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.
Global Biotech Flavors Market: Overview
Transparency Market Research (TMR) offers an eight-year forecast for the global biotech flavors market between 2016 and 2024. The main objective of the report is to offer insights on the advancements in the biotech flavors market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the global biotech flavors market over the forecast period. The report aims to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global biotech flavors market.
Rising health consciousness among consumers has resulted into increased preference for natural ingredients among consumers worldwide. High consumer awareness regarding the nutritional benefits of biotech flavors is expected to contribute significantly to the revenue growth of biotech flavors market. Additionally, biotech processes such as plant tissue culture, microbial fermentation, and bio-conversion enable conversion of fruits and vegetable ingredients into flavors without having any adverse impact on its nutritional value, and thus can be considered relatively more natural than chemically synthesized flavors.
Global Biotech Flavors Market: Scope of the Study
A section of the report discusses how the overall competition in the market is steadily increasing. It discusses various factors shaping the internal as well as external competition in the market. Overall internal competition in the biotech flavors market is observed to be comparatively high owing to a large number of major providers of biotech flavors and increasing number of small domestic players in the market. The global biotech flavors market is facing external competition from producers & distributors of raw material and other food processors, who are adopting forward and backward integration strategies, and developing their own facilities to produce biotech flavors. Various barriers to entry in the industry are analyzed and rated on the basis of their impact on the competition level in the market.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze on the basis of key parameters such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and identify the right opportunities.
Another key feature of this report is the analysis of all key segments in terms of absolute dollar. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global biotech flavors market.
Global Biotech Flavors Market: Segmentation
The report analyzes the global biotech flavor market on the basis of the flavor, form, and the application area of these flavors. It also provides a market outlook for 2016–2024 and sets the forecast within the context of the biotech flavor ecosystem, including strategic developments, latest regulations, and new product offerings in the global biotech flavor market.
On the basis of flavor, the global biotech flavor market is segmented into vanilla and vanillin, fruity flavor, and others. Vanilla and vanillin is expected to be the leading segment in the global biotech flavors market during the forecast period. On the basis of nature, the global biotech flavor market is segmented into liquid, powder, and paste. Powder form is expected to be the leading segment in the global biotech flavors market during the forecast period. On the basis of applications, the global biotech flavors market is segmented into dairy products, beverages, confectionery products, non-dairy ice cream, bakery products, nutraceuticals, and others. Beverages expected to contribute significantly to the revenue growth of the global biotech flavor market.
The study further discusses key region trends contributing to growth of the global biotech flavor market, as well as analyzes the degree to which drivers are influencing the market in each region. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Global Biotech Flavors Market: Competitive Landscape
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Key categories of providers covered in the report are biotech flavor suppliers, manufacturers, and a list of major retailers. Detailed profiles of the providers are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the biotech flavors market.
Key players in the global biotech flavor market report include Givaudan, Sensient Technologies Corporation, Bell Flavors and Fragrances, Symrise AG, International Flavors & Fragrances, Inc., Takasago International Corporation, Frutarom Industries Ltd., Naturex group, Firmenich S.A., and Kerry Group Plc.
The global flavors market is segmented into:
- Vanilla and Vanillin
- Dairy products
- Confectionery Products
- Non-dairy ice cream
- Bakery products
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Australia and New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of MEA