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| Report Code: A06010 | Pages: 249 | Feb 2020 | 6514 Views | ||
| Author(s) : Aniket K , Roshan D | Tables: 55 | Charts: 31 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The chicken flavor market size was valued at $629.26 million in 2018, and is projected to reach $1,008.44 million by 2026, growing at a CAGR of 5.6% from 2019 to 2026.
The global chicken flavor market has constantly witnessed high demand for ready-to-eat (RTE) and other convenience food products. Changing lifestyle and less time for household chores such as cooking fuel the demand for quick service restaurants. This is attributed to its advantages such as time saving and convenience. Furthermore, they can be carried anywhere in frozen form without losing their nutritional values. Thus, surge in demand for RTE meals boots the growth of the chicken flavor market. There is a growing demand for chicken flavors, especially in the Asia-Pacific and Latin America regions, owing to wide range of chicken flavor food products. Flavorists are capable of creating natural flavors at economical prices due to application of advanced technologies. Therefore, the cost of producing chicken flavors has reduced with the advent of advanced technologies.
In the last decade, the global chicken flavor market has constantly witnessed high demand for RTE and other convenience food products. The application of advanced technologies helps innovate and produce new and interesting tastes in food. Technological strides make it possible to cater to the changing customer taste and help make chicken flavors and food products that meet the needs. Rise in income levels especially in the developing countries have triggered the demand for tastier and healthier food products. Furthermore, consumption of costly food products, such as chicken pizza and pasta, have increased due to increase in purchasing power. Moreover, rise in income levels improve the quality of life, which further adds to the demand for healthy and tastier food products. In addition, sustainable technology is preferred in the manufacturing of liquid-based chicken flavor products. Thus, all these factors together are expected to offer lucrative chicken flavor market opportunity for expansion. However, there are some regulatory aspects regarding addition of ingredients, which hamper the chicken flavor market growth.
The global chicken flavor market is segmented on the basis of form, end user, and region. Based on form, the market is bifurcated into liquid and powder. Depending on end user, it is segmented into B2B and B2C. Among these, the powder segment accounted for a higher chicken flavor market share in 2018, owing to growth in chicken flavor market trends of health consciousness and consumer preferences toward taste. Along with urbanization, increase in disposable income of the global population and easy availability of flavors in powdered form due to retailers’ strong command in supply chain fuel the growth of the chicken flavor market forecast. Fostering consumption of meat products and ready-to-eat foods globally, especially in developing economies is likely to increase the chicken flavor market demand for powder form of flavors.
North America and Europe are known to be the dominant regions in the chicken flavor market. North America has witnessed higher rate of traction for powder-based chicken flavor, owing to their increased demand from B2B chicken flavor market segment. Some of the key macroeconomic factors such as changing lifestyle, surge in per-capita, and preference of healthy food products also contribute to the overall growth of the market
However, Asia-Pacific is expected to exhibit significant growth in the future, owing to rise in demand of introduction of various chicken flavor-based products in the region. In addition, the region has witnessed considerable surge in the number of millennials, who are the forefront consumers of food. Therefore, rise in millennial population is anticipated to offer remunerative opportunity for the growth of the market.
Some of the key companies profiled in the chicken flavor industry report include Kerry Group plc, Koninklijke DSM N.V., Sensient Technologies Corporation, Cargill, BASF, International Flavors & Fragrances Inc., Symrise, Givaudan, Innova, and Trailtopia Adventure Food.
Chicken Flavor Market Report Highlights
| Aspects | Details |
|---|---|
| By Form |
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| By End User |
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| By Region |
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| Key Market Players | Sensient Technologies Corporation, KERRY GROUP, PLC, Cargill Inc, Takasago International Corporation, BASF SE, Firmenich SA, Symrise AG, Givaudan International SA, INTERNATIONAL FLAVORS & FRAGRANCES INC., T. HASEGAWA CO., LTD |
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Rapid urbanization and globalization along with rise in disposable income play a major role in changing the dietary preferences across the globe, which in turn fuel the demand for chicken flavor products. Globalization and interaction between different cultures boost the demand for tasty and highly nutritious food products. Westernization of diets in developing countries is most prevalent in the middle-class population. The quick spread of global market chains and fast food restaurants is strengthening the aforementioned patterns. Furthermore, innovation of enhanced flavors and consistent improvement in the technology fuel the growth of the global food chicken flavor market. Many companies with their promising R&D initiatives are expecting a positive response from the chicken flavors industry. However, stringent regulatory framework and rise in health awareness among people are expected to hamper the market growth during the forecast period.
There have been instances that exhibit unfavorable impacts of processed foods, particularly of the flavors utilized as part of processing. Numerous governments and regulatory bodies across the globe are implementing regulatory rules to manage the global food flavors market. Such regulations, particularly in Europe and North America, have rendered moderate development for the food flavor industry, especially for artificial chicken flavors. There are regulations concerning the raw materials and their preparation, ingredients, packaging, and labeling. Growth in economies offer new markets and increased sales that boost the demand for the chicken flavor market. Thus, food flavoring companies are targeting developing nations to increase the scope of their business and profitability ratio.
A. The growth rate of chicken flavor market is 5.60% during the forecast period, owing to high demand of chicken flavor from RTE and other convenience food products. Rise in income levels improve the quality of life, which further adds to the demand for healthy and tastier food products.
A. The chicken flavor market size from 2019 to 2026 will be $ 1,008.4 million. The North American market will account for highest share, owing to awareness among the food lovers about the availability of the various chicken flavors available in the market.
A. The leading manufacturing companies in the chicken flavor market are Kerry Group plc, Koninklijke DSM N.V., Sensient Technologies Corporation, Cargill, BASF, International Flavors & Fragrances Inc., Symrise, Givaudan, Innova, and Trailtopia Adventure Food.
A. Rise in concern among consumers about the long-term health effects of artificial ingredients and additives in food products has increased the demand for natural and healthy ingredients in food products, which majorly shape the market in the future.
A. The driving factors of chicken flavor market are surge in demand for RTE meal and fast foods, and Technological strides. Whereas, opportunities of chicken flavor market is emerging demand of chicken flavor from developing economies.
A. The B2C segment is expected to growth at highest CAGR owing to rise in health awareness, rise income level, increasing demand from RTE, and rise in demand from developing economies as some of the niches
A. The driving factors of chicken flavor market are surge in demand for RTE meal and fast foods, and technological stride. Whereas, restraints of chicken flavor market are surge in side effects of artificial flavors, and strict government regulations.
A. Increased demand in the meat industry is one of the prime reasons for highest growth of the liquid type chicken flavor. In addition, manufacturers are investing in R&D activities to overcome stability and sustainability issues in liquid form thus contributing towards market growth.
A. Chicken flavor companies are adopting innovative techniques, which enhance the taste of food. In addition, manufacturers are focusing on aggressive and social marketing of Chicken flavor and their products, which boosts the growth of the market. The adoption of advanced technologies such as solid-liquid extraction (SLE), supercritical carbon dioxide extraction, supercritical fluid extraction, and others for manufacturing food flavors supplement the growth of the market
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