By Amey Godbole
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.
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.
Market Insights
Flavors as well as the flavor enhancers are the major units that provides taste in processed beverage and food products. Flavors are one of the prime segment and component for overall food ingredients market and the segment can be considered as highly specialized, technical and innovative in nature. It has been notified that as compared to other food and beverage category, the flavor industry is significantly competitive and focused. The manufacturers that functions in flavor and flavor enhancers industry grow and supply a wide variety of flavor enhancing ingredients as well as constituents to food and beverages and pharmaceutical industry. Biotech-flavors is a substitute to organic synthesis of flavors. This flavor is playing a vital role in development of flavoring compounds. Flavor compounds produced with the help of biotech method have been measured as natural compounds. Biotech flavors are the flavors which are sweet, savory, and salty and also supports in producing healthier food products. The manufacturers can decrease the amount of salt or sugar in the foods by utilizing small amount of biotech flavor.
Rising demand for natural ingredients food based product as well as rising intake of healthy food as well as higher consumption of desserts is anticipated to expand the growth of biotech-flavors market over the forecast period. Rising utilization of innovative technology and thus enabling the producers to develop new biotech flavor is further likely to impel the growth of biotech-flavors market 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.
Amey Godbole (Editor)
Amey Godbole is a Senior Research Analyst working with Credence Research since its inception. He has an experience of market research in the fields of E-commerce, Information Technology (IT) Services & Solutions and Electronics segments. Amey has completed B.E. with specialization in Electronics & Telecommunication from University of Mumbai and MBA in Marketing.
Contact:
Email: Amey@industrynewsupdate.com
Mo. No. 919719670423
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