According
to the latest market report published by Persistence Market Research
titled ‘Bio-Tech
Flavor Market: Global Industry Analysis and Forecast
2016–2024’, the revenue generated from global sales of bio-tech
flavor has been estimated to be valued at US$ 906.7 Mn by 2016 end
and is expected to increase at a CAGR of 11.0% during 2016–2024
reaching a value of US$ 2,092.2 Mn by 2024.
Bio-tech
flavor is an alternative to organic synthesis of flavors.
Traditionally, fermentation process is used for extracting flavor
from its source using micro-organisms and special enzymes. However,
with the advancement of technology and increasing food science
developments, bio-tech flavor found its use for biotransformation of
flavor compound. In some countries such as U.S. and Europe, flavor
compounds made with the help of biotech method have been considered
as natural compounds.
Market
dynamics
Demand
of bio-tech flavor is expected to grow at a significant rate over the
forecast period, since bio-tech flavor manufacturers are developing
new applications which are under developing phase. Bio-tech flavor
provides number of health benefits which includes enhancement of
antioxidant levels, reduces the risk of metabolic disease including
obesity and diabetes, which makes the consumer to consume bio-tech
flavor based food and beverages over natural and artificial flavor.
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exclusive Sample of this report:
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Bio-tech
flavor has less shelf life as compared to shelf life of natural and
artificial flavors. As there is no added artificial compound such as
artificial preservatives, average shelf life of bio-tech flavors are
around six months to one year only. Increasing shelf life of natural
and fruity flavor is a real challenge in order to enhance growth of
the global bio-tech flavors market. Mostly, vanilla & vanillin
flavors are not used in soda drinks due to reaction issues. This is
another growth restraining factor for the global bio-tech flavors
market in terms of value.
Market
forecast
Food
along with beverages application segment is anticipated to register
the fastest growth due to a growing market for ready-to-eat food and
ready-to-drink beverages. The nutraceutical application segment
in bio-active flavor market is at its introductory phase and is
expected to grow at a significant CAGR over the forecast period.
Moreover, favorable governmental taxation policies are also
anticipated to support the growth of the overall bio-tech flavor
demand during the forecast period. The food segment is slated to
register a CAGR of around 10.5% in terms of value over the forecast
period.
Among
the flavor type segment, vanilla & vanillin segment is the
prominent segment among the rest three flavor type segments. This is
primarily owing to increase demand from protein bars, snacks, powder
and drinks manufacturers. On the basis of source, the global
bio-active flavor market is segmented into fruit and fruit juice
along with plant and botanical segment, accounting for more than 60%
of total bio-tech flavor market. On the basis of form, powder segment
is estimated to lead the market over the forecast period.
North
America accounted for the largest value share of the global bio-tech
flavor market in 2016, and is anticipated to increase at a CAGR of
11.1% over the forecast period in value terms. Sales of bio-tech
flavor in APAC is projected to increase by 2.7X between 2016 and
2024. In terms of value and volume, APAC is anticipated to register
highest growth over the forecast period.
Competitive
landscape
Givaudan
S.A , International Flavors and Fragrances Inc. (IFF), Firmenich SA,
Symrise AG, Takasago International Corporation, Sansient Technologies
Corporation, Kerry Group Plc are some of the key players operating in
the global bio-tech flavor market.
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