BIO-TECH FLAVOR MARKET ANALYSIS

Bio-Tech Flavor Market, By Flavor Type (Vanilla & Vanillin, Fruity Flavor, Microbial Produced Flavor, Essential Oils), By Form (Liquid, Powder, Spray Dry, Paste), By Application (Food (Dairy Product, Bakery Products, Confectionery Products, Savory), Beverages(Alcoholic, Non-Alcoholic), Nutraceuticals), By Source (Fruit & Fruit Juice (Berries, Citrus, Drupes, Pepos, Pomes, Others),Vegetable & Vegetable juice Plant & Botanical(Spices, Herbs, Others), Meat & Seafood (Meat & Poultry, Seafood), Dairy (Dairy products, Edible East)), and By Region (North America, Latin America, Europe, Asia-pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

Published In : Nov 2021
Code : CMI3309
Pages :134
Formats :
Excel and PDF
Industry : Food and Beverages

Bio-Tech Flavor MarketSize and Trends

The global bio-tech flavor market is estimated to be valued at US$ 1,548.6 Mn in 2021 and is expected to exhibit a CAGR of 11.0% over the forecast period (2021-2028).

Figure 1. Global Bio-Tech Flavor Market Value (US$ Mn), by Region, 2020

Figure 2. Global Bio-Tech Flavor Market Share, By Flavor Type, 2020

Key Takeaways of the Graph:

The vanilla & vanillin segment held dominant position in the market and accounted for 35.84% share in the global bio-tech flavor market in 2020. The segment is expected to reach US$ 1,205.0 million in 2028, owing to wide availability of the product.

Market Trends

Increasing demand for protein-based flavor among athletes is gaining traction in the market, for this major player is introducing protein-based flavor, which in turn propelling the market growth over the forecast period. For instance, in March 2019, CytoSport Inc., the makers of EVOLVE® plant-based protein products announce the launch of their new Protein & Greens product line. CytoSport's EVOLVE® brand is part of the leading sports nutrition company's portfolio that also encompasses MUSCLE MILK® premium protein products.

Shifting consumer preference towards a new blend or combination of flavors such as heat and tangy flavors due to growing popularity for different and unique flavors especially Europe and East Asia is expected to fuel the market growth in the near future. At present, beef jerky and snack products such as chips heat are being available in heat and tangy flavor is a major trend in U.S and Europe region. Hence, shifting preferences of consumers towards a unique and new combination of flavor is expected to propel the market growth.