$2.96 Billion Biotech Flavor Market – Global Forecasts from 2020 to 2025 – ResearchAndMarkets.comJanuary 11, 2021
DUBLIN–(BUSINESS WIRE)–The “Biotech Flavor Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com’s offering.
The biotech flavor market is expected to grow at a compound annual growth rate of 6.06% over the forecast period to reach a market size of US$2.961 billion in 2025 from US$2.080 billion in 2019.
The growing business imperative to cater to the growing pool of consumers who value the health and environmental implications of the food and beverage they consume is fundamental to effectuate a robust growth in the market. The need for enhancing the combination of sensorial perception has been around since time immemorial which has consequently evolved to facilitate flavor optimization during food product formulation.
The aforesaid has been coupled with the integration of biotechnology of flavoring compounds which are being increasingly acknowledged both by regulatory regimes and consumers as natural flavorings which are being facilitated by the biotransformation of flavor compounds that are being achieved by microbial whole cells in suitable bioreactors. Thus, the wide range of applications of flavors and the awareness of the harmful effects of synthetic flavors are expected to propel the growth of the market. Another area that is expected to drive the growth of the market and that is aligned with the health consciousness and the efforts of individuals who are inclined to integrate functional as well as, meal replacement beverages into their diet.
Moreover, increasing trend product reformulations that are being made compulsory by various regulatory measures like that of the need to reduce sodium and sweet content are also expected to propel the growth of the biotech flavor market. The salt reduction priority stems from the growing trend of convenience snaking which has experienced an upswing during the lockdown period enforced by the various national government during COVID 19 which in turn is expected to further fuel the demand for developing flavors via biotechnological means.
Besides, with the availability of disposable income comes to the trend of premiumization which permeates across food and beverage categories and as well as across ingredients as well as the desire of consumers in exotic flavors. This too is expected to pave new opportunities for the players in the biotech flavor space to bring about innovation and consequently lead to healthy growth. (Read more…)
Moreover, with the gradual growth of millennials, there has been a conscientious effort to transition to alcoholic beverages with low alcoholic content which is expected to further catapult the demand for alcoholic beverages, which in turn is expected to drive the biotech flavor market growth. For instance, with respect to the UK, at currents prices, the final consumption expenditure of households pertaining to alcoholic beverages was in the order of 21,551 million during 2019, which is an increase from the 21,278 million registered during 2018 and 19,806 million registered during 2017 [Source: OECD].
With respect to China, in the first half of the year, the per capita consumption expenditure on food, tobacco, and alcohol was 3,097 yuan, an increase of 5.0 %, accounting for 31.9 % of the per capita consumption expenditure On the other hand the potential for the growth of this market is also dependent in part due to the total number of Chinese population in the mainland that reached 1,400.05 million which is a reported increase of 4.67 million over that of registered at the end of 2018 [Source: National Bureau of Statistics of China]. Thus, from the instances for both hemispheres it can be delineated with certitude that the biotech flavor market is expected to grow at a robust pace during the forecast period.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Biotech Flavors Market Analysis, by Form
6. Biotech Flavors Market Analysis, by Application
6.2. Food and Beverage
7. Biotech Flavors Market Analysis, by Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
- Advanced Biotech
- Ambe Ns Agro Product Pvt Ltd
- Aromatech Group
- Biorigin (Zilor)
- Firmenich SA
- Scentium Flavours S.L.
- Wei Teh Flavour & Fragrance Biotechnology Corp
For more information about this report visit https://www.researchandmarkets.com/r/9zhzw1
Laura Wood, Senior Press Manager
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