Market Leaders - Mycotoxin Testing Market
The global mycotoxin testing market size estimated at USD 946 million in 2020 and is projected to grow at a CAGR of 7.1% to reach USD 1,337 million by 2025. The market has a promising growth potential due to several factors, including the increasing awareness of mycotoxin testing and strict government regulations for mycotoxin testing in both food and feed products. Increase in instances of foodborne illnesses due to mycotoxin contamination, growth in demand for compliance with international trade mandates, and change in atmospheric conditions are some factors that are driving the market.
The key players in the mycotoxin testing market include SGS (Switzerland), Bureau Veritas (France), Eurofins (Luxembourg), Intertek (UK), Mérieux NutriSciences (US), ALS Limited (Australia), Neogen (US), Romer Labs (US), Symbio Laboratories (Australia), OMIC USA (US), AsureQuality (New Zealand), and Microbac (US). Service providers adopted various growth strategies such as new services, technologies, and product launches; expansions & investments; acquisitions; and agreements, collaborations, mergers, and partnerships to cater to the increasing demand for testing and to strengthen their position in the market.
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Bureau Veritas (France) manages its business operations through its business segments, such as testing, inspection, and certification services to meet the growing challenges of quality, safety, environmental protection, and social responsibility. The company offers innovative solutions for regulations & standards, reducing risks, improving performance, and promoting sustainable development. The six business segments of the company are—buildings & infrastructure, agri-food & commodities, industry, consumer products, marine & offshore, and certification. The company provides for the detection of mycotoxins through its agri-food & commodities segment. Bureau Veritas has a strong presence in Europe, North America, and Asia Pacific. It provides mycotoxin testing services in both food and feed samples. The company has sound technical expertise and advanced technology providing testing services and has a comprehensive portfolio of accreditations from the French Committee for Accreditation (COFRAC) and American Association for Laboratory Accreditation (A2LA). Bureau Veritas focuses on acquisitions and new service launches to expand its food hold in the mycotoxin testing market. It seeks to differentiate its services in terms of quality and performance. This helps the company to continue the promotion of its services and provides it with an opportunity to enter the new markets. It continues to use its technological edge to enhance innovation and operations to strengthen its position in the market. Bureau Veritas announced the formation of Singapore-based BVAQ, a food testing company providing services to South East Asian markets. BVAQ is a joint venture created with AsureQuality, the New Zealand state-owned company providing food safety and biosecurity services. The partnership provides laboratory analytical services to all food industries in South East Asia, with a wider geographical presence and testing scope.
SGS (Switzerland) is one of the largest players in the mycotoxin testing market. SGS provides for inspection, verification, testing, and certification requirements of its clients. The company operates through a network of more than 2,400 offices and laboratories across Europe, the Middle East, the Americas, Africa, and the Asia Pacific. In October 2018, SGS announced the expansion of its agricultural testing service in the Chinese market. The services offered include sample testing of soil, irrigation water, and plant tissues, along with fertilizer recommendation service for national and international consumers. The expansion aimed to help the company to better its footprint in the agriculture testing sector.
Eurofins (Luxembourg) is an international group of laboratories that provide testing and support services to the pharmaceutical, food, environmental, agricultural, and consumer products industries, as well as to governments. The company capitalizes on a portfolio of 150,000 reliable analytical methods that enable it to offer services that characterize the safety, identity, purity, composition, authenticity, and origin of products & biological substances. In October 2018, Eurofins acquired Environex Group Inc. (Canada), a provider of testing services to the environment, agriculture, food, and health & pharmaceutical sectors, with three laboratories to expand its presence in the Canadian market.
Related Reports:
Mycotoxin Testing Market by Type (Aflatoxins, Ochratoxin, Fumonisins, Zearalenone, deoxynivalenol, Trichothecenes, Patulin), Technology (Chromatography- & Spectroscopy-Based, Immunoassay-Based), Sample (Feed & Food), and Region - Global Forecast to 2025
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