(I-BusinessNews.Com, February 17, 2020 ) 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%. The demand for mycotoxin testing is significantly increasing due to factors such as growing recalls and border rejections with growth in international food trade, stringent regulations across various countries, and changing climatic conditions. The high cost associated with the installation of technologies inhibits the growth of the mycotoxin testing market. The European region is projected to account for the largest market, owing to the growing prevalence of Fusarium toxins due to changing climatic conditions, coupled with the strengthening of the feed and food mycotoxin testing policies by the contributed efforts of Control Laboratories (CLs), National reference laboratories (NLRs), and EU Reference Laboratories (EURLs).
Increasing food trade across borders of emerging markets, launch of advanced technologies for the detection of mycotoxins, rise in co-occurrence of mycotoxins, launch of economic multi-toxin analysis systems, and increase in demand for cereal products and oats and the emergence of new mycotoxins in agricultural commodities such as enniatins, beauvericin, moniliformin, fusaproliferin, fusaric acid, culmorin, butenolide, sterigmatocystin, emodin, mycophenolic acid, alternariol, alternariol monomethyl ether, and tenuazonic acid prove to be some of the opportunities in 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).
The key market players adopted various growth strategies such as new services, technologies, and product launches; expansions & investments; acquisitions; and agreements, collaborations, mergers, and partnerships to cater to the increasing demand for mycotoxin testing. The companies have been expanding their operations in various regions across the globe to establish themselves as leading players in the mycotoxin testing market.
SGS (Switzerland) is one of the largest players in the mycotoxin testing market. SGS provides for inspection, verification, testing, and certification requirements of its clients. The company operates through a network of more than 2,400 offices and laboratories across Europe, the Middle East, the Americas, Africa, and the Asia Pacific. In October 2018, SGS announced the expansion of its agricultural testing service in the Chinese market. The services offered include sample testing of soil, irrigation water, and plant tissues, along with fertilizer recommendation service for national and international consumers. The expansion aimed to help the company to better its footprint in the agriculture testing sector.
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Eurofins (Luxembourg) is an international group of laboratories that provide testing and support services to the pharmaceutical, food, environmental, agricultural, and consumer products industries, as well as to governments. The company capitalizes on a portfolio of 150,000 reliable analytical methods that enable it to offer services that characterize the safety, identity, purity, composition, authenticity, and origin of products & biological substances. In October 2018, Eurofins acquired Environex Group Inc. (Canada), a provider of testing services to the environment, agriculture, food, and health & pharmaceutical sectors, with three laboratories to expand its presence in the Canadian market.
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