According
to a research report by Transparency Market Research (TMR), the
global biotech flavor market is highly consolidated and competitive
in nature, with Naturex occupying the dominant position. The leading
companies in this market mostly rely on mergers, acquisitions, and
partnerships to improve their visibility and the trend is likely to
continue over the forthcoming years, increasing the competition
between the players, reports the research study.
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As
per the report, the global market for biotech flavors, which stood at
US$430.6 mn in 2015, is expected to proliferate at a CAGR of 9.70%
during the period from 2016 to 2024, increasing the opportunity in
this market to US$991.0 mn by the end of the forecast period. The
market is projected to touch 23,980.3 tons in terms of volume over
the same period of time. The demand for biotech flavors is higher in
beverages compared to other end-use segments. On account of the
surging consumption of flavored beverages, globally, analysts predict
this segment to continue as the leading end user of biotech flavors
over the period of the forecast.
The
research report further evaluates the worldwide market for biotech
flavors on the basis of its regional classification. The Middle East
and Africa, North America, Asia Pacific, Europe, and Latin America
and is led by North America, thanks to the high awareness among
consumers regarding the benefits of biotech flavors. In 2015, the
regional market, followed by Europe, acquired a share of more than
32% in the overall market. Researchers anticipate the North America
market for biotech flavors to retain its leadership over the
forthcoming years.
On
the other hand, Asia Pacific is anticipated to exhibit a high-paced
growth in its market for biotech flavors in the near future, thanks
to the strong demand for biotech flavors from emerging economies,
such as China and India. The health and wellness trend is also
expected to support the growth of the Asia Pacific biotech
flavor market and prompt manufacturers to apply innovative
strategies across the supply chain to ensure wide availability of
biotech flavors for consumers over the years to come. Apart from
this, the increasing demand for beverages in this region is expected
to create vital opportunities for the players in the global market.
“The
rising health consciousness among consumers has augmented the demand
for natural ingredients and biotech-based flavors in food products
and beverages, which, resultantly, is boosting the global biotech
flavor market,” says a TMR analyst. The growing awareness among
consumers in developed economies concerning the negative impact of
artificially-produced food flavors and the increased knowledge of
consumers pertaining to the nutritional advantages of biotech flavors
is projected to propel this market in the years to come.
Although
the future of the worldwide biotech flavor market looks thriving, the
low shelf-life of biotech flavors and issues related to their
stability may hinder the growth of this market in the near future,
states the research report.
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