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The Global Chicken Flavor Market is anticipated to grow at a CAGR of 5.6% during the forecast period 2019-2026. As per the research study, the global market recorded $629.26 million in the year 2018 and is estimated to reach $1.01 billion by the end of the year 2026.
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Chicken Flavor contains actual chicken broth or artificial flavorings and is comparatively low in sodium. It can be used in broths, sauces, stews, soups, gravies, frozen meals and packaged foods. Chicken Flavors are less time consuming and more convenient to use in main dish. Moreover, manufacturers are capable to create natural flavors at economical costs while gaining competitive advantage in the market.
The Global Chicken Flavor Market is driven by various growth driven factors such as increase in demand for ready-to-eat (RTE) meals and fast foods, growth in per capita income worldwide and increasing focus of market players towards product innovations. Whereas, rise in health awareness among consumers, strict government regulations towards food safety and increase in side effects due to usage of artificial flavors act as a major growth hindering factors of the global market. Moreover, the increasing trend of veganism around the globe also support the growth in demand of chicken flavor.
Segmentation Overview of the Global Chicken Flavor Market
The global chicken flavor market is segmented on the basis of form and end-user. These major market segments are further categorized into various sub-segments to study the market in detail. The market segmentation provides detailed overview of the global market through various research methodologies.
The Form Segment of the Global Chicken Flavor Market is Sub-Segmented into:
The End-User Segment of the Global Chicken Flavor Market is Sub-Segmented into:
Geographical Overview of the Global Chicken Flavor Market
On the basis of geographical segmentation, the global chicken flavor market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the North America chicken flavor market dominated the global market in the year 2018 with more than 2/5th of the global market share and is expected to maintain the dominance over the forecast period. The regional dominance is due to availability of various chicken flavors in the market and high consumption of chicken in the region. On the other hand, the Asia-Pacific region is estimated to grow at fast rate with highest CAGR of ~7.5% during the forecast period 2019-2026. The regional growth is attributed to introduction of various chicken flavor-based products and surge in number of millennials consumer base—a major consumer group with positive response towards product innovations and variety—which boosted the demand of flavored-based food ingredients in the region, that in turn impacted the growth of the regional market.
Key Players Insights
Sensient Technologies Corporation, Givaudan, International Flavors & Fragrances Inc., Trailtopia Adventure Food, Symrise, BASF, Kerry Group plc, Cargill, Innova and Koninklijke DSM N.V. among others are some major players included in the research study of the global chicken flavor market.
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