Client’s Goals

The client, a key laboratory in the food safety testing market, wanted to grow revenues. It engaged MarketsandMarkets to understand the strategies for entering untapped food safety testing. We offered a detailed intelligence into the interconnected ecosystem of clients, client’s clients, and their clients. Besides, actionable insights into emerging technologies, new use cases in interconnected ecosystems, etc. were also provided. We defined and solved a series of problems that helped the client to generate revenue impact. The key problems solved during the engaged were:

• Understanding of the market opportunities that have a high growth rate and can be launched with pre-existing technologies already at the client’s disposal
• Insights on the market to target based on region, technology, and samples

Our Approach

Our team started by understanding the client’s requirement for expansion of service offerings with less or already available investment in technologies.

We offered insights into the client’s existing client base and interviewed the potential clients to understand the market opportunities and the lifecycle of existing technologies. Our AI-driven market intelligence platform was leveraged to further understand the market potential through new use cases. It led to the discovery of possible revenue opportunities in the mycotoxin testing market for beverages. Moreover, the client’s facility was already engaged in allergen testing, mycotoxin testing, and heavy metals testing and its team was well acquainted with immunoassay, PCR, and spectroscopy technologies which were in line with the required requirements for mycotoxin testing.

Our analysts expanded the understanding of the current scenario of the market and possible trends for forecasting market size of the beverage mycotoxin testing. To understand the regulatory aspect of key beverage types in the specified region/country, data was gathered from local and regional regulatory bodies on mycotoxins. The data was validated and triangulated to form primary and secondary sources, as well as industrial experts and other unbiased sources.

Furthermore, our client services team helped the client in understanding the customers’ unmet needs in the mycotoxin testing area for beverages; particularly wine and beer. Further, we also helped the client to understand the market scenario by providing competitive leadership mapping of  key laboratories and demand side players in each region. This helped the client align its business strategies in order to increase its presence in the mycotoxin testing market.

Revenue Shifts Identified

The growth in the food mycotoxin testing market is further influenced by the demand for enhanced rapid test technologies in the market. Regulations for food quality, nutrition, and safety have encouraged the demand for mycotoxin testing.

Interconnections

The availability of fast, accurate, and convenient DNA amplification and sequencing methods has made DNA-based analysis a viable option for many types of investigation. Due to the rise in the number of foodborne disease cases, particularly with the increased consumption of meat-based food products, more importance will be laid on food safety. Meat and poultry product manufacturers are witnessing a sharp decline in product sales, whereas plant-based product manufacturers and processed food manufacturers are witnessing an unexpected rise in sales and consumer demands.

Unknowns Identified

Looking towards consumer perception about health hazard for meat and seafood products, the demand for plant-based products and cultured meat will rise. The demand for reagents and chemicals used while testing of food products is projected to increase due to the rise in demand for testing foods and crops to ensure the quality and safety for longer duration and prevent the contamination of foods during the export and import.

Revenue Impact (RI)

Our insights resulted in the client tapping into a ~USD 300  million market, with a projected revenue of  ~USD 70  million in 3 years.