Market Overview:

The global mycotoxin testing market size was valued at USD 1.23 billion in 2023. The market is projected to grow from USD 1.32 billion in 2024 to USD 2.40 billion by 2032, exhibiting a CAGR of 7.69% during the forecast period.

Mycotoxins, chemical compounds from fungi, present risks in food and feed grains, potentially causing diseases in humans and animals. Increased internet accessibility and ongoing research efforts by experts and biotechnologists are raising awareness about foodborne illnesses and the importance of mycotoxin testing, driving market demand.

The COVID-19 pandemic disrupted the food and feed supply chain, causing border closures and production site shutdowns, resulting in decreased global production and trade. Closure of the food service industry and losses in the non-food retail sector further contributed to a decline in revenue, reflecting the overall impact of the pandemic on the market.

Fortune Business Insights™ provides this information in its research report, titled “Mycotoxin TestingMarket, 2024-2032”.

List of Key Players Mentioned in the Report:

• ALS Limited (Australia)
• Bureau Veritas (France)
• Charm Sciences, Inc. (U.S.)
• EMSL Analytical, Inc. (U.S.)
• IEH Laboratories and Consulting Group (U.S.)
• Intertek Group PLC Solutions (U.K.)
• Krishgen BioSystems (India)
• PerkinElmer, Inc. (U.S.)
• Premier Analytical Services (U.K.)
• SGS S.A. (Switzerland)

Source: https://www.fortunebusinessinsights.com/mycotoxin-testing-market-106204

Segmentation:

AflatoxinSegment Secures the Largest Market Share owing to Widespread Presence in Key Food Products

On the basis of pathogen type, the market is classified into Aflatoxin, Patulin, Zearalenone, Fumonisins, Ochratoxins, Deoxynivalenol, and others. Aflatoxin's prevalence in a variety of food products such as groundnuts, tree nuts, maize, rice, figs, and spices drives demand for extensive testing, contributing to its largest market share.

Chromatography and Spectroscopy Segment Gains Top Spot with its Amplified Usage

On the basis of technology, the market is fragmented into the market is categorized into chromatography and spectroscopy-based, immunoassay-based, and others. The chromatography and spectroscopy technology bags top position in the market with its increasing utilization in pathogen detection, and the technology’s high accuracy assists in testing a wide range of food items.

Food Segment Secures the Highest Market Share due to Global Population Growth and Asia Pacific Consumption

On the basis of application, the market is divided into food and feed segments. The food segment holds the highest market share. With the rapid expansion of global population and significant consumption of cereals such as wheat, rice, corn, and barley in Asia Pacific, the demand for testing these crops for mycotoxin contamination is increasing.

In terms of region, the market is categorized into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The research report provides in-depth insights into the market, encompassing global market share, size, segmentation, analysis, and growth rates. It also conducts a detailed industry analysis of different countries' markets, highlighting key trends, recent developments, regulatory scenarios, and competitive landscape.

Drivers and Restraints:

Rising International Trade of Cereals and Feed Grains to Bolster Market Growth

Rapid growth in food trade heightens consumer awareness regarding food safety, prompting greater demand for stringent mycotoxin regulations and testing to ensure product quality and safety. Moreover, stringent regulations enforced by global regulatory bodies such as FAO, WHO, APEDA, and FSSAI necessitate comprehensive mycotoxin testing protocols, driving market growth as businesses strive to comply with regulatory standards.

However, inadequate investment in advanced laboratories and technological integration in regions such as the Asia Pacific hinders mycotoxin testing market growth.

Regional Insights:

Asia Pacific Dominates the Market Owing to Varied Climatic Conditions

Valued at USD 0.40 billion in 2023, Asia Pacific holds a leading position in the market and is anticipated to retain a prominent mycotoxin testing market share in the coming years. The region's diverse climatic conditions across vast agricultural lands contribute to varied distributions of toxigenic fungi, prompting increased government investment in research to detect and prevent mycotoxin contamination in food grains.

Europe's unified mycotoxin regulatory standards ensure effective enforcement across the region, enhancing consumer confidence and driving the demand for advanced food safety testing technologies, thereby fueling market expansion.

Competitive Landscape:

Major Players Focus on Establishing New Laboratories to Strengthen their Global Footprint

In the global mycotoxin testing market, a balanced mix of major players and smaller regional companies contributes to a moderately consolidated landscape. This trend is expected to persist, with smaller firms either merging or exiting due to competitive dynamics. Major players including SGS S.A., Bureau Veritas, Intertek Group, ALS Ltd., and PerkinElmer, Inc., are actively engaged in mergers, acquisitions, and the establishment of new laboratories to strengthen their global footprint in mycotoxin testing.

Key Industry Development:

January 2024: IEH Laboratories and Consulting Group obtained FDA Laboratory LAAF Accreditation for food analyses, enhancing safety and compliance standards across food categories.