One of the biggest, buzziest words dominating the F&F industry recently is biotech. But the term biotechnology is a broad one, covering a vast array of scientific exploration of biological substances and systems for potential use in goods and products.
For the flavor industry, biotech ingredients offer more affordable and sustainable ingredient options for plant-based proteins and sugar-, salt- and fat-reduced products, as well as more natural and better-for-you flavor enhancement materials. A recent Research and Markets report places the current estimated market value of biotech flavors at just over $602 million, and, with a growing CAGR of 8.4%, the market is expected to reach $1.1 billion by 2027a.
In the fragrance industry, biotech ingredients are bridging the gap between natural and affordable while exploring the added benefits of ingredients derived from or mimicking natural healing botanicals. According to an additional report from Research and Markets, the fragrance sector accounts for nearly 33% of the global biotech market, which is projected to surpass $3 billion by 2027b.
For the full article, please check out Perfumer & Flavorist's November 2020 issue.