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.
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.
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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.
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.
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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.