Global Mycotoxin Testing Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2024 (Based on 2020 COVID-19 Worldwide Spread)

2020 August, Magarpatta SEZ, Pune, “ReportsnReports”, one of the world’s prominent market research firms has released a new report on Global Mycotoxin Testing Market. The report contains crucial insights on the market which will support the clients to make the right business decisions. This research will help both existing and new aspirants for Mycotoxin Testing Market to figure out and study market needs, market size, and competition. The report talks about the supply and demand situation, the competitive scenario, and the challenges for market growth, market opportunities, and the threats faced by Top key players.

The report also includes the impact of ongoing global crisis i.e. COVID-19 on the Mycotoxin Testing Market and what the future holds for it. The published report is designed using a vigorous and thorough research methodology and ReportsnReports is also known for its data accuracy and granular market reports.

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“Implementation of stringent government regulations regarding mycotoxin testing and awareness among the consumer for certification are projected to drive the mycotoxin testing market”

The global mycotoxin testing market size estimated at USD 946 million in 2020 and is projected to reach USD 1,337 million by 2025, at a CAGR of 7.1%. The market is driven by factors such as growing recalls and border rejections with the growth in international food trade, stringent regulations across various countries, and changing climatic conditions. High costs associated with the installation of technologies inhibit the growth of the mycotoxin testing market.

COVID-19 has led to a drastic shift in consumer demand away from restaurants, food service and other types of “food away from home” towards food consumed at home, requiring important changes in the way food supply chains operate. As the COVID-19 pandemic gathered pace, sales of “food away from home” (consumed in hotels, restaurants, catering and cafés) collapsed.

COVID-19 has led to disruptions in food processing industries, which have been affected by rules on social distancing, by labour shortages due to movement restrictions, and by lockdown measures to contain the spread of the virus. and the other measures taken by the regional governments, thereby limiting the number of people who can work together in small areas. Thus, the decline in 2020 in the mycotoxin testing market growth is mainly due to the impact of COVID-19 pandemic. However, as these restrictions relax, and as certification requirements on products gain more attention via consumers, the market for mycotoxin testing would witness a significant growth in the next five years.   

The segmentation of the mycotoxin testing market is based on type, sample, technology, and region. Based on type, the mycotoxin testing market is segmented into a flatoxin, ochratoxins, fumonisins, zearalenone, deoxynivalenol, trichothecene, patulin, and others. The market is further segmented, based on sample such as,Food (cereals, grains, and pulses, milk and milk products, meat, poultry, and seafood, nuts, seeds, and spices, fruits and vegetables and others), and feed (cereals and cereal by-products, seeds and seed products, forage and silage, and others). The market is further segmented, based on technology such as, Chromatography- & spectroscopy-based, Immuno assay-based Pichia spp., and high-performance liquid chromatography (HPLC).The mycotoxin testing market, by region, is segmented into North America, South America, Europe, Asia Pacific, and RoW.

“Cereals, grains, and pulses: The largest-growing segment of the mycotoxin testing market, by sample market”

Based on sample, the mycotoxin testing market is segmented into food and feed. Among food samples tested, cereals, grains, and pulses recorded the highest CAGR, due to a greater level of contamination with various mycotoxins. Cereals, grains, and pulses are more susceptible to the co-occurrence of mycotoxins, thereby leading to an increased demand for testing, as they are used in various products for food processing.

“By type, the a flatoxin segment is projected to witness the highest growth during the forecast period.”

The aflatoxin segment is estimated to grow at the highest CAGR due to the growing prevalence of fungi–Aspergillus flavus and Aspergillus parasiticus. There are four major types of a flatoxins, namely, B1, B2, G1, and G2. Of these a flatoxins, aflatoxin B1 is a majorly produced toxin, and therefore it is regulated in the US at 20 ppb in agricultural products, which are used for human consumption. Crops such as maize, peanuts, groundnuts, cotton seeds, and tree nuts are prone to a flatoxin contamination.Exposure to a flatoxins for a prolonged period of time causes birth defects among infants, chronic diarrhea, and immuno suppression. Aflatoxins are potent carcinogens and could lead to cases of liver cancer. These factors have lead a growth in the mycotoxin testing market.

“Asia Pacific: The largest-growing segment of the mycotoxin testing market, by mycotoxin testing region”

Food security standards are increasingly becoming stringent in the Asia Pacific region to ensure a safer supply of food and feed to individuals and livestock inside and outside the region. Governments have introduced various regulations for consumers, producers, and regulators. Japanese companies have been determined to match up to their national standards to international levels to gain a leading market position for food products in the global market. The lack of awareness among companies about food and feed safety standards has hindered the public health, for which the complete knowledge management system has to be specified.

Since the region is among the major growers and exporters of fruits & vegetables, it witnesses increasing concerns about the food safety of agricultural food products. The mycotoxin testing will experience significant growth in the mycotoxin testing market. The pandemic situation caused due to the outbreak of COVID-19 will impact food safety, as the consumers are becoming more aware regarding health issues and the safety of food products. These factors are projected to drive the growth of the mycotoxin testing market.

Breakdown of primaries

The study contains insights from various industry experts, ranging from equipment and testing kits providers to Tier 1 companies and food & feed processors and manufacturers.

The break-up of the primaries is as follows:

By Company Type - Tier 1 45-%, Tier 2- 30%, Tier 3- 25%
By Designation - C level- 50%, Managers- 20%, Executives- 30%
By Region - APAC- 40%, Europe- 30%, North America- 20%, and RoW*- 10%

*RoW includes Middle east and Africa

The market for mycotoxin testing globally is consolidated, with established players occupying a major share in the industry. Major testing service providers for mycotoxin such as 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 Laboratories (US). Service providers are adopting strategies such as new service launches, expansion & investments, mergers & acquisitions, agreements, collaborations, joint ventures, and partnerships to strengthen their position in the market.

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The report helps to identify the main Mycotoxin Testing Market players. It assists in analyzing Mycotoxin Testing Market competitive environment, including company overview, company total revenue, market opportunities, value, production sites and facilities, SWOT analysis, product details. The study also reveals the sales, revenue and market share for each market player included in this report for the period of 2015-2020. It also helps to ascertain the growth drivers and future prospects for the forecast timeline.

Conclusively, this report is a one stop reference point for the industrial stakeholders to get Mycotoxin Testing Market forecast of till 2025. This report helps to know the estimated market size, market status, future development, growth opportunity, challenges, growth drivers of by analyzing the historical overall data of the considered market segments.

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This release was published on openPR.