and Drugs Administration department related to food safety.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In March 2021, PerkinElmer announced the availability of ONE Pesticide420TM CRM Reagent and Consumable Kit for testing hemp and cannabis
• In August 2021, PerkinElmer launched MaxSignal® Mycotoxin Automation Bundle, which can process up to 180 samples within 90 minutes

To know an additional revised 2022 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/mycotoxin-testing-market

FREQUENTLY ASKED QUESTIONS

• Which key factors will influence mycotoxin testing market growth over 2022-2030?
• What will be the value of the mycotoxin testing market during 2022-2030?
• Which region will contribute notably towards the mycotoxin testing market value?
• Which are the major players leveraging the mycotoxin testing market growth?

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