Asia Pacific Mycotoxin Testing Market Size 2022-28: Growth, Trends, Share Analysis

According to Precision Business Insights (PBI) latest report, the asia pacific mycotoxin testing market is expected to be worth USD 349.6 million in 2022, growing at a 13.3% CAGR from 2022 to 2028. Asia Pacific Mycotoxin Testing Market By Type (Aflatoxin, Deoxynivalenol, Ochratoxins, Fumonisins, Trichothecene, Zearalenone, Patulin, and Others) By Sample, (Food (Cereals, grains, and pulses, Milk and milk products, Meat, poultry, and seafood, Nuts, seeds, and spices, Fruits and vegetables, and Others), Feed (Cereals and cereal by-products, Seeds and seed products, Forage and silage, and Others), By Technology, (Chromatography- & spectroscopy-based and Immunoassay-based), and Geography Forecast to 2028.

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Mycotoxin Testing dominates the Mycotoxin and Food Testing Market:
Mycotoxin Testing accounted for x% of the market and is expected to grow at a CAGR of x% between 2022 and 2028. The climate in the Asia Pacific area ranges from tropical to semi-tropical to temperate, which is ideal for mycotoxins to flourish. Due to China's large population, complicated geography, and diverse climate zones, which provide ideal circumstances for mycotoxin growth from fungi, mycotoxin prevalence has become a major problem due to the increasing demand for food safety standards that drive the market.

India Leads Mycotoxin and Food Testing Market
India holds a market share of x% in the mycotoxin and food testing market in the forecast period, and it is projected to grow at a CAGR of x% in the coming years. The Food Safety and Standards Authority of India (FSSAI) ensures the quality of food items consumed and exported globally in India. The FSSAI oversees, regulates, and frames the food safety testing supply chain. Following the COVID-19 outbreak, the region's export activity is expected to increase to keep up with the world's interrupted supply chain. In order to comply with the regulatory criteria of the importing nations, the market for testing may increase at a faster rate in accordance with the development of export activities.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Asia Pacific Mycotoxin Testing Market further reveal that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In March 2020, NEOGEN Corporation acquired Magiar Chilena, a distributor of food, animal, and plant diagnostics, including NEOGEN products. This acquisition will help the company boost its brand value and revenue. In April 2018, Eurofins Scientific acquired LabCorp and Covance Food Solutions food testing and consulting business which has expanded the company's end-use segment and the full food supply chain. With this acquisition, the company has expanded its footprint across Asia and the United Kingdom, resulting in higher global sales.

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Key player profiles in the report are SGS SA, Eurofins Scientific SE, Romer Labs Division Holding GmbH, Intertek Group plc., NEOGEN Corporation, EnviroLogix, TÜV SÜD, Fera Science Limited, SYNLAB International GmbH, and R-Biopharm AG.

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