Definition of Market/Industry:
Bio-tech flavors are compounds that are basically produced by using biotech process as a substitute for organic synthesis process. Bio-tech is an emerging field that facilitates the production of healthiest food without the content of chemical compounds. Bio-tech processed foods are claimed to boost immunity and metabolism level of the body and also stimulate the other function of the body. They can be classified into vanilla & vanillin, fruity flavor, microbial produced flavor, and essential oils. Bio-tech flavors find application across food, beverage, and nutraceuticals and available in the form of liquid, powder, spray dry, and paste.
Market Statistics:
The global Bio-tech flavors market is expected to surpass US$ 3,178.0 Mn in terms of value by the end of 2028.
Drivers:
Increasing preferences of consumers for bio-tech based product is predominantly fueling the market growth of the bio-tech flavors. For instance, according to the Coherent Market Insights, in 2015, out of every seven new beverage product launch, one was labeled as natural. Products, which were labeled as biotech witnessed increased sales revenue and leading to manufacturers introducing new product ranges with natural ingredients including flavors in respective markets. Flavor is gaining high popularity among food ingredients market and preference for organic and biotech-based flavors by consumers due to rising health awareness is expected to foster market growth over the forecast period.
Market Opportunities
Increasing demand for vegetarian meat flavor as it is gaining popularity among both non-vegetarian ad vegetarian consumers is expected to offer immense growth opportunity over the forecast period. Vegetarian meat flavors are the best choice for those who do not like red meat. For instance, in September 2018, Cup Noodles has launched new product to its Cup Noodles Very Veggie product line: Soy Sauce Flavor. Soy Sauce is good for consumers’ appetite for savory foods and complements the brand’s existing Chicken, Spicy Chicken and Beef flavors. Hence, the rising demand for vegetarian meat flavor is expected to fuel market growth.
Global Bio-tech flavors Market: Recent Developments
- In April 2021, DSM acquired the Amyris’s flavor and fragrance business. Amyris is one of the leading health and beauty biotech company. With the help of this acquisition DSM aims to expand its product portfolio of Aroma ingredients.
- In May 2021, Lanza Tech and BASF merged together to develop n-octanol to create the fragrance found in perfume and the flavors found in food from industrial waste.
- In August 2020, Nestle launched plant-based Vuna with ‘rich flavour and flaky texture of tuna. The new product is designed to be consumed with dishes such as salads, sandwiches and pizzas.
To know the latest trends and insights prevalent in the Global Bio-tech flavors Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bio-tech-flavor-market-3309
Market Restraints
Factors such as stability and reaction associated with the bio-tech based flavor are expected to hinder the market growth of bio-tech flavor market over the forecast period. Bio-tech flavors easily get reacts with other ingredient present in food & beverages and there are other environmental factors can affect the stability of bio-tech flavors such as humidity, temperature, and chemical compounds in the flavors. These flavors are needs to maintain separately. For example, strawberry juice flavor is kept differently from strawberry concentrated flavors. These factors are expected to restrict market growth over the forecast period.
Global Bio-tech flavors Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of the Covid-19 pandemic has led to a number of challenges for exporters across developing and developed nations. This is due to the introduction of travel restrictions around the globe. This has led to disruption in the supply chain, lack of workforce, and shut down of facilities. Thus, such conditions have negatively affected growth of the overall market.
Key Takeaways:
- The global Bio-tech flavors market was valued at US$ 1,388.4 Mn in 2020 and is forecast to reach a value of US$ 3,178.0 Mn by 2028 at a CAGR of 11% between 2021 and 2028.
- By form, the powder segment was valued US$ 575.3 Mn in 2020 and is expected to witness a CAGR of 11.3% over the forecast period owing to rising product innovations.
Figure 1. Global Bio-Tech Flavor Market Revenue Share (%), By Form, 2020
Market Trends
Rising demand for clean label food products that provide a detailed description of the content is expected to fuel the market growth. Growing awareness regarding the adverse effects of artificial chemicals present in the food is propelling the demand for clean label food products.
Increasing demand for flavored energy-drink is projected to propel the market growth of the bio-tech flavor over the forecast timeframe. For instance, in December 2019, Coca-Cola unveiled its energy drink line in the U.S. this past October, ahead of the sales launch. It includes regular and cherry flavors, as well as zero-calorie versions of each. The drink is already available in 25 international markets. Hence, the increasing launch of such flavored energy drink by major players is expected to fuel the market growth.
Competitive Section:
Company Names
Players active in the market are Givaudan S.A, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, Kerry Group, and Frutarom Industries Ltd.
