Demonstrating a robust growth trajectory, the mycotoxin testing market is projected to attain an impressive Compound Annual Growth Rate (CAGR) of 7.8% in the forecast period, leading it to exceed a value of USD 950 million in 2020. The escalating demand for food safety and quality, coupled with stringent regulations, drives the adoption of mycotoxin testing across the food and feed industries. As concerns about mycotoxin contamination rise, industry players are focusing on innovative testing solutions, fueling market expansion. This growth trend underscores the market's pivotal role in ensuring consumer health and bolstering product integrity.
The report "Mycotoxin Testing Market, By Type (Aflatoxins, Ochratoxin, Fumonisins, Zearalenone, deoxynivalenol, Trichothecenes, and Patulin), By Technology (Chromatography- & Spectroscopy-Based, and Immunoassay-Based), By Sample (Feed and Food), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
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https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/4480
Key Highlights:
• In October 2019, SGS announced the expansion of its new food microbiological testing lab in Fairfield, New Jersey, US. The 2,000 sq. ft. microbiological testing facility utilizes a information technology platform to offer food producers, manufacturers and suppliers with a broad spectrum of testing services across every food category.
• In March 2019, SGS announced the expansion of its new food microbiological testing lab in Carson, California, US. The microbiological testing facility is of 2,400 sq. ft. This expansion is aimed at expanding geographical coverage and its global network of agriculture and food labs.
Analyst view:
From an analyst's perspective, the mycotoxin testing market is poised for substantial growth with a projected CAGR of 7.8%. This surge is attributed to the increasing awareness about food safety and the need to mitigate mycotoxin-related risks. Regulatory standards mandating mycotoxin testing in food and feed products are driving industry players to invest in advanced testing solutions. As mycotoxin contamination incidents continue to make headlines, the market's expansion is inevitable. The market's growth not only reflects its economic significance but also underscores its critical role in safeguarding public health and maintaining the credibility of the food supply chain."
Competitive Landscape:
The prominent player operating in the global mycotoxin testing market includes SGS, Bureau Veritas, Eurofins, Intertek, Mérieux NutriSciences, ALS Limited, and Neogen.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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