MEA Mycotoxin and Food Testing Market sizeÂ was valued at USD 79.8 million in 2021, growing at a high CAGR of 12.2% from 2022 to 2028 to reach USD 178.6 million by 2028. Greater consumption of ready-to-eat meals, implementation of numerous food safety rules, and busy lifestyles and hectic schedules contribute to increased consumption of ready-to-eat meals. Foodborne disease, which can lead to death, is caused by eating contaminated food, which may contain poisonous chemicals and radioactive materials. Many leading food safety organizations, such as the Department of Agriculture, the Department of Health, and the Department of Trade and Industry, have implemented strict laws to prevent consumer illness and food fraud drives the market in the region. Food had a market revenue share of 61.7% in 2021, and from 2022 to 2028, it is predicted to increase at a CAGR of 10.7%. Food can be easily contaminated with pathogenic bacteria through exposure to inadequate processing controls, cross-contamination, animal manure, and improper storage or cooking. In 2021, the immunoassay based methods segment had a market share of 57.3% and is expected to increase at a CAGR of 11.4% in the future years. As ongoing developments have discovered that traditional methods are not suitable for all food products, immunoassay-based methods are more widely accepted than traditional methods. However, the complexity of testing techniques and lack of harmonization of regulations hampers the mycotoxin and food testing market
Fastest Growing Market
The mycotoxin and food testing market is surging owing to frequent acquisitions and launches by the market players. Strategic alliances by the players, such as acquisitions, mergers, expansions, and new product launches, may enhance the companyâ€™s growth.
The MEA mycotoxin and food testing market is projected to expand at a CAGR of 12.2% during the forecast period
ALS Limited, Bio-Rad Laboratories, Inc., Bureau Veritas, DNV GL AS (DNV), Eurofins Scientific S.E., Intertek Group plc, QIMA Limited, SGS SA, TUV SUD