A recent report published study by Infinium Global Research on the biotech flavors market provides an in-depth analysis of segments and sub-segments in the global as well as regional biotech flavors market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biotech flavors market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global biotech flavors market. According to the report, the global biotech flavors market is projected to grow at a CAGR of about 6% over the forecast period of 2022-2028.
The global biotech flavors market was valued at nearly USD 2.4 Billion in 2022 and is expected to reach about USD 3.5 Billion in 2028, with a CAGR of about 6% during the forecast period. Flavors and fragrances are essential for the food, feed, cosmetic and pharmaceutical industries. They currently represent a value of almost 7 billion USD a year, increasing each year. Financially this means 25% of the total food additives market. Furthermore, the increasing demand for natural flavors has led to a significant shortage of plant resources such as peppermint and some fruit flavors such as strawberry aroma. Moreover, such flavors have numerous health benefits, such as enhanced antioxidant levels and reduced risk of metabolic disorders, as these flavors do not contain any artificial preservatives. Besides food and beverage, the biotech taste also applies to nutraceutical products.
The outbreak of the COVID-19 pandemic has damaged the world economy and had a significant impact on the food & beverage market. Many important markets for dairy-derived flavors have faced a severe effect of the pandemic, affecting the overall market. Lockdowns across different countries have aggravated the poor performance of imports and exports. Restricted trade flows have hampered the supply of dairy-derived flavors in many world regions. However, the biotech flavors market is expected to witness substantial value growth due to increased application in the bakery industry and efforts by manufacturers to include high-quality dairy flavors with improved health benefits. The consumers rising health awareness after the COVID-19 pandemic can also benefit the market’s growth in coming years.
The global biotech flavors market is driven by factors such as high consumer awareness regarding the nutritional benefits of biotech flavors and rising health consciousness among consumers. Moreover, the biotech flavors market is driven by biotech processes such as plant tissue culture, microbial fermentation, and bio-conversion enable the conversion of fruits and vegetable ingredients into flavors without adversely impacting nutritional value. Furthermore, growing consumer preference for natural and chemical-free food is expected to drive the manufacturers to infuse biotech flavors, thereby spurring the growth of the global market. In addition, consumer awareness of the ill effects of synthetic ingredients is likely to boost market growth in the next few years. Growing penetration of natural flavoring due to advancements in various beverages has driven the global market demand. On the other hand, the low-shelf life of the biotech flavors can hamper the growth of the biotech flavors market over the forecast period. However, various health benefits associated with biotech flavors, such as the reduced risk of metabolic disease and enhancement of antioxidant level anticipated, show growth opportunities for leading players. Increasing the shelf life of biotech flavors is the major challenge for manufacturers to expand further.
North America dominated the global biotech flavors market, with more than 32% in 2015, and is likely to continue its dominance over the forecast period. Growth in this region is attributed to high awareness among consumers regarding the benefits of biotech flavors. Demand for the product is increasing in the U.S. due to rising penetration of these products, rapid adoption, growing awareness and popularity of the product benefits, and the presence of major biotech flavor providers such as IFF and Sensient Technologies Ltd. This, in turn, will boost the market growth in North America. However, APAC is the second-largest biotech flavors market, and it is anticipated to witness a high growth rate over the forecast period. Strong demand for biotech flavors from emerging economies, such as China and India, and health and wellness trend have driven the demand for biotech flavors in this region. Increasing demand for beverages in the APAC region is expected to show enormous opportunities for leading players over the forecast period. Consumers are ready to spend more money on biotech flavored ingredients than synthetic chemical ingredients as these products are compatible with the body without causing any harm.
The report on the global biotech flavors market covers segments such as flavor, form, and application. On the basis of flavor, the sub-markets include vanilla, vanillin, fruity flavor, and others. On the basis of form, the sub-markets include liquid, powder, and paste. On the basis of application, the sub-markets include dairy products, confectionery products, non-dairy ice cream, bakery products, and nutraceuticals.
The report provides profiles of the companies in the market such as Givaudan, Sensient Technologies Corporation, Bell Flavors and Fragrances, Symrise AG, International Flavors & Fragrances, Inc, BASF SE, Firmenich SA, Takasago International Corporation, The MANE Group, and Kerry Group Plc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the biotech flavors market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
Please Choose One of them.