Dublin, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The "Biotech Flavor Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global biotech flavor market is expected to grow at a compound annual growth rate of 6.61% over the forecast period to reach a market size of US$3.337 billion in 2027, from US$2.132 billion in 2020.
There have been certain strategic initiatives by various players in the biotech flavour market space in recent years. A few of them are listed below to provide a panoptic view of the space.
The growing business imperative to cater to the growing pool of consumers who value the health and environmental implications of the food and beverages they consume is fundamental to effectuating e 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 flavour optimization during food product formulation.
The aforesaid has been coupled with the integration of biotechnology of flavouring compounds which are being increasingly acknowledged both by regulatory regimes and consumers as natural flavourings, which are being facilitated by the biotransformation of flavour compounds that are being achieved by whole microbial cells in suitable bioreactors.
Thus, the wide range of applications of flavours and the awareness of the harmful effects of synthetic flavours are expected to propel the market's growth. Another area that is expected to drive the growth of the market aligned with the health consciousness and the efforts of individuals who are inclined to integrate functional and meal replacement beverages into their diet is the beverage industry.
COVID-19 Impact
The Biotech Flavour market has seen upliftment during the disease outbreak scenario as Covid-19 brings healthy eating habits with a lot more awareness about the health directives and the pros and cons of everything in use. The time called for stringent government regulation lockdowns and panic among the people, which resulted in the consumption of essential commodities with an inclination toward the organic and natural products to consume. The Biotech flavour is much safer and additive-free, and driven by natural material; the popularity of the same boosted the market for biotech flavour over the forecasted period globally.
Trends that are expected to drive the market growth for the Biotech Flavour Market
Increasing trends in product reformulations that are being made compulsory by various regulatory measures like the need to reduce sodium and sweet content are also expected to propel the growth of the biotech flavour 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 governments during COVID 19, which is expected to further fuel the demand for developing flavours via biotechnological means.
Besides, with the availability of disposable income comes to the trend of premiumization, which permeates across food and beverage categories and ingredients and consumers' desire for exotic flavours. This, too, is expected to pave new opportunities for the players in the biotech flavour space to bring about innovation and consequently lead to healthy growth.
Moreover, with the gradual growth of millennials, there has been a conscientious effort to transition to alcoholic beverages with low alcohol alcoholic content, which is expected to catapult further the demand for alcoholic beverages, which is expected to drive the biotech flavour market growth.
For instance, in the UK, at current prices, the final consumption expenditure of households on alcoholic beverages was in the order of £ 21,551 million in 2019, which is an increase from the £ 21,278 million registered in 2018 and £ 19,806 million registered during 2017 [Source: OECD].
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $2.13 billion |
| Forecasted Market Value (USD) by 2027 | $3.34 billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Biotech Flavors Market Analysis, By Form
5.1. Introduction
5.2. Liquid
5.3. Paste
5.4. Powder
5.5. Others
6. Biotech Flavors Market, By Application
6.1. Introduction
6.2. Beverage
6.3. Dairy
6.4. Sweet-tasting food
6.5. Salty
6.6. Snacks
7. Biotech Flavors Market Analysis, By End-Users
7.1. Introduction
7.2. Food and Beverage
7.3. Pharmaceutical
7.4. Others
8. Biotech Flavors Market Analysis, By Geography
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Advanced Biotech
10.2. Ambe Ns Agro Product Pvt Ltd
10.3. Aromatech Group
10.4. Biorigin (Zilor)
10.5. Firmenich SA
10.6. Jeneil
10.7. MANE
10.8. Scentium Flavours S.L.
10.9. WEI TEH FLAVOUR & FRAGRANCE BIOTECHNOLOGY CORP
For more information about this report visit https://www.researchandmarkets.com/r/1zqibz
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