The Mycotoxin Testing Market To Have A Technological Escalation In Its Armor
Mycotoxin is a naturally occurring toxin that can be caused through a certain type of fungus. Consumption of contaminated food or feed can lead to adverse health effects and lead pose a threat to human and animal health. Key players engaged in food manufacturing are taking efforts to be more transparent with their consumers and are increasingly opting for mycotoxin testing to ensure the complete safety and transparency in their offered products.
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The spotlight on food security concerns has created augmented awareness of the potential safety risks regarding what consumers are consuming, which has triggered increased demand for transparency in food products. Consumers today make informed decisions about the products that they are buying, and are looking for products that are safe and meet high standards. As such, the global mycotoxin testing market is set to experience a high value growth of more than 7% CAGR over the next ten years.
Key Takeaways from Market Study
- In European countries, market players are increasingly testing samples of food & beverage – market value share of 75.3% in 2020 – owing to high awareness among consumers demanding more transparency in food products.
- By type, deoxynivalenol is among the most tested mycotoxin, with the largest market value share of around 28% in 2020.
- The mycotoxin testing market in East Asia is projected to expand at an impressive CAGR of close to 9% through 2030.
- Germany, the U.K., France, and Italy account for a substantial share of Europe’s market, with a combined value market share of more than 70%.
- Spread of COVID-19 disrupted the supply chain activities and impacted the mycotoxin testing space. However, with increasing concerns among consumers about food safety, this pandemic is expected to positively impact demand for mycotoxin testing over the coming months and years.
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Players operating in the mycotoxin testing market are focusing on expanding their businesses globally through strategic acquisitions and mergers. Mycotoxin testing companies are emphasizing on reducing the turnaround time required for testing samples and ensuring faster services offering for their client base. Key players are also focusing on adopting modern and innovative technologies to ensure faster and accurate services.
- In 2021, SGS SA completed the acquisition of Analytical & Development Services (ADS), headquartered in Cambridge, the U.K. This acquisition has increased the company’s business opportunities for food testing in the European region, and also helped it better serve its existing clients across the region.
- In 2020, AsureQuality became an affiliate member of the New Zealand Food Safety Science & Research Centre. This membership proved to be beneficial for AsureQuality to receive benefits such as government subsidies, thereby improving its research & development programs, opportunities to learn and innovate, and also collaborate with different companies having the same interests.
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