Global
Biotech Flavors Market: Snapshot
The
global biotech flavors market has gained significant impetus from the
rising awareness among consumers, especially in the developed
countries, regarding the potential adverse impact of
artificially-produced food flavors on human health. The rising health
consciousness among consumers has resulted into increased preference
for natural ingredients among consumers across the world and the high
consumer awareness pertaining the nutritional benefits of biotech
flavors is expected to contribute significantly to the growth of this
market in the coming years.
Nowadays,
consumers are more aware of the various nutritional values of fruits
and vegetables, and the benefits such as increasing antioxidant
levels, reduced risks of metabolic diseases, including obesity and
diabetes, associated, with consumption. Biotech processes such as
plant tissue culture, microbial fermentation, and bio-conversion,
enable the conversion of fruits and vegetable ingredients into
flavors without causing any adverse impact on its nutritional value
and, hence, are considered as more natural compared to chemically
synthesized flavors.
The
global market for biotech flavors stood at US$430.6 mn in 2015.
Expanding at a CAGR of 9.70% between 2016 and 2024, the opportunity
in this market is likely to touch US$991.0 mn by the end of 2024. In
terms of volume, the market is estimated to cross 23,980.3 tons
market over the same time period.
Fruity
Flavor to Report Swift Growth in Demand
Based
on the flavor, the global market for biotech
flavor market is classified into vanilla and vanillin,
fruity, and other flavors. Currently, the demand for other flavors is
higher than vanilla and vanillin and fruity flavors. However, fruity
flavor is expected to witness a high-paced growth in its demand over
the next few years, thanks to the increasing consumption of processed
food and beverages across the world.
Dairy
products, confectionery products, bakery products, beverages,
non-dairy ice cream, and nutraceuticals are the key application areas
of biotech flavors. Among these, the beverages segment is expected to
register a greater demand for biotech flavors in the years to come on
the grounds of the increasing consumption of flavored beverages,
worldwide.
North
America to Continue as Market Leader
The
global market for biotech flavors is stretched across 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 a
share of 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 witness 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.
Kerry
Group Plc, Firmenich S.A., Naturex, Frutarom Industries Ltd.,
Takasago International Corp., International Flavors & Fragrances
Inc., Symrise AG, Bell Flavors and Fragrances, Sensient Technologies
Corp., and Givaudan are the key participants in the global market for
biotech flavors.
