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The mycotoxin feed testing market has witnessed robust growth, with a projected increase from $1.37 billion in 2023 to $1.47 billion in 2024, showcasing a compound annual growth rate (CAGR) of 7.1%. This growth can be attributed to various factors such as crop and environmental changes, economic factors, and global food safety awareness. Looking ahead, the market is expected to continue its growth trajectory, reaching $1.96 billion by 2028, with a CAGR of 7.5%.

Driving Growth Through Awareness of Animal Health

The market is poised for growth due to the increasing awareness of animal health. This awareness has raised the demand for mycotoxin feed testing to ensure the production of safe and high-quality animal products. For instance, the worldwide animal health sector’s value climbed by 12% to $38.3 billion in 2021, indicating a significant increase in demand for animal health-related products and services. 

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Technological Advancements Enhancing Safety Assurance

Technological advancements are a key trend in the mycotoxin feed testing market. These advancements enable users to gain more assurance and check the quality of food or feed, protecting them from illnesses. For example, Ring Biotechnology Co Ltd. launched the new iQuanti mycotoxins quantitative rapid test kit, which can identify the main mycotoxins in cereals in just 10 minutes following a simple specimen extraction.

Strategic Acquisition Driving Market Expansion

The market has witnessed strategic acquisitions aimed at strengthening global networks in key strategic focus areas. For example, Societe Generale de Surveillance SA (SGS SA) acquired SYNLAB Analytics & Services, a laboratory and medical diagnostic services company, to enhance its presence in environment, food, life sciences, and oil condition monitoring sectors.

Market Segmentation and Regional Outlook

The market is segmented by type, sample, technology, and end-user. Types include aflatoxins, alternaria, cyclopiazonic acid, and others. Samples range from cereals to seeds and seed products. Technologies include chromatography-based, immunoassay-based, and spectroscopy-based methods. End-users include food and beverages, animal feed, and pharmaceuticals. North America was the largest region in the mycotoxin feed testing market in 2023, with Asia-Pacific expected to be the fastest-growing region during the forecast period.

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