Chicken-based food flavors are commonly used to improve the taste of food products. Chicken flavor additives mainly include natural and synthesized flavors. Perishable foods after processing and preserving tend to lose their flavor over time, which creates the need to use flavoring substances to help maintain the flavor. The food industry requires flavors for different purposes such as new product development, add new product line, and change the taste of existing product. High demand for new flavors from the food industry and continuous innovation drive the global chicken flavor market. In addition, increase in requirement from the fast food industry is expected to provide growth opportunities in the chicken flavor market during the forecast period.
Rise in concern among consumers about the long-term health effects of artificial ingredients and additives in food products increase the demand for natural and healthy ingredients in food products, which majorly drives the flavors demand. Other major drivers in the market include an increase in demand for processed food with growth in disposable incomes, rise in the demand for unique flavors in various food applications, and surge in popularity of exotic chicken flavors. Apart from this, food flavor manufacturers have been adopting new technologies to produce better varieties of natural and artificial flavors to increase their stability and suitability. For instance, producing liquid based chicken flavors is a complicated task as the original taste and flavor is reduced during the extraction process, which makes it difficult to retain the original flavor. Therefore, to retain its flavor, manufacturers are inventing and adopting advanced technologies such as solid-liquid extraction (SLE), supercritical carbon dioxide extraction, supercritical fluid extraction, and others.
Thus, technological advancements help develop innovative flavors to cater to the change in customer taste requirements, which contributes to the growth of the chicken flavor market. However, chemicals utilized to make these food flavors are sourced from petroleum and other volatile chemicals, which have adverse effects on human health. Thus, consumers avoid consumption of food products that contain artificial additives or flavors. This fact indirectly affects the growth of the chicken flavor market. In addition, various governments have imposed stringent regulations on the chemicals used for manufacturing food products, which is a restraining factor for this market. Growth in consumption of processed and ready-to-eat foods, bakery and confectionery items, savory and snacks, and fast food items in the developed and emerging markets has fueled the demand for various food flavors. The emerging Asian and Latin American markets are expected to exhibit great potential for the chicken flavor market.
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. By end user, it is segmented into B2B and B2C. Based on region, it is analyzed across Asia-Pacific, North America, Western Europe, Eastern Europe, and LAMEA.
Some of the key players analyzed in this 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.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Form
By Region
Rise in concern among consumers about the long-term health effects of artificial ingredients and additives in food products increase the demand for natural and healthy ingredients in food products, which majorly drives the flavors demand. Other major drivers in the market include an increase in demand for processed food with growth in disposable incomes, rise in the demand for unique flavors in various food applications, and surge in popularity of exotic chicken flavors. Apart from this, food flavor manufacturers have been adopting new technologies to produce better varieties of natural and artificial flavors to increase their stability and suitability. For instance, producing liquid based chicken flavors is a complicated task as the original taste and flavor is reduced during the extraction process, which makes it difficult to retain the original flavor. Therefore, to retain its flavor, manufacturers are inventing and adopting advanced technologies such as solid-liquid extraction (SLE), supercritical carbon dioxide extraction, supercritical fluid extraction, and others.
Thus, technological advancements help develop innovative flavors to cater to the change in customer taste requirements, which contributes to the growth of the chicken flavor market. However, chemicals utilized to make these food flavors are sourced from petroleum and other volatile chemicals, which have adverse effects on human health. Thus, consumers avoid consumption of food products that contain artificial additives or flavors. This fact indirectly affects the growth of the chicken flavor market. In addition, various governments have imposed stringent regulations on the chemicals used for manufacturing food products, which is a restraining factor for this market. Growth in consumption of processed and ready-to-eat foods, bakery and confectionery items, savory and snacks, and fast food items in the developed and emerging markets has fueled the demand for various food flavors. The emerging Asian and Latin American markets are expected to exhibit great potential for the chicken flavor market.
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. By end user, it is segmented into B2B and B2C. Based on region, it is analyzed across Asia-Pacific, North America, Western Europe, Eastern Europe, and LAMEA.
Some of the key players analyzed in this 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.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global chicken flavor market from 2018 to 2026 to identify the prevailing market opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry.
- The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
KEY MARKET SEGMENTS
By Form
- Liquid
- Powder
- By End User
- B2B
- B2C
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Netherlands
- Germany
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CHICKEN FLAVOR MARKET, BY FORM
CHAPTER 5: CHICKEN FLAVOR MARKET, BY END USER
CHAPTER 6: CHICKEN FLAVOR MARKET BY REGION
CHAPTER 7: COMPETITION LANDSCAPE
CHAPTER 8: COMPANY PROFILES
Executive Summary
According to the report titled 'Chicken Flavor Market by form and end user: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the chicken flavor market size was valued at $629.26 million in 2018, and is projected to reach $1.00billion by 2026, growing at a CAGR of 5.60% from 2019 to 2026. In 2018, North America accounted for nearly 41.8% share of the chicken flavor market.The growth in value sales for chicken flavor is attributable to surge in demand for quick service restaurants, and fast food chains, which facilitate better taste. Thus, increase in willingness of customers for different tastes in food industry is expected to fuel the demand for chicken flavor market.
The food industry has been evolving in terms of innovations and demand. Manufacturers focus on key innovations that cater to the requirements of their target consumers. Furthermore, increase in awareness toward health and wellness has been witnessed among people residing in developed as well as developing countries. The opportunities in the emerged economies are huge, as they are untapped. Non-member nations of the Organization for Economic Co-operation and Development (OECD) comprise more than 80% of the global population; yet consume less than 60% of world’s food consumption. The emerging economies constitute a population of more than 60% of today’s global population of the middle class by 2020. Considering the pace of change, in China, around 3 million households had a disposable income of around $10,000 in 2,000, which increased to 60 million in 2012. This number is expected to exceed to 230 million by 2020. Thus, rise in demand from developing economies significantly drives the chicken flavor market growth.
However, studies have shown the adverse effects of aforementioned chemicals on thyroid, RNA, and enzymes. Artificial ingredients cause numerous problems, such as dizziness, nervous system depression, chest pain, fatigue, allergies, headaches, brain damage, nausea, and seizures. Some popular flavors can lead to tumors, genetic defects, and bladder cancer. These factors are expected to hamper the global market growth. Thus, different governments across the globe have set up regulatory guidelines to regulate the global food flavor market. Such regulations, especially in Europe and North America, have led to massive growth of the food flavor industry, particularly synthetic flavors. There are regulations regarding the raw materials, their processing, ingredients used, and labelling of these products. These factors are expected to restrain the growth of the global market.
There has been an increase in number of users in various social media sites with rise in internet penetration. Taking this into consideration, most of the key players in the chicken flavor market strategize on promoting their products on these social media platforms. Thus, through social media marketing strategy, chicken flavor market sights critical opportunity in gaining traction mainly in the B2C segment.
According to Aniket Kadam, Analyst, Food & Beverages, '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”
Key Findings of the Study
- Depending on form, the powder segment garnered 82.6% of chicken flavor market share in 2018, and is expected to grow at a CAGR of 5.40% from 2019 to 2026.
- The liquid-based segment is expected to reach $187.74 million by 2026, registering a CAGR of 6.50%.
- In 2018, based on end user, the B2B segment accounted for 72.0% share of the chicken flavor market, and is expected to growth at the highest CAGR of 5.30%.
- The B2C segment is expected to reach $297.49 million by 2026, registering a CAGR of 6.30%.
- Region wise, North America accounted for a prominent market share in 2018, and is anticipated to grow at a CAGR of 5.00% throughout the chicken flavor market forecast period.
The key players operating in the global market include Kerry Group plc,Koninklijke DSM N.V.,Sensient Technologies Corporation,Cargill, BASF, International Flavors & Fragrances Inc., Symrise,Givaudan,Innova, and Trailtopia Adventure Food.
Companies Mentioned
- Kerry Group plc
- Koninklijke DSM N.V.,
- Sensient Technologies Corporation
- Cargill
- BASF
- International Flavors & Fragrances Inc.
- Symrise,Givaudan,Innova
- Trailtopia Adventure Food.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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