Market Size of Mycotoxin Testing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mycotoxin Testing Market Analysis
The global mycotoxin testing market is projected to grow at a CAGR of 11.7% during the forecast period.
- The mycotoxin testing ensures that the products are carcinogenic-free, and complies with the International regulation standards. Mycotoxins are toxic chemical compounds produced by a fungus, which can lead to various diseases and even death.
- Cereals and grains are the products that get affected by the fungus, during storage. Therefore, mycotoxin testing becomes necessary for such products, to eliminate the risk of health hazards.
- Fusarium mycotoxins likely to hold a major portion of the global mycotoxin testing market share.
Impact of COVID-19 on the Market:
- The distorting effect of the virus in the region was majorly attributed to bad health profiles and low immunity, majorly contributed by the prevalence of unhealthy eating habits and lack of physical activities practiced by consumers. Europeans are now expected to be extra conscious about their food choices, with more focus toward health-building supplements, functional foods, and juices. This depicts promising applications for food safety testing services in the future.
- Despite no evidences being found on the spread of virus through food and its packaging, food manufacturers in the region are constantly looking for a double check, in terms of providing safe food to consumers.
- Considering the possible contingencies of food manufacturers to offer virus-proof food products to consumers and gain a competitive edge over other market players, the demand for Mycotoxin testing may be moderately uplifted in 2020 and in the following years.
