Global Chicken Flavor Market Size is Estimated to Reach USD 1,247.34 Million by 2031, Growing at a CAGR of 5.4%: Straits Research
The applications of advanced technologies make it possible to innovate and produce new and interesting tastes in food. It helps cater to the changing customer taste and produce flavors and food products that meet the needs. In addition, there is a growth in demand for chicken flavors, especially in the Asia-Pacific and Latin American regions.
New York, United States, Nov. 28, 2023 (GLOBE NEWSWIRE) -- A chicken flavor is a yeast extract flavoring that imparts the flavor of the chicken. The majority of chicken flavoring additives are natural and synthetic flavors. It contains less sodium and is prepared with actual chicken broth. It is frequently used to enhance and intensify foods' flavors, fragrances, and textures. The chicken flavor is present in numerous sauces, frozen dishes, gravies, broths, soups, and stews.
The chicken flavor is added to food to impart a distinct taste and replicate the taste and texture of meat. Perishable foods that have been processed and preserved tend to lose their flavor over time, necessitating the addition of flavoring agents to preserve the flavor. The food industry requires flavors for various purposes, including creating new products, expanding existing product lines, and modifying existing flavors.
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*Surge in Demand for RTE Meal and Fast Foods Drives the Global Market*
According to Straits Research, “The global chicken flavor market was valued at USD 776.59 million in 2022. It is estimated to reach USD 1,247.34 million by 2031, growing at a CAGR of 5.4% during the forecast period (2023–2031).” The global market for chicken-flavored ready-to-eat (RTE) and other convenience foods has consistently experienced high demand in the past decade. These meals are considered convenience foods and are completely or partially cooked. The primary reason for their increasing popularity is that they save time and are practical. They can also be transported anywhere in frozen form without losing nutritional value. Therefore, the increase in demand for ready-to-eat (RTE) meals stimulates the market for chicken flavor.
*High Potential in Unpenetrated and Under-Penetrated Developing Countries Creates Tremendous Opportunities *
The opportunities in emerging economies are vast because they have not yet been exploited. More than 80% of the globe's population resides in countries not members of the Organization for Economic Cooperation and Development (OECD). Still, they consume less than 60% of the world's food. According to the European Commission, there will be 5.3 billion persons in the global middle class by 2030. This will increase two billion people's purchasing power. This expansion will predominantly take place in Asia. China and India will account for 66% of the middle-class population and 59% of global middle-class consumption by 2030. Demand for food will rise by 35% by 2030 due to alterations in consumer behavior and buying habits.
*Regional Analysis*
North America is the most significant global chicken flavor market shareholder and is estimated to exhibit a CAGR of 4.8% during the forecast period. The North American chicken flavor market is primarily propelled by growing food lovers' awareness of the variety of chicken flavors available. The majority of consumption in North America is in powder form. Most powdered flavor manufacturers are located in North America, making it simpler for consumers and small businesses to locate a local supplier and attract more customers to powdered flavors. In addition, the North American marketplace is driven by the high demand for chicken-based products and the popularity of fast-food restaurants.
Europe is estimated to exhibit a CAGR of 4.5% over the forecast period. The increasing demand for natural and clean-label ingredients affects the industry. Flavors manufacturers have been implementing new technologies to improve the acceptability and stability of natural and artificial flavor varieties. It is difficult to produce liquid-based chicken flavors, for instance, because the original taste and flavor are diminished during the extraction process, making it difficult to preserve the original flavor. In addition, manufacturers are therefore devising and implementing cutting-edge technologies, such as solid-liquid extraction (SLE), supercritical carbon dioxide extraction, and supercritical fluid extraction, to preserve their flavor. Therefore, technological advancements facilitate the creation of novel flavors to satisfy consumers' altering taste preferences, which contributes to the expansion of the chicken flavor market.
*Key Highlights*
· Based on form, the global chicken flavor market is bifurcated into liquid and powder. The powder segment dominates the global market and is expected to exhibit a CAGR of 5.21% over the forecast period.
· Based on end-user, the global chicken flavor market is segmented into B2B and B2C. The B2B segment owns the highest market share and is estimated to exhibit a CAGR of 5.1% during the forecast period.
· North America is the most significant global chicken flavor market shareholder and is estimated to exhibit a CAGR of 4.8% during the forecast period.
*Competitive Players*
The key global chicken flavor market players are Kerry Group plc, Koninklijke DSM N.V., Sensient Technologies Corporation, Cargill, BASF, International Flavors & Fragrances Inc., Symrise, Givaudan, Innova, and Trailtopia Adventure Food.
*Market News*
· In March 2023, Baskin Robbins introduced its newest flavor of ice cream infused with chicken and waffles. A news release describes Chick'n & Waffles as "waffle-flavored ice cream with an abundance of crispy chick'n* and waffle-flavored morsels drizzled with a decadent bourbon maple syrup-flavored swirl."
· In January 2023, Perdue Foods unveiled two new meal and snack categories. The poultry supplier recently debuted its new PERDUE® Flavor-Infused Chicken and PERDUE Chicken Plus Snackers, created as part of its commitment to developing innovative, flavorful products.
*Global Chicken Flavor Market: Segmentation*
*By Form*
· Liquid
· Powder
*By End-User*
· B2B
· B2C
*By Regions*
· North America
· Europe
· Asia-Pacific
· LAMEA
*Get Detailed Market Segmentation @ **https://straitsresearch.com/report/chicken-flavor-market/segmentation*
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