Global Biotech Flavors Market to Reach $1.9 Billion by 2030
The global market for Biotech Flavors estimated at US$1.2 Billion in the year 2023, is expected to reach US$1.9 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2023-2030. Vanilla & Vanillin Flavor, one of the segments analyzed in the report, is expected to record a 7.1% CAGR and reach US$872.9 Million by the end of the analysis period. Growth in the Fruity Flavor segment is estimated at 7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $319.5 Million, While China is Forecast to Grow at 11% CAGR
The Biotech Flavors market in the U.S. is estimated at US$319.5 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$433.7 Million by the year 2030 trailing a CAGR of 11% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 7.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$261 Million by the year 2030.
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