Asia Pacific Mycotoxin Testing Market was valued at USD 308.6 million in 2021, growing at a high CAGR of 13.3% from 2022 to 2028 to reach USD 739.6 million by 2028. The region's demand for mycotoxin testing has increased because of the COVID-19 outbreak. Because COVID-19 originated in China, testing of products exported from that country will be priority to prevent a new outbreak. Furthermore, the market's expansion may be linked to the Chinese government's efforts to achieve global compliance in food safety norms and standards to boost the country's export industry. Food products will be in higher demand from North American and European countries. As a result, testing these items prior to export will be essential, resulting in an increase in the mycotoxin testing market in Asia Pacific countries. Several moulds that are typically found on agricultural products, when eaten by humans or animals it produces toxic effect. They can produce chemical compounds that are toxic. Mycotoxins are chemical metabolites that are derived from the words "myco" (fungus) and "toxin" (poison). Asia Pacific Mycotoxin Testing Market is surging owing to frequent acquisitions and launchings by the market players. Strategic alliances by the players such as acquisitions, mergers, expansions and new product launches may enhance the companyâ€™s growth. For instance, In March 2018, Bureau Veritas acquired EMG Corporation (EMG). With this acquisition the company has expanded its service portfolio and also increased its brand value which has helped the company to increase its revenue. In February 2018, Certain International from Australia and Hoan Vu from Vietnam announced the use of blockchain infrastructure provided by OriginTrail using GS1 supply chain data standards to tackle the cases of food fraud crisis by providing rapid traceability solutions. However, the lack of food management infrastructure, the complexity of testing technology, and the lack of regulations in emerging countries hamper the mycotoxin and food testing market. Key Developments: In May 2020, Bureau Veritas, in collaboration with Leela Palaces (India), launched the "Surakhsha" program, which aims to deliver high standards of food safety and cleanliness while using technological services to keep them up to date. In March 2018, Scientists at Singapore's Nanyang Technological University (NTU) have created a new imaging system that can snap a photo of fruit or meat and search for regions containing chemicals or bacterial activity that cause spoilage. In January 2019, Bureau Veritas declared the launch of BVAQ, a food testing company based in Singapore that serves Southeast Asian markets. BVAQ is a joint venture with AsureQuality, a state-owned firm in New Zealand that provides food safety and biosecurity services.
Fastest Growing Market
In 2021, meat and poultry had a market revenue share of 46.7%, and from 2022 to 2028, it is predicted to increase at a CAGR of 12.7%. In 2021, The necessity to improve or maintain product quality due to growing consumer awareness and health consciousness drives the demand for food pathogen testing. The mycotoxin testing segment has a market share of 35.7% and is expected to increase at a CAGR of 12.4% in the future years.
The asia pacific mycotoxin testing market is projected to expand at a CAGR of 13.3% during the forecast period.
SGS SA, Eurofins Scientific SE, Romer Labs Division Holding GmbH, Intertek Group plc., NEOGEN Corporation, EnviroLogix, TÜV SÜD
The asia pacific feed antioxidants market segmented based on type, sample, technology, and geography.