Global Biotech Flavor Market: Production Volume to touch 23,980.3 tons by 2024, Reports TMR
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These days it has been noticed that the consumer are more aware regarding the nutritional values of vegetables and fruits Apart from these benefits of increasing antioxidant levels, accompanied with reduced risks of metabolic diseases. Rising cases of obesity and diabetes across the world has stimulated the consumer all across the world to give away junk foods and uptake biotech flavors. These factors have increased the sales of the product. Biotech process which mainly consists of microbial fermentation, tissue culture, bio-conversion and plat tissue, enable to convert vegetables and fruits ingredients to desired flavors without impacting the nutritional value. These had made the global consumers to prefer biotech flavors.
The global biotech flavors market is anticipated to expand at 9.7% of CAGR between the forecast periods 2016-2024. The market is likely to be worth at US$991.0 mn by the end of the assessed period. In terms of volume, it is prognosticated the market to touch 23980.3 tons during the above mentioned period.
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Fruity Flavor to Grow Significantly Owing To High Demand for Processed Food and Beverages
The global biotech market has various types of flavors which lures the customers such as fruity, vanilla and vanillin, and other flavors. It has been noticed that fruit and vanilla and vanillin flavors are most asked for in the market. It is anticipated that the demand for fruit flavors is going to rise further owing to the high demand for processed food and beverage around the world. Demand for biotech flavors market is seen majorly from dairy products, bakery products, nutraceuticals, non-dairy ice cream, beverages, and confectionary products. Amongst these, it has been duly noted that the use for biotech flavors is majorly used for beverages. Demand for flavored beverages has favored the area to grow.
However, it has been noticed that the low shelf life along with stability issue might deter the growth of the market
Growing Awareness Regarding Benefits of Biotech Flavors Helps North America to Dominate
The global biotech flavors market is stretched across Middle East and Africa, Asia pacific, Europe, Latin America, and North America. Amongst the pack, North America holds the major share owing to considerable awareness among consumers regarding the advantages associated to the biotech flavors. Recently, Europe held a considerate amount of share in the market, but researchers expects that North America will retain its position in years to come. On the other side, Asia Pacific is expecting to witness a surge in its demand due to high demand for biotech flavors from the emerging countries in the region such as India and China. The wellness and health trend is likely to be seen in the region which is likely to provide extra boost the growth of the market in the region. Manufacturers are focusing on innovating new flavors for beverages as they are of high demand in the region. This is likely to satisfy the rising demand in the region.
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