PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1608906
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1608906
The global mycotoxin testing market is projected to grow significantly, boasting a compound annual growth rate (CAGR) of 6.7% between 2024 and 2031. Rising from a valuation of US$ 2.00 billion in 2024, the market size is anticipated to reach approximately US$ 3.16 billion by 2031. Factors such as increasing concerns about food and feed safety, stringent government regulations, and the expansion of global food trade are driving the demand for mycotoxin testing services worldwide.
Market Insights
Ensuring feed safety is critical for maintaining animal health and, indirectly, human health and food safety. With a growing global population and increased animal product consumption, demand for secure, high-quality feed has surged. Mycotoxin contamination in feed poses serious challenges, driving the adoption of advanced mycotoxin testing solutions.
The rise in international food trade and the growing popularity of processed foods are intensifying the focus on food safety. Consumers' heightened awareness of health risks from contaminated food further boosts the demand for mycotoxin testing services.
Over 100 countries have implemented strict regulatory measures to limit mycotoxin levels in food and feed products. These efforts aim to reduce health risks and economic losses, driving market growth for mycotoxin testing.
Market Drivers
Urbanization, technological advancements, and rising purchasing power are fueling the rapid growth of the food processing sector. Mycotoxin testing is crucial for ensuring the safety of processed foods like bakery and dairy products, which are prone to contamination.
The pharmaceutical industry offers a high-growth opportunity for mycotoxin testing providers. Stricter safety standards and rigorous clinical trial processes are driving demand for reliable testing services.
New technologies in mycotoxin detection and analysis enable faster, more accurate testing, supporting market expansion.
Business Opportunities
Developing regions such as Africa and Asia are experiencing more frequent mycotoxicosis outbreaks, presenting significant growth opportunities for industry players. For example, high aflatoxin levels in Nigerian food products underscore the need for reliable testing solutions.
Leading players are forming partnerships to expand in emerging markets. For instance, the 2018 joint venture between AsureQuality and Bureau Veritas aimed to establish comprehensive food-testing labs in Southeast Asia.
Regional Analysis
Europe leads the market, driven by stringent policies and a strong industry presence. Deoxynivalenol is the most frequently detected mycotoxin, particularly in corn samples, necessitating rigorous testing to safeguard livestock and food safety.
In East Asia, China holds a dominant position, accounting for approximately 50% market share in 2023. Government-led initiatives and strict food safety regulations drive growth in this region.
These regions offer significant opportunities due to rising awareness and the prevalence of mycotoxin contamination.
Competitive Analysis
These companies are expanding laboratory networks, adopting cutting-edge technologies, and exploring opportunities in developing markets.
Mycotoxin Testing Market Segmentation