The global chicken flavor industry was pegged at $629.26 million in 2018 and is projected to garner $1.01 billion by 2026, manifesting a CAGR of 5.6% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for RTE meal and fast foods, surge in technological strides, and increase in income levels fuel the growth of the global chicken flavor market. Conversely, growth in side effects of artificial flavors, strict government regulations, and surge in health awareness among consumers hamper the growth to some extent. However, growth in the unpenetrated and under-penetrated countries is anticipated to present a plethora of opportunities in the near future.
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The key market players profiled in the report include Koninklijke DSM N.V., Innova, Cargill, Kerry Group plc, BASF, Symrise, Trailtopia Adventure Food, International Flavors & Fragrances Inc., Givaudan, and Sensient Technologies Corporation.
Covid-19 Scenarios-
- The outbreak of covid-19 led to disrupted supply chains, and shortage of raw materials, and manufacturing facilities.
- As the world is recovering from the pandemic, the governments in various regions have issued relaxations on the regulations. Also, essential services including food services are permitted to be continued throughout the lockdown. Thus, The market is expected to grow slowly.
The global chicken flavor market is segmented based on form, end user, and region. By form, the powder segment dominated in 2018, with more than four-fifths of the global chicken flavor market. On the other hand, the liquid segment is expected to grow at the fastest CAGR of 6.5% by 2026.
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By end user, the B2B segment held nearly three-fourths of the global chicken flavor market revenue in 2018, and is expected to rule the roost till 2026. However, the B2C segment is projected to cite the fastest CAGR of 6.3% by 2026.
Based on region, the market across North America accounted for more than two-fifths of the global chicken flavor market share in 2018, and is anticipated to maintain the lead throughout the forecast period. Moreover, the Asia-Pacific region is expected to cite the fastest CAGR of 7.5% by 2026.
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