Key Insights on Biotech Flavors Market : Trend Evaluation & Future Forecasts to 2024 - TMR

Albany, NY -- (SBWire) -- 03/30/2019 --TMR has predicted the global biotech flavors market to exhibit a CAGR of 9.70% between 2016 and 2024. At this pace, the market will reach US$991.0 mn by the end of 2024, as against its valuation of US$430.6 mn in 2015. In terms of volume, TMR projects the market to touch 23,980.3 tons over the course of the forecast period. The rising demand from beverages as compared to other end users is likely to augment growth in the market. The rising consumption of flavored beverages around the world will thus catapult the segment at the market's fore.

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The global biotech flavors market has significantly gained impetus due to increasing awareness among consumers, particularly in the developed countries owing to negative impact caused by the artificially produced food flavors on human health. Increasing health conscious population all across the world has augmented the growth of the global biotech flavors market, as there is significant shift in preference from artificial to natural flavors. Rising awareness regarding the benefitted associated to the biotech flavors market is favoring the market to grow.

Regionally, the global biotech flavors market is led by North America owing to the prevalence of high awareness regarding health benefits of biotech flavors. Besides this, the market is expected to witness high paced growth in Asia Pacific on account of the increasing demand from India and China. The rising trend of health and wellness across emerging nations will aid the market's expansion in Asia Pacific. In addition to this, the rising demand for beverages will support the market's growth in the region.

Increasing Health Consciousness among Consumers to Fuel Demand for Biotech Flavors

The market will immensely benefit from the increasing health consciousness among consumers. Biotech-based flavors contain natural ingredients, which will fuel its use in food and beverages, subsequently fuelling sales prospects for the market. As per TMR, the market will witness increasing demand in developed countries as they show a high degree of awareness. Concerns regarding negative impact of artificially produced food flavors and the rising knowledge about the nutritional benefits of biotech flavors will boost the biotech flavors market in the coming years.

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Despite a consolidated vendor landscape, the global biotech flavor market witnesses a highly competitive environment, finds Transparency Market Research (TMR) in a recent study. As per the report, leading companies mostly rely on strategic collaborations and mergers and acquisitions to gain increased visibility. This trend is likely to continue over the coming years, thus intensifying the prevailing competition. Some of the leading players operating in the global biotech flavors market are Naturex, Firmenich S.A., Kerry Group Plc, Frutarom Industries Ltd., International Flavors & Fragrances Inc., Takasago International Corp., Sensient Technologies Corp., Bell Flavors and Fragrances, Symrise AG, and Givaudan.