According to a research report by Transparency Market Research (TMR), the global biotech flavor market is highly consolidated and competitive in nature, with Naturex occupying the dominant position. The leading companies in this market mostly rely on mergers, acquisitions, and partnerships to improve their visibility and the trend is likely to continue over the forthcoming years, increasing the competition between the players, reports the research study.
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As per the report, the global market for biotech flavors, which stood at US$430.6 mn in 2015, is expected to proliferate at a CAGR of 9.70% during the period from 2016 to 2024, increasing the opportunity in this market to US$991.0 mn by the end of the forecast period. The market is projected to touch 23,980.3 tons in terms of volume over the same period of time. The demand for biotech flavors is higher in beverages compared to other end-use segments. On account of the surging consumption of flavored beverages, globally, analysts predict this segment to continue as the leading end user of biotech flavors over the period of the forecast.
The research report further evaluates the worldwide market for biotech flavors on the basis of its regional classification. 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 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 exhibit 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.
“The rising health consciousness among consumers has augmented the demand for natural ingredients and biotech-based flavors in food products and beverages, which, resultantly, is boosting the global biotech flavor market,” says a TMR analyst. The growing awareness among consumers in developed economies concerning the negative impact of artificially-produced food flavors and the increased knowledge of consumers pertaining to the nutritional advantages of biotech flavors is projected to propel this market in the years to come.
Although the future of the worldwide biotech flavor market looks thriving, the low shelf-life of biotech flavors and issues related to their stability may hinder the growth of this market in the near future, states the research report.