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.
Chicken Flavor Market by Form (Liquid and Powder) and End User (B2B and B2C): Global Opportunity Analysis and Industry Forecast 2019–2026
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.
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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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.
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 growth of global chicken flavor market. 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 chicken flavor market.
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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.
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.
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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 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 analysis period.
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
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