Chicago, June 19, 2024 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the mycotoxin testing market is projected to reach USD 2.3 billion by 2029 from USD 1.6 billion by 2024, at a CAGR of 6.7% during the forecast period in terms of value. The rising incidence of mycotoxin contamination in crops and the globalization of trade are amplifying the demand for testing services. Furthermore, the livestock industry's focus on animal health is driving the adoption of mycotoxin testing in feed ingredients. The growing preference for rapid testing methods is accelerating the adoption of rapid mycotoxin testing kits, enabling timely detection and mitigation of risks.
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In the Type Segment, Aflatoxins hold the Largest Share of the Mycotoxin Testing Market
Toxins present severe health risks, being highly toxic and carcinogenic, which prompts stringent regulations and rigorous testing measures to ensure consumer safety. Moreover, aflatoxins are prevalent in a wide range of agricultural commodities, including cereals, nuts, spices, and oilseeds, necessitating regular testing to mitigate contamination risks. The existence of stringent regulatory standards globally, coupled with the need for compliance in international trade, further drives the demand for aflatoxin testing services and technologies. Economically, aflatoxin contamination can lead to significant losses for producers and exporters, highlighting the importance of investing in effective testing protocols to safeguard product quality and market access.
In the Sample Segment Food holds the Largest Share of the Mycotoxin Testing Market
Firstly, stringent regulations prioritize human health, necessitating more extensive testing of food products compared to animal feed. This emphasis on food safety compliance drives the need for comprehensive testing programs for food samples to meet regulatory standards. Additionally, the larger and more diverse market for food products, coupled with increasing consumer awareness of food safety issues, contributes to higher demand for testing services in the food sector. Mycotoxin contamination in food poses significant health risks to consumers, leading to heightened attention and rigorous testing protocols to ensure product safety. With the globalization of food supply chains, there is a higher risk of mycotoxin contamination during storage, transportation, and processing. Testing ensures the safety and quality of food products as they move through the supply chain.
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The Asia Pacific Region is Projected to be the Fastest Growing in the Mycotoxin Testing Market
The rapid expansion of the food industry in Asia Pacific, driven by urbanization, population growth, and changing consumer preferences, has resulted in a greater volume and variety of food products being produced and consumed. This growth necessitates comprehensive testing to detect and mitigate mycotoxin contamination in a wide range of food items. Agriculture is a significant contributor to many economies in Asia Pacific, with a diverse range of crops being cultivated across the region. Mycotoxin contamination poses a significant risk to agricultural produce, including cereals, grains, fruits, and vegetables. As a result, there is a growing need for testing services to ensure the safety and quality of agricultural products.
Ongoing advancements in testing technologies offer opportunities for the development of innovative and more efficient mycotoxin detection methods. This includes rapid testing kits, molecular diagnostics, and advanced chromatography techniques, providing faster and more accurate results. Technological advancements such as Artificial Intelligence (AI) are transforming the mycotoxin testing landscape by providing quicker, more cost-effective, and user-friendly methods. The Galaxy test developed by ImagoAI (US) in 2023, exemplifies this revolution. This AI-powered system employs hyperspectral imaging (HSI) to swiftly analyze corn samples and detect aflatoxins, deoxynivalenol, fumonisins, and zearalenone within seconds. Traditionally, such analyses could be time-consuming and require expensive equipment. Galaxy's rapidity, simplicity, and affordability pave the way for broader adoption of mycotoxin testing, ultimately contributing to a safer food supply.
Additionally, growing awareness about food safety and the implementation of strict regulations present opportunities for mycotoxin testing providers to extend their global market reach. With more regions embracing stringent regulations, there is a probable uptick in the demand for testing services.
Some of the Key Companies in Mycotoxin Testing Market
- 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)
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