Bio-Tech Flavor Market to Grow at CAGR of 11% through 2024
According to Research Report Insights the global market for bio-tech flavor is anticipated to reflect a CAGR of 11% over the forecast period 2016-2024. By the end of 2016, the global sales of bio-tech flavor is estimated to surpass US$ 906 Million and are anticipated to cross US$ 2,092 Million in terms of value by 2024 end.
Bio-tech flavor is an alternative process of obtaining an organic synthesis of flavors. The traditional process involves fermentation of the original source for extraction of flavors using special enzymes and micro-organisms. While the bio-tech procedure applies advanced food science technology to extract flavors and usually finds its use in the biotransformation of flavor compound. Few of the countries in Europe and North America have acknowledged flavor compound as natural compounds that are made using bio-tech flavor process. In addition, favorable governmental taxation policies are also expected to influence the popularity of bio-tech flavor over the forecast period.
The global market for bio-tech flavor is expected to witness a significant growth during the next eight years owing to the ongoing research and development programs for creating advanced applications. Bio-tech flavors have a number of health benefits such as improving the antioxidants levels, lowering the risk of metabolic disease namely diabetes and obesity. Thus the preference for bio-tech flavors is steadily growing, especially amongst health conscious consumers. However, shorter shelf-life as compared to artificial and natural flavors, since these flavors do not contain any added artificial preservatives is major restraining factor of the product. In addition, the average shelf life of a bio-tech flavor is about six to twelve months. Improving the shelf life of fruity and natural flavors can be difficult. Moreover, use of bio-tech flavors such as vanilla & vanillin is restricted in soda beverages owing to reaction concerns. Thus, the aforementioned factors are likely to pose challenges to the global market of bio-tech flavors during the forecast period.
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In 2016, North America is projected to be the largest market for Bio-Tech Flavor
By application type, food is anticipated to be the dominant segment, accounting for over 55% share of the market in terms of volume by 2016 end. In addition, the segment is expected to witness a healthy CAGR through 2024. This is primarily due to higher consumption of packaged food and packaged beverages. Besides food and beverages, bio-active flavor also finds its application in nutraceutical products. However, the nutraceutical application is relatively and expected steadily grow its popularity in the coming years.
Vanilla & vanillin is the dominant segment amongst all the flavor type. The segment is expected to remain as the leading segment due to its growing demand from snacks, protein bars, drinks and powder manufacturers. Based on form, the powder is projected to be leading segment of the market during 2016- 2024.
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By the end of 2016, North America is expected to account for the highest share of the market in terms of value and is foreseen to expand at a CAGR of over 11% during the forecast period. Demand for bio-tech flavor Asia Pacific is anticipated to grow by 2.7X from 2016 to 2024. In terms of value and volume, the bio-tech market in APAC is projected to witness fastest growth during the forecast period.
Key players operating in the global market for bio-tech flavor include International Flavors and Fragrances Inc. (IFF), Symrise AG, Sansient Technologies Corporation, Givaudan S.A, Firmenich SA, Takasago International Corporation, and Kerry Group Plc.
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