Latin America Mycotoxin and Food Testing Market size was valued at USD 131.4 million in 2021, growing at a high CAGR of 11.1% from 2022 to 2028 to reach USD 274.6 million by 2028. Increasing concerns for food safety and increasing awareness among people regarding the mycotoxin effects, food processing may not remove the contamination and hence the necessity of mycotoxin testing for detection of toxins, Advanced technologies to quickly and efficiently test the existence of mycotoxins, rapid increase in foodborne disease, implementation of stringent regulations for food safety, availability of advanced technology drive the mycotoxin and food testing market in the Latin America region. In 2021, Mycotoxin had a market revenue share of 31.7%, and from 2022 to 2022, it is predicted to increase at a CAGR of 10.6%. Mycotoxins are hazardous and toxic effects, on human cells can cause immune depression leads to increasing demand for mycotoxin testing. In 2021, Meat and poultry testing segment has a market share of 61.2% by and is expected to increase at a CAGR of 10.4% in the future years. However, lack of proper equipment in developing countries and complexity of regulatory standards hampers the Mycotoxin and Food Testing market.
In 2019 October, ALS Limited company acquired ARJ Laboratories (Mexico) to Expand its presence in key markets such as Argentina, Brazil, Colombia, and Mexico.