The mycotoxin testing market size is projected to reach USD 1.56 Billion by 2022, at a CAGR of 6.0% from 2016 to 2022. The market is driven by humid atmospheric conditions, growing health cause among consumers, consumer complaints (food recalls), implementation of stringent food safety regulations, and international trade mandates on food materials.
Expansion opportunities in the emerging countries for testing and advancements in technologies have been paving way for new opportunities in the mycotoxin testing market. The food industry has been stringently following various toxin management systems such as HACCP so as to detect and avoid the mycotoxin generation in food materials due to processing. The concern due to mycotoxin contamination, modernized regulations, growing international trade between developing nations such as China, Japan, and Latin American countries and developed nations has been driving the mycotoxin testing market in these regions. The mycotoxin testing market is projected to grow at a CAGR of 6% from 2016 to 2022.
HPLC-based, LC-MS/GC-MS, immunoassay-based technologies are prominently used and are the fastest growing in the mycotoxin testing market. Other technologies include test kits. (LC-MS/MS) can detect contaminants at concentrations in the low-level parts per million (ppm) range. EU directives have been imposing legislative pressures on food safety issues that drive the market and are followed by most countries in the world to export food products to the EU countries.
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On the basis of food & feed tested, food was the largest and fastest growing segment in the mycotoxin testing market in 2015. In food tested cereals, grains & pulses are the next fastest growing market from 2016 to 2022, followed by meat & meat products. On the basis of type, aflatoxin testing is projected to be the fastest growing ones through 2022. This is due to the growing contamination of aflatoxins in various food products.
The Asia-Pacific market for mycotoxin testing is projected to grow at the highest rate. Growth in this region is driven by various regulations imposed by the FDA & different importing countries. Food security standards are becoming increasingly stringent to ensure a safer supply of food to individuals. Governments in different countries have implemented various regulations for consumers, producers, and regulators. In January 2016, Intertek acquired the Italian company Food International Trust (FIT-Italia), which provided a wide range of assurance, testing, and certification services. It was the first Italian company to receive ISI accreditation as an inspection body for the food sector and the first company in Italy to be accredited to deliver the International Food Standard (IFS) Food Store program. The expansion would help Intertek in serving food safety certification market in the neighboring region. In 2014, ALS Limited acquired Kingmoor Technical Services Limited (England). The acquisition would help in expanding food and pharmaceutical testing in the U.K. It would provide a wider range of testing services–including nutritional, vitamins & additives, pesticides, & toxin testing, and a platform to expand in Scotland and England.
