New Revenue Sources in Mycotoxin Testing Industry
The mycotoxin testing market is a critical component of the food safety industry. Mycotoxins are toxic secondary metabolites produced by certain types of fungi, which can contaminate crops and pose significant health risks to humans and animals. The testing of these toxins is essential to ensure food and feed safety, regulatory compliance, and to mitigate economic losses.
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The Critical Role of Accurate Mycotoxin Testing in Europe’s Food Supply Chain
In Europe, food safety policies are strongly supported by efforts from Control Laboratories (CLs), National Reference Laboratories (NRLs), and EU Reference Laboratories (EURLs). These authorities play a crucial role in upholding food standards and protecting consumer health by ensuring the quality of the food supply chain. Europe boasts a highly developed food safety infrastructure, featuring well-established laboratories and testing facilities equipped with advanced chromatography and spectroscopy-based technologies for mycotoxin analysis. This infrastructure facilitates comprehensive testing programs and guarantees accurate and reliable results. Furthermore, Europe’s diverse and extensive agricultural industry produces a wide range of crops susceptible to mycotoxin contamination, including cereals, grains, nuts, and dried fruits. The common occurrence of contamination in these commodities highlights the critical need for testing to mitigate risks and ensure food safety.
Mycotoxin Testing Industry Overview
Market Size and Growth:
- The mycotoxin testing market has been experiencing steady growth, driven by increasing awareness of food safety, stringent food safety regulations, and the need for high-quality food products.
- Mycotoxin testing market size is projected to reach USD 2.3 billion by 2029 from USD 1.6 billion by 2024, at a CAGR of 6.7% during the forecast period in terms of value.
Factors Influencing the Mycotoxin Testing Market Growth
Regulatory Requirements:
- Stringent food safety regulations set by authorities such as the FDA (U.S.), EFSA (Europe), and others drive the demand for mycotoxin testing.
- Maximum residue limits (MRLs) and other safety standards necessitate regular testing.
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2. Consumer Awareness:
- Growing consumer awareness about food safety and health concerns related to mycotoxin contamination fuels the demand for testing.
- The rise in health-conscious consumers who demand transparency in food production and safety.
3. Technological Advancements:
- Innovations in testing technologies that offer faster, more accurate, and cost-effective solutions are propelling mycotoxin testing market growth.
- Development of new testing kits and equipment that enhance the efficiency of mycotoxin detection.
4. Agricultural Practices:
- Climate change and varying agricultural practices can affect the prevalence of mycotoxins, influencing the demand for testing.
- Increased emphasis on sustainable agriculture and food production methods to prevent contamination.
How the mycotoxin testing industry will develop in the future with several top mycotoxin testing companies like SGS Société Générale de Surveillance SA (Switzerland), and ALS (Australia)?
Established in 1878, SGS Société Générale de Surveillance SA is a global leader in testing, inspection, and certification services. The company offers a broad range of services, including inspecting, sampling, analyzing, and monitoring raw materials, components, and products to ensure compliance with industrial standards and local regulations, including tax and duty requirements. SGS serves a diverse clientele across various sectors such as chemicals, oil and gas, agriculture and food, construction, energy, life sciences, arts and culture, mining, public sector, logistics, industrial manufacturing, consumer goods and retail, environment, and transportation. SGS plays a crucial role in maintaining industry standards worldwide. With a workforce of 99,600 dedicated professionals operating from 2,600 offices and laboratories strategically located worldwide, the company is committed to delivering excellence in its services and reinforcing its global presence.
In March 2023, SGS acquired the testing business and assets of Asmecruz, a cooperative of mussel producers in Boiro, Spain. This acquisition aligns with SGS’s strategy to enhance its food services and lab network in Europe, particularly in line with the nutrition, health, and wellness trend. It also strengthens SGS’s presence in Spain.
ALS, headquartered in Australia, specializes in providing professional technical services. Its core areas of expertise include testing, measurement, and inspection, with a focus on supporting environmental monitoring, ensuring quality assurance in food and pharmaceutical industries, and aiding in mining and mineral exploration efforts. The company’s business is divided into two segments: Commodities and Life Sciences. The Commodities segment offers assaying, analytical testing, and metallurgical services to mining and mineral exploration companies. Additionally, it provides specialized services to the coal industry, including coal sampling, analysis, and certification, as well as formation evaluation and tribology testing services.
On the other hand, the Life Sciences segment delivers analytical testing data to consulting firms, engineering firms, industries, and governments worldwide. This data assists in making informed decisions across various sectors, including environmental management, food and pharmaceutical quality assurance, electronics, consumer products, and animal health.
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In March 2024, ALS announced the acquisitions of York Lab (US) and Wessling (Germany), marking strategic advancements in its Life Sciences portfolio. These acquisitions underscore ALS’ capability to execute transactions within its growth framework, aiming to broaden both geographic presence and service offerings for new and existing clients. York Lab’s acquisition will facilitate entry into the burgeoning USA environmental market, especially in the northeast, while Wessling offers access to the substantial German and French environmental and pharmaceutical markets, enhancing ALS’ European footprint.
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