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  • Published On : Nov 2021
  • Code : CMI3309
  • Industry : Food and Beverages
  • Pages : 134
  • Formats :

Definition of Market/Industry:

Bio-tech flavors are basically produced from advanced food science technology such as biotechnology. This method is the best alternative process of synthetically prepared flavors by using chemicals. Bio-tech flavors have numerous health benefits such as enhanced anti-oxidants level and reduced risk of the metabolic disorder as these flavors do not contain any artificial preservatives. Apart from food and beverage bio-tech flavor also finds application in the nutraceutical products. However, bio-tech process flavors are claimed to have a very low shelf-life.

The global bio-tech flavor market is estimated to be valued at US$ 1,548.6 Mn in 2021 and is expected to exhibit a CAGR of 11.0% over the forecast period (2021-2028).

Recent Developments:

  • In September 2020, Firmenich, one of the largest privately-owned Perfume and Taste company expanded its operation by inaugurting its new biotechnology and naturals pilot plant and laboratory in Geneva.
  • In August 2020, DolCas Biotech and IFF Health, part of International Flavors & Fragrances Inc. came into partnership agreement for the sale and marketing of Curcugen. The Curcugen is a next-generation, natural turmeric extract for dietary supplement and food and beverage industries.
  • In February 2021, IFF Health and DuPont merged with one another. With the help of this merger both the companies will merge their expertise of food flavors and fragrances and DuPont leading expertise in probiotics, enzymes and food protection.

North America region held dominant position in the global bio-tech flavor market in 2020, accounting for 34.91% share in terms of value, followed by Europe and Asia Pacific respectively.

Figure 1. Global Bio-Tech Flavor Market Value (US$ Mn), by Region, 2020

Bio Tech Flavor  | Coherent Market Insights

Drivers:

Uncertain weather condition coupled with the political barriers associated with the natural food product is expected to foster the market growth of the bio-tech flavors. Unfavorable weather conditions may lead to irregular supply of raw materials due to seasonal or crop violation and political instability are some of the major factors that are propelling the demand for flavor production by using bio-tech process as this technology can overcome such challenges and also reduce the cost of the flavor, thereby fueling the market growth.

The rising number of players entering into biotechnology process flavor market is expected to serve as one of the major driving factors to the market of bio-tech flavors. For instance, in September 2019, BASF strengthens biotechnology footprint by acquiring Isobionics, an innovation leader in biotechnology which is serving the global market for natural flavors and fragrances (F&F), and through a cooperation agreement with Conagen to enter the market for natural F&F ingredient.

Market Opportunities

Increasing demand for spicy flavors is expected to offer potential growth opportunities over the forecast period. For instance, in May 2019, Doritos launched new spicy wings flavor. The new flavourful Spicy Wings Flavour is Doritos’ newest invention that will see the band launched into the meaty flavor segment, thereby pushing the envelope of corn snacks. Hence, increasing the launch of spicy such hot chili flavor is expected to propel the market growth of the bio-tech flavor over the forecast period.

Increasing usage of bio-tech flavor in alcoholic beverages is expected to fuel the market growth in the near future. For instance, in June 2021, Diageo India announced the launch of Epitome Reserve, India’s first- ever small-batch, artisanal craft, 100% rice whisky. Therefore, rising demand for flavored alcoholic beverage is expected to foster market growth.

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Bio-Tech Flavor Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 1,548.6 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 11% 2028 Value Projection: US$ 3,178.0 Mn
Geographies covered:
  • Region: North America, Latin America, Europe, APAC and Middle East
Segments covered:
  • By Form: ( Liquid, Powder, Spray Dry and Paste), By Flavor Type( Vanilla & Vanillin, Fruity Flavor, Microbial Produced Flavor and Essential Oil), By Source (Fruit & Fruit Juice, Plant & Botanical, Meat & Sea Food, Dairy and Vegetable & Vegetable Juice) and By Application (Food, Beverages and Nutraceuticals)
Companies covered:

Givaudan S.A, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, Kerry Group, and Frutarom Industries Ltd

Growth Drivers:
  • Growing demand for high-quality food ingredient
  • Unfavourable weather condition 
Restraints & Challenges:
  • High cost of raw material
  • Low-shelf life of biotech flavor 

Market Trends

Increasing demand for protein-based flavor among athletes is gaining traction in the market, for this major player is introducing protein-based flavor, which in turn propelling the market growth over the forecast period. For instance, in March 2019, CytoSport Inc., the makers of EVOLVE® plant-based protein products announce the launch of their new Protein & Greens product line. CytoSport's EVOLVE® brand is part of the leading sports nutrition company's portfolio that also encompasses MUSCLE MILK® premium protein products.

Shifting consumer preference towards a new blend or combination of flavors such as heat and tangy flavors due to growing popularity for different and unique flavors especially Europe and East Asia is expected to fuel the market growth in the near future. At present, beef jerky and snack products such as chips heat are being available in heat and tangy flavor is a major trend in U.S and Europe region. Hence, shifting preferences of consumers towards a unique and new combination of flavor is expected to propel the market growth.

Figure 2. Global Bio-Tech Flavor Market Share, By Flavor Type, 2020

Bio Tech Flavor  | Coherent Market Insights

Key Takeaways of the Graph:

The vanilla & vanillin segment held dominant position in the market and accounted for 35.84% share in the global bio-tech flavor market in 2020. The segment is expected to reach US$ 1,205.0 million in 2028, owing to wide availability of the product.

Market Restraints

Low shelf-life of the bio-tech based flavor is expected to hinder the market growth of the bio-tech flavor. Bio-tech flavors have a lower shelf life because it doesn't contain any artificial preservatives that increase the shelf life and average shelf life of bio-tech product is around six months to one year. Hence, lower shelf-life of the bio-tech based flavors is expected to restrict the adoption of across consumer, thereby restraining the market growth.

The high cost of the raw materials used in bio-tech based flavor is projected to inhibit the market growth. Moreover, bio-tech flavors are comparatively expensive than artificial flavors due to high cost related to processing, production, and preservation of natural and bio-tech flavors are expected to restrict the demand for bio-tech based flavor. This factor is expected to hinder the market growth of bio-tech flavor over the forecast period.

Competitive Section:

Company Names 

Players active in the market are Givaudan S.A, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, Kerry Group, and Frutarom Industries Ltd.

The biotech flavor is extracted from plants through various methods such as trans-resveratrol, bactericidal activity, phytoestrogenic effects, or gene expression methods. Through this technology, nutraceutical companies can develop highly concentrated extracts for pharmaceutical, cosmetic, or food ingredient applications. This technology has the potential to be very successful in increasing the consumer demand for bio-active foods and increasing the bioavailability of many bio-active ingredients

Market Dynamics:

The advent of food flavor ingredients produced by using the biotech method is driving growth of the biotech flavor market. Continuous innovation by key players in the biotech flavor is again propelling growth of the market. Moreover, key players are entering new partnerships and collaboration for expanding their product portfolio which is further expected to foster growth of the market. For instance, in March 2020, Evolva, the Swiss biotech company, has entered a new collaboration agreement with International Flavors and Fragrances (IFF), a leading global creator of taste, scent, and nutrition for consumer’s products, to further develop and expand the commercialization of vanillin.

On the other hand, the high cost of the raw materials is expected to hinder growth of the biotech flavor market. 

Key features of the study:

  • This report provides in-depth analysis of the biotech flavor market, and provides market size (US$ Million & Tons) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global biotech flavor market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Givaudan S.A, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, Kerry Group, and Frutarom Industries Ltd.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global biotech flavor market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global biotech flavor market

Detailed Segmentation:

  • Global Bio-Tech Flavor Market, By Form:
    • Liquid
    • Powder
    • Spray Dry
    • Paste
  • Global Bio-Tech Flavor Market, By Flavor Type:
    • Vanilla & Vanillin
    • Fruity Flavor
    • Microbial Produced Flavor
    • Essential Oil
  • Global Bio-Tech Flavor Market, By Source:
    • Fruit & Fruit Juice
      • Berries
      • Citrus
      • Drupes
      • Pepos
      • Pomes
      • Others
    • Plant & Botanical
      • Spices
      • Herbs
      • Others
    • Meat & Sea food
      • Meat & Polutry
      • Sea food
    • Dairy
      • Dairy Products
      • Edible East
    • Food
      • Dairy Product
      • Backery Products
      • Confectionery Products
      • Savoury
    • Beverages
      • Alcoholic
      • Non-Alcoholic
    • Nutraceuticals
  • Global Transfluthrin Market, By Region:
    • North America
      • By Country:
        • U.S
        • Canada
      • By Form:
        • Liquid
        • Powder
        • Spray Dry
        • Paste
      • By Flavor Type:
        • Vanilla & Vanillin
        • Fruity Flavor
        • Microbial Produced Flavor
        • Essential Oil
      • By Source:
        • Fruit & Fruit Juice
          • Berries
          • Citrus
          • Drupes
          • Pepos
          • Pomes
          • Others
          • Spices
          • Herbs
          • Others
          • Meat & Polutry
          • Sea food
          • Dairy Products
          • Edible East
      • By Application
        • Dairy Product
        • Backery Products
        • Confectionery Products
        • Savoury
        • Beverages
          • Alcoholic
          • Non-Alcoholic
        • Nutraceuticals
    • Latin America:
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
      • By Form:
        • Liquid
        • Powder
        • Spray Dry
        • Paste
      • By Flavor Type:
        • Vanilla & Vanillin
        • Fruity Flavor
        • Microbial Produced Flavor
        • Essential Oil
      • By Source:
        • Fruit & Fruit Juice
          • Berries
          • Citrus
          • Drupes
          • Pepos
          • Pomes
          • Others
          • Spices
          • Herbs
          • Others
          • Meat & Polutry
          • Sea food
          • Dairy Products
          • Edible East
      • By Application
        • Dairy Product
        • Backery Products
        • Confectionery Products
        • Savoury
        • Beverages
          • Alcoholic
          • Non-Alcoholic
        • Nutraceuticals
    • Europe:
      • By Country:
        • U.K.
        • Germany
        • Italy
        • Spain
        • Russia
        • France
        • Rest of Europe
      • By Form:
        • Liquid
        • Powder
        • Spray Dry
        • Paste
      • By Flavor Type:
        • Vanilla & Vanillin
        • Fruity Flavor
        • Microbial Produced Flavor
        • Essential Oil
      • By Source:
        • Fruit & Fruit Juice
          • Berries
          • Citrus
          • Drupes
          • Pepos
          • Pomes
          • Others
          • Spices
          • Herbs
          • Others
          • Meat & Polutry
          • Sea food
          • Dairy Products
          • Edible East
      • By Application
        • Dairy Product
        • Backery Products
        • Confectionery Products
        • Savoury
        • Beverages
          • Alcoholic
          • Non-Alcoholic
        • Nutraceuticals
    • Asia Pacific:
      • By Country:
        • China
        • India
        • Japan
        • South Korea
        • ASEAN
        • Australia
        • Rest of Asia Pacific
      • By Form:
        • Liquid
        • Powder
        • Spray Dry
        • Paste
      • By Flavor Type:
        • Vanilla & Vanillin
        • Fruity Flavor
        • Microbial Produced Flavor
        • Essential Oil
      • By Source:
        • Fruit & Fruit Juice
          • Berries
          • Citrus
          • Drupes
          • Pepos
          • Pomes
          • Others
          • Spices
          • Herbs
          • Others
          • Meat & Polutry
          • Sea food
          • Dairy Products
          • Edible East
      • By Application
        • Dairy Product
        • Backery Products
        • Confectionery Products
        • Savoury
        • Beverages
          • Alcoholic
          • Non-Alcoholic
        • Nutraceuticals
    • Middle East & Africa:
      • By Sub-Region:
        • Middle East
        • Africa
      • By Form:
        • Liquid
        • Powder
        • Spray Dry
        • Paste
      • By Flavor Type:
        • Vanilla & Vanillin
        • Fruity Flavor
        • Microbial Produced Flavor
        • Essential Oil
      • By Source:
        • Fruit & Fruit Juice
          • Berries
          • Citrus
          • Drupes
          • Pepos
          • Pomes
          • Others
          • Spices
          • Herbs
          • Others
          • Meat & Polutry
          • Sea food
          • Dairy Products
          • Edible East
      • By Application
        • Dairy Product
        • Backery Products
        • Confectionery Products
        • Savoury
        • Beverages
          • Alcoholic
          • Non-Alcoholic
        • Nutraceuticals

Frequently Asked Questions

The global bio-tech flavor market size is estimated to be valued at US$ 1,548.6 Million in 2021 and is expected to exhibit a CAGR of 11% between 2021 and 2028.
Unfavourable weather condition and growing demand for high-quality food ingredient is fuelling growth of the market.
The food segment is the leading application segment in the market.
Low shelf-life and high cost of the raw material is expected to hinder growth of the market.
Major players operating in the market include, Givaudan S.A, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, Kerry Group, and Frutarom Industries Ltd
North America region is expected to hold dominant position in the market over the forecast period. The growth of the market in the region owing to wide demand for RTD food products.

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