The global mycotoxin testing market is estimated to be valued at USD 858 million in 2018 and is projected to reach USD 1,157 million by 2023, at a CAGR of 6.1%. Increase in instances of foodborne illness due to mycotoxin contamination, growth in demand for compliance with international trade mandates and change in atmospheric conditions are some factors driving the growth in this market.
Expansion opportunities in emerging markets
Increasing food trade across the borders of emerging markets increases the opportunity for the growth of this market. The increasing incidences of food-borne illnesses and improper sanitation & processing conditions in the factories in a few countries such as Indonesia strongly require the need for mycotoxin testing of food. China has been a potential food-importing & -exporting country; it is hence a key market. The inception of regulations in emerging economies that have entered the food trade, authorization of authorities to prohibit the import & supply of contaminated food and enforce food recalls, and nutrition labeling of foods are expected to increase the demand for testing services in these regions.
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Moreover, growing cases of mycotoxicosis outbreaks from the emerging economies of Asia and Africa are projected to create high growth opportunities for the testing market in these regions. The developing countries are chronically exposed to the high levels of aflatoxins, fumonisins, and trichothecenes, which cause carcinogenicity, immunotoxicity, and growth retardation in animals.
Several studies in Nigeria have reported toxin levels far above the limits allowed by international regulatory agencies in food and agricultural products. In addition, fatal outbreaks of toxicities, resulting particularly from aflatoxins, have been widely reported in Nigeria. There is an urgent need to address the food safety and international trade issues associated with mycotoxin contamination in Nigerian consumer goods and agricultural products, because there is a huge problem of mycotoxin contamination in developing countries such as Nigeria, where there exists a dearth of organized scientific information and data on the magnitude of the problem.
Europe is projected to account for the largest market share during the forecast period
Europe accounted for share of 39.1% in 2017 in the mycotoxin testing market. The food and feed testing mycotoxin policies have been strengthened by the contributed efforts from control laboratories (CLs), national reference laboratories (NRLs), and EU reference laboratories (EURLs). The growing prevalence of Fusarium toxins, due to the changing climatic conditions, is also fueling this market.
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The key players profiled in this market include 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). These companies are focusing on strategies such as new service, technology, product launches, expansions & investments, acquisitions, agreements, collaborations, mergers, and partnerships to expand their operations across the globe.
