Bio-based Flavors & Fragrances Market Set to Soar to USD 4.56 Billion by 2031 with 8.3% Annual Growth- Transparency Market Research Inc.

Urge to Go Natural Ringing Cash Registers for Bio-based Flavors & Fragrance Landscape

/EIN News/ -- Wilmington, Delaware, United States, Transparency Market Research, Inc., Aug. 01, 2024 (GLOBE NEWSWIRE) -- - As per the latest report published by Transparency Market Research (TMR), the global bio-based flavors & fragrances market (바이오 기반 향료 및 향수 시장) is estimated to reach US$ 4.56 Bn by 2031 at a sizable CAGR of 8.3% between 2023 and 2031.

Bio-based flavors and fragrances are obtained from renewable biological sources such as microorganisms, fruits, and plants. They are looked upon as sustainable alternatives to their synthetic counterparts. The consumers are showing inclination toward bio-based ingredients in beverages, food, household items, and personal care products.

The bio-based flavors & fragrances industry is also getting benefited from various advancements in biotechnology, which have, in turn, facilitated production of complex molecules via fermentation and various other biological processes, thereby expanding probabilities to create exclusive as well as sustainable flavors and fragrances.

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In May 2024, Fermbox Bio launched its very first product as an expansion of its Synbio product pipeline. This cellulosic enzyme cocktail transforms agricultural waste into 2G ethanol.

Bio-based Flavors & Fragrances Market Report by TMR highlights the factors that drive as well as restrain the bio-based flavors & fragrances market growth. The latest trends and opportunities have also been captured in the report.

Key Takeaways from Bio-based Flavors & Fragrances Market Report

• Call for Natural Flavor in Food & Beverages Sector Boosting Bio-based Flavors & Fragrances Market Revenue

Citrus flavors are witnessing a greater demand amongst the consumers due to their vibrant flavor and nutritional value. These flavors have found entry into the beverage sector comprising infused beverages, functional beverages, fusion beverages, and flavored water.

As per a recent survey conducted by Koninklijke DSM N.V., over 50% of urban consumers stand by the belief that fresh or natural flavor makes the food tasty. It further states that consumers are prioritizing natural-tasting and authentic food in diverse markets such as India, Poland, Brazil, and China.

• D-Limonene Increasingly Used in Numerous Industries

Bio-based flavors & fragrances such as D-limonene are conventionally present in pee of citrus fruits such as mandarin, lemons, and organs. It is produced through distillation/extraction process. This organic solvent has been used for various home health remedies and industrial purposes, food processing, and pharmaceuticals.

D-limonene belongs to a class of compounds called terpenes, whose strong fragrances provide protection to plants by deterring the predators. It possesses anti-oxidant, anti-inflammatory, anti-stress properties.

The household applications of d-limonene include shampoos, soaps, perfumes, lotions, air fresheners, and laundry detergents. It is also available in concentrated supplements in liquid and capsule form.

Bio-based Flavors & Fragrances Market Regional Insights

• Europe – The Big Market

Europe holds more than 30% of the bio-based flavors & fragrances market share and the scenario is expected to remain unchanged in the near future. This is attributed to higher demand for bio-based flavors and fragrances from the food & beverages sector coupled with upswing in the production of fine cosmetics and fragrances in the region.

The last few years have also seen a significant increase in demand for flavors for use in various liquor-based drinks. Bio-based flavors and fragrances are preferred as they are devoid of ingredients containing chemicals or toxins that can result in damage to the respiratory system. Synthetic smells that are derived from petrochemicals are reported to cause lung irritation, nausea, and migraines.

• Asia Pacific – Poised to make it Big!

Asia Pacific is likely to contribute on significant terms to the bio-based flavors & fragrances market growth. This is due to increase in demand for flavored products in India and China. Furthermore, flourishing pharmaceutical vertical is providing traction. Vietnam and Indonesia are the other countries witnessing a staggering demand for bio-based flavors & fragrances.

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Leading Players in Bio-based Flavors & Fragrances Industry

DSM, Conagen, Inc., Symrise, Sensient Technologies Corporation, Givaudan S.A., International Flavors & Fragrances, Inc., ADM, Takasago International Corporation, T. Hasegawa Co., Ltd., Robertet Group, Firmenich S.A., and Evolve Holding SA and more

Key Strategies by Prominent Bio-based Flavors &Fragrances Manufacturers

The leading players spanning the bio-based flavors & fragrances market report scope are engaging in collaborations to foster product innovations with respect to cosmetic ingredients and fragrance. For instance, in January 2023, Symrise AG announced that it had invested in Ignite Venture Studio, a B2C start-up in personal care, with the objective of manufacturing innovative products over here.

Along the similar lines, in May 2023, BBGI inked a memorandum of understanding with Conagen for producing sustainable high-value bio-based products for benefiting consumer well-being and health.

Market Segmentation

• Form

• Powder
• Liquid
• Paste

• Type

• Benzyl alcohol-based
• Cinnamic Aldehyde-based
• D-Limonene-based
• Guaiacol-based
• Levulinic Acid-based
• Others

• Application

• Bakery and Confectionery
• Dairy Products
• Perfumes
• Skincare Products
• Haircare Products
• Nutraceuticals
• Soaps and Detergents
• Others

• End-use

• Food & Beverages
• Cosmetics & Personal Care
• Pharmceutical
• Consumer Products
• Others

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