Europe Mycotoxin Testing Market Growing Demand, Opportunities and Share Analysis 2022 to 2028

According to Precision Business Insights (PBI) latest report, the europe mycotoxin testing market is expected to be worth USD 270.3 million in 2022, growing at an 11.3% CAGR from 2022 to 2028. Europe Mycotoxin and Food 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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Food Testing Dominates the Mycotoxin Testing Market:
Food Testing accounted for 87.2% of the market and is expected to grow at a CAGR of 11.1% between 2022 and 2028. Italian food and wine are well-known around the world. The country is the world's greatest wine producer, exporter, and consumer. One of the pillars of Italian culture is food. The expansion of the food business is fuelled by significant food trading, and the European Union's strict food safety standards drive the market.

Italy Leads Mycotoxin Testing Market:
Italy holds a market share of 23.7% in the mycotoxin and food testing market in the forecast period, and it is projected to grow at a CAGR of 10.8% in the coming years. Consumer demand for high-quality food has fuelled rapid technical improvements. Regulatory authorities in the country, such as the Rapid Alert System for Food and Feed, promote testing at every stage of food production and processing. Food manufacturers are demanding complete management of the entire value chain, adopting a robust food safety policy, and driving the market in the region for mycotoxin testing.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Europe Mycotoxin Testing market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In January 2021, SGS acquired Analytical & Development Services, a UK-based accredited food testing laboratory that provides pesticides, nutrition, microbiology, food molecular biology, and allergen testing services. As a result of the acquisition, SGS could improve its market position in the UK and add new sophisticated services to its UK food testing and advising business, including pesticide expertise. In February 2021, SGS SA's partnership with RLP AgroScience will benefit the company's development of more complex, tailor-made experimental designs for safety assessments of pesticides, chemicals, biocides, and human/veterinary drugs.

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

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