The latest market report published by Credence Research, Inc. “Biotech-flavors Market, By Flavor Type, Application and Region – Growth, Future Prospects, and Competitive Analysis, 2016 – 2023,” the biotech-flavors market was valued at US$ 819.3 Mn in 2015, and is expected to reach US$ 1,860.9 Mn by 2023, expanding at a CAGR of 10.9% from 2016 to 2023.
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Flavors as well as flavor enhancers are the key components that provide taste for processed beverages and food products. Flavors are one of the key segments of the food ingredients industry and the segment can be considered highly specialized, technological and creative in nature. It has been stated that the flavoring industry is substantially competitive and concentrated relative to other food and beverage categories. Manufacturers working in the flavor and flavor enhancers industry produce and supply a wide variety of flavor enhancers as well as food and beverage products and the pharmaceutical industry.
Biotech-flavors is a substitute for organic flavor synthesis. This flavor plays a vital role in the production of flavoring compounds. Flavor compounds developed using the biotech method have been calculated as natural compounds. Biotech flavors are flavors that are sweet, savory and salty and that also help the development of healthier food products. Manufacturers can reduce the amount of salt or sugar in food by using a small amount of biotech flavour.
Increased demand for natural food-based ingredients as well as growing intake of healthy food as well as higher consumption of desserts is expected to increase the growth of the biotech flavoring market over the forecast period. Improved use of innovative technology and thus allowing producers to develop new biotech flavors is likely to further fuel the development of the demand for biotech flavors between 2016 and 2023.
Considering the competition, this market is characterized by presence of various players some of which are small-scale players and some are the largest in number. In order to enhance their presence in the overall global market, the companies are focusing on research and development as well as new product development. The companies are entering into manufacturing of lower cholesterol based flavors which will help in maintaining a balanced immune system.
New product development
Educating consumers (manufacturers) about Biotech-flavors