According to a new report published by Prudent Markets titled, “Chicken Flavor Market byform and end user: Global Opportunity Analysis and Industry Forecast, 2019–2026,"the chicken flavor marketsize was valued at $629.26million 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 forquick 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 foodindustry 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 economiessignificantly 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 massivegrowth 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 factorsareexpected 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 at Prudent Markets,“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 supplementthe growth of the market”

Key Findings of the Study

• Depending on form, the powder segmentgarnered 82.6% of chicken flavor market sharein 2018, and is expected to growat 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 marketforecast 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.

Research Link:https://www.prudentmarkets.com/report/chicken-flavor-market/513/