Biotech Flavor Market Growing at a CAGR of 9.70% between 2016 and 2024

The global biotech flavors market has significantly gained impetus due to increasing awareness among consumers, particularly in the developed countries owing to negative impact caused by the artificially produced food flavors on human health. Increasing health conscious population all across the world has augmented the growth of the global biotech flavors market, as there is significant shift in preference from artificial to natural flavors. Rising awareness regarding the benefitted associated to the biotech flavors market is favoring the market to grow. 

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These days it has been noticed that the consumer are more aware regarding the nutritional values of vegetables and fruits Apart from these benefits of increasing antioxidant levels, accompanied with reduced risks of metabolic diseases. Rising cases of obesity and diabetes across the world has stimulated the consumer all across the world to give away junk foods and uptake biotech flavors. These factors have increased the sales of the product. Biotech process which mainly consists of microbial fermentation, tissue culture, bio-conversion and plat tissue, enable to convert vegetables and fruits ingredients to desired flavors without impacting the nutritional value. These had made the global consumers to prefer biotech flavors. 

The global biotech flavors market is anticipated to expand at 9.7% of CAGR between the forecast periods 2016-2024. The market is likely to be worth at US$991.0 mn by the end of the assessed period. In terms of volume, it is prognosticated the market to touch 23980.3 tons during the above mentioned period. 

Fruity Flavor to Grow Significantly Owing To High Demand for Processed Food and Beverages 

The global biotech market has various types of flavors which lures the customers such as fruity, vanilla and vanillin, and other flavors. It has been noticed that fruit and vanilla and vanillin flavors are most asked for in the market. It is anticipated that the demand for fruit flavors is going to rise further owing to the high demand for processed food and beverage around the world. Demand for biotech flavors market is seen majorly from dairy products, bakery products, nutraceuticals, non-dairy ice cream, beverages, and confectionary products. Amongst these, it has been duly noted that the use for biotech flavors is majorly used for beverages. Demand for flavored beverages has favored the area to grow. 

However, it has been noticed that the low shelf life along with stability issue might deter the growth of the market 

Growing Awareness Regarding Benefits of Biotech Flavors Helps North America to Dominate 

The global biotech flavors market is stretched across Middle East and Africa, Asia pacific, Europe, Latin America, and North America. Amongst the pack, North America holds the major share owing to considerable awareness among consumers regarding the advantages associated to the biotech flavors. Recently, Europe held a considerate amount of share in the market, but researchers expects that North America will retain its position in years to come. On the other side, Asia Pacific is expecting to witness a surge in its demand due to high demand for biotech flavors from the emerging countries in the region such as India and China. The wellness and health trend is likely to be seen in the region which is likely to provide extra boost the growth of the market in the region. Manufacturers are focusing on innovating new flavors for beverages as they are of high demand in the region. This is likely to satisfy the rising demand in the region.

Biotech Flavor Market: Fruity Flavor to Report Swift Growth in Demand

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.

Biotech Flavor Market:Biotech Flavor is an Alternative to Organic Synthesis of Flavors

Global Biotech Flavor Market Overview

Biotech flavor is an alternative to organic synthesis of flavors. Biotech flavor is playing a significant role in development of flavoring compounds. Generally enzymes were used for developing of flavoring compounds but with the advancement of technology and increasing food science developments biotech flavor found its use for the biotransformation of flavor compounds. Flavor compounds made with the help of biotech method have been considered as natural compounds. Due to increasing preference for natural products, this development creates the positive impact on the consumer’s mind as well as the flavors produced with the help of chemical synthesis are not considered ecofriendly. Biotech flavors reproduce flavors that are sweet, salty, and savory and also enables the production of healthier food products. Companies can reduce the amount of sugar, salty, savory by using the small amount of biotech flavor. Bacteria is used for biotech flavorings and for the natural cheese flavoring. These bacteria helps to convert glucose into butyric acid and also present in butter and some cheeses.

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Global Biotech Flavor Market Segmentation:-

Biotech flavor market can be segmented on the basis of application, flavour type and forms of the biotech flavor.

On the basis of application the Biotech Flavor is used in various product such as dairy products, beverages, confectionery, nondairy ice cream, and bakery. Furthermore, the bakery segment can be sub segmented such as breads, cakes, cereals, cookies, muffins, pastries. Also confectionary segment can be sub segmented such as chocolate, coatings, dips, gum.

Biotech flavor market can further be segmented on the basis of flavor type such as vanilla, fruity, essential oils, microbial produced flavors, other flavors. Biotech Flavor market can also be segmented on the basis of forms of the biotech flavor such as liquid, powder, spray dry and paste forms.

Global Biotech Flavor Market: Regional Outlook:-

Geographically, the Global biotech flavor industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. United States dominates the global biotech flavor market in terms of revenue share and consumption, followed by Europe. The developing economies are expected to depict increasing demand for biotech flavour with the rise in consumer awareness and health consciousness.

Global Biotech Flavor Market Drivers

Global biotech flavor market is expected to be driven by the demand of natural ingredients food and healthy food. As people are becoming more health conscious the demand for healthy food is expected to grow. Another factor which is driving the biotech flavor market is the increasing use of innovative technology, enabling the manufacturers to develop new biotech flavor. Apart from that, biotech flavor is also used in vanillin as an ingredient. Vanillin is used in ice creams and soft drinks for flavoring. Increasing consumption of desserts is also impacting the growth of biotech flavor market. A majority of people now a days prefer to buy food products which has biotech flavor for obvious reasons such as healthful fats, omega-3, saturated fat and also due to its properties that makes the foods taste better or fresher. Biotech flavor has already replaced some natural flavors, which were used in foods and required higher cost of production. Advancement technology and scientific breakthrough will support the growth of biotech flavor during the forecast period.

Global Biotech Flavor Market Players:-

The major players identified across the value chain of global biotech flavor market include Bell flavors & fragrances, Sensient, Allylix, Amyris, Symrise, Mane, Safisis, Naturex, Givaudan, Nestec, Takasago etc. The companies are emphasizing on research & development and product development in order to gain market share in the competitive market. Ben flavor and fragrances launched super fruit flavor. It provides lower cholesterol assists immune system. It also has the nutritional value of all kinds of antioxidants, vitamins and other minerals.