Biotech Ingredients Market Is Expected To Grow As Of Rapid Industrialization Has Led To The Large-Scale Consumption Of Flavored Or Scented Products
Biotech Ingredients Industry Overview The global biotech ingredients market size was valued at USD 1.61 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2020 to 2027. The market growth can be attributed to increasing demand for biotech flavors and fragrance ingredients from the food and beverage segment. Flavors and fragrances form an integral component of different types of consumer products as they have a significant impact on consumers’ purchasing decisions. Rapid industrialization has led to the large-scale consumption of flavored or scented products, such as food and beverages, personal care products, and cleaning and household products. This is expected to drive the market for biotech ingredients in the coming years. Both flavors and fragrances can be naturally derived or synthetically made. However, there has been an increasing shift towards natural and organic products owing to consumer awareness regard...