The global mycotoxin testing market is expected to register a CAGR of 6.1 %, during 2017â€“2022 (the forecast period). The market, valued at USD XX billion in 2016, is projected to reach USD XX billion by 2022. The mycotoxin testing ensures that the products are carcinogenic-free and complies with the International regulation standards. The mycotoxins are toxic chemical compounds produced by a fungus, which can lead to various disease and even death. Cereals and grains are the products that get affected by the fungus during storage. Therefore, the mycotoxin testing becomes necessary for such products, to eliminate the risk of health hazards.
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Cereals, Grains & Flours= Mycotoxin Testing Demand
The increased trade of cereal, grains, nuts and processed grain products has accelerated the demand for food storage, which can lead to harmful mycotoxin generation in the products, further, the demand for mycotoxin testing market, to meet the safer limit of mycotoxin in the products for international trade, has increased. The growing organic food demand and strict food safety regulations are the various factors driving the market. However, lack of awareness about regulatory standards, among manufacturers is the restraining factor for the market. The demand for organic food products is growing in the developing regions, which is offering excellent opportunity to the market.
HPCL-MS/MS Technique to Lead the Mycotoxin Test Market
The process of chromatography detects specific trace amount of mycotoxin by its selective extraction and purification technique. Further, the cost effective testing and high accuracy, incorporated in the process, have dominated the market share among other technologies. HPCL-MS/MS is followed by immunoaffinity chromatography, another reliable method for mycotoxin detection. The market is segmented into test type, technology type, application and geography. Based on test type, the market segmentation includes aflatoxin, ochratoxin, fusarium, patulin and other mycotoxins. Further, these mycotoxins are determined by techniques such as chromatography, mass spectroscopy, enzyme-linked immunosorbent assay (ELISA) and other methods. The chromatography holds a dominant market share, due to its reliable and accurate measure of mycotoxin. By application type, the market is segmented into fruits & vegetables, dairy products, meat & sea foods, cereal, grains & pulses, nuts, seeds, spices & herbs and processed food. Moreover, cereal products hold the significant market share, owing to the high chances of fungus infection during storage. Further, nuts, seeds and spices hold the second largest share in the market.
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Emerging Nation Such as Vietnam Offers Potential Opportunities
In Vietnam, QCVN 8-1: 2011 / BYT regulates the standard limit for various mycotoxin in food products. The growing rigidity of regulations in emerging nations offers an excellent opportunity for mycotoxin testing market. The market, based on geography, is segmented into North America, Europe, Asia-Pacific, South America and Africa. Further, North America and Europe dominates the mycotoxin testing market while Asia-Pacific is growing at a faster rate.
NOTABLE MARKET DEVELOPMENTS
- Neogen Corporation launched new revolutionary test kit for mycotoxin detection
- SGS Philippines laboratories invested 20 million in the LC-MS/MS equipment, to improve its mycotoxin testing facility.
Our Global Mycotoxin Testing Market Report Covers:
- MRO Market Trends & dynamics
- Latest News & developments
- Porterâ€™s five force analysis
- Investment scope
- Deep-dive insights
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