Global Mycotoxin Testing Market - Segmented by Processing, Type, Usage, Distribution Channel and Geography (2018 - 2023)
The mycotoxin testing market is expected to register a CAGR of 6.3 %, during 2018-2023. 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.
Growing Interest of Consumers for Organic Foods
Organic foods generally are grown with lesser use of chemicals and artificial ingredients and flavors, and are produced according to a set of stringent government standards. Foods cannot be labeled organic unless their production process sticks to those rules, and those extra steps enable the players to price the product on a higher end compared to regular products. This demand for organic foods has increased on a higher end in the food industry as there is a huge increase in health consciousness among the consumers.
The increase in disposable income allows the consumers to purchase a product though it is priced high. This enables an increase in sales revenue for the organic foods market with a CAGR of 6.67% during 2010 to 2015, wherein, the growth rate from 2013 to 2016 accounts to 3.56%. The United States accounts for the highest consumption of organic foods, with a spend of approximately 1 billion USD in 2016. Mycotoxins testing is the most preferred way to test the organic foods and hence the growth in consumption of organic foods drives the penetration for mycotoxins testing market during the forecast period.
Chromatography holds the highest share in Mycotoxin Testing 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 of 52% in 2016, 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. Cereals hold the significant market share, owing to the high chances of fungus infection during storage. Nuts, seeds and spices hold the second largest share in the market.
Emerging Nation Such as Vietnam Offers Potential Opportunities
In Vietnam, the national technical regulation board 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.