1. Preface
1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Biotech Flavors Market, by Region
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Rise in demand for bio-based flavors from processing industries worldwide
5.1.1.2. Extensive use of biotech flavours in pharmaceutical sector
5.1.1.3. Increasing application of biotech flavors in agriculture
5.1.2. Restraints
5.1.2.1. High cost associated with production of biotech flavors
5.1.3. Opportunities
5.1.3.1. Advancements in production of biotech flavors
5.1.3.2. Inclination towards plant-based and vegan products
5.1.4. Challenges
5.1.4.1. Regulatory concerns associated with the use of biotech flavors
5.2. Market Segmentation Analysis
5.3. Market Trend Analysis
5.4. Cumulative Impact of COVID-19
5.5. Cumulative Impact of Russia-Ukraine Conflict
5.6. Cumulative Impact of High Inflation
5.7. Porter’s Five Forces Analysis
5.7.1. Threat of New Entrants
5.7.2. Threat of Substitutes
5.7.3. Bargaining Power of Customers
5.7.4. Bargaining Power of Suppliers
5.7.5. Industry Rivalry
5.8. Value Chain & Critical Path Analysis
5.9. Regulatory Framework
5.10. Client Customization
6. Biotech Flavors Market, by Type
6.1. Introduction
6.2. Fruit Flavors
6.3. Vanilla
7. Biotech Flavors Market, by Form
7.1. Introduction
7.2. Liquid
7.3. Powder
8. Biotech Flavors Market, by Application
8.1. Introduction
8.2. Bakery & Confectionery
8.3. Beverage
8.4. Dairy
8.5. Nutraceuticals
9. Americas Biotech Flavors Market
9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States
10. Asia-Pacific Biotech Flavors Market
10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam
11. Europe, Middle East & Africa Biotech Flavors Market
11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom
12. Competitive Landscape
12.1. FPNV Positioning Matrix
12.2. Market Share Analysis, By Key Player
12.3. Competitive Scenario Analysis, By Key Player
13. Competitive Portfolio
13.1. Key Company Profiles
13.1.1. Archer-Daniels-Midland Company
13.1.2. Asia Aroma
13.1.3. BASF SE
13.1.4. Bell Flavors and Fragrances
13.1.5. Corbion N.V.
13.1.6. Döhler Group
13.1.7. European Flavours & Fragrances PLC
13.1.8. Firmenich SA
13.1.9. International Flavors & Fragrances Inc.
13.1.10. Jeneil Biotech
13.1.11. Kerry Group Plc
13.1.12. Keva Flavours Pvt. Ltd.
13.1.13. Mane Group
13.1.14. NACTAROME S.p.A.
13.1.15. Naturex SA
13.1.16. Roberetet SA
13.1.17. S&S Flavors
13.1.18. Savorx Flavors
13.1.19. Sensient Technologies Corporation
13.1.20. Shank’s Extracts Inc.
13.1.21. Solvay S.A.
13.1.22. Symrise AG
13.1.23. Synergy Flavors, Inc.
13.1.24. Synthite Industries Ltd.
13.1.25. Takasago International Corporation
13.1.26. Xinjiang Huabao Natural Biological Technology Co., Ltd.
13.2. Key Product Portfolio
14. Appendix
14.1. Discussion Guide
14.2. License & Pricing
TABLE 2. UNITED STATES DOLLAR EXCHANGE RATE, 2018–2022
TABLE 3. BIOTECH FLAVORS MARKET SIZE, 2018-2030 (USD MILLION)
TABLE 4. GLOBAL BIOTECH FLAVORS MARKET SIZE, BY REGION, 2018-2030 (USD MILLION)
TABLE 5. BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 6. BIOTECH FLAVORS MARKET SIZE, BY FRUIT FLAVORS, BY REGION, 2018-2030 (USD MILLION)
TABLE 7. BIOTECH FLAVORS MARKET SIZE, BY VANILLA, BY REGION, 2018-2030 (USD MILLION)
TABLE 8. BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 9. BIOTECH FLAVORS MARKET SIZE, BY LIQUID, BY REGION, 2018-2030 (USD MILLION)
TABLE 10. BIOTECH FLAVORS MARKET SIZE, BY POWDER, BY REGION, 2018-2030 (USD MILLION)
TABLE 11. BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 12. BIOTECH FLAVORS MARKET SIZE, BY BAKERY & CONFECTIONERY, BY REGION, 2018-2030 (USD MILLION)
TABLE 13. BIOTECH FLAVORS MARKET SIZE, BY BEVERAGE, BY REGION, 2018-2030 (USD MILLION)
TABLE 14. BIOTECH FLAVORS MARKET SIZE, BY DAIRY, BY REGION, 2018-2030 (USD MILLION)
TABLE 15. BIOTECH FLAVORS MARKET SIZE, BY NUTRACEUTICALS, BY REGION, 2018-2030 (USD MILLION)
TABLE 16. AMERICAS BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 17. AMERICAS BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 18. AMERICAS BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 19. AMERICAS BIOTECH FLAVORS MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
TABLE 20. ARGENTINA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 21. ARGENTINA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 22. ARGENTINA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 23. BRAZIL BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 24. BRAZIL BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 25. BRAZIL BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 26. CANADA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 27. CANADA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 28. CANADA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 29. MEXICO BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 30. MEXICO BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 31. MEXICO BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 32. UNITED STATES BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 33. UNITED STATES BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 34. UNITED STATES BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 35. UNITED STATES BIOTECH FLAVORS MARKET SIZE, BY STATE, 2018-2030 (USD MILLION)
TABLE 36. ASIA-PACIFIC BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 37. ASIA-PACIFIC BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 38. ASIA-PACIFIC BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 39. ASIA-PACIFIC BIOTECH FLAVORS MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
TABLE 40. AUSTRALIA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 41. AUSTRALIA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 42. AUSTRALIA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 43. CHINA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 44. CHINA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 45. CHINA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 46. INDIA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 47. INDIA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 48. INDIA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 49. INDONESIA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 50. INDONESIA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 51. INDONESIA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 52. JAPAN BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 53. JAPAN BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 54. JAPAN BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 55. MALAYSIA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 56. MALAYSIA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 57. MALAYSIA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 58. PHILIPPINES BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 59. PHILIPPINES BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 60. PHILIPPINES BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 61. SINGAPORE BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 62. SINGAPORE BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 63. SINGAPORE BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 64. SOUTH KOREA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 65. SOUTH KOREA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 66. SOUTH KOREA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 67. TAIWAN BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 68. TAIWAN BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 69. TAIWAN BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 70. THAILAND BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 71. THAILAND BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 72. THAILAND BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 73. VIETNAM BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 74. VIETNAM BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 75. VIETNAM BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 76. EUROPE, MIDDLE EAST & AFRICA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 77. EUROPE, MIDDLE EAST & AFRICA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 78. EUROPE, MIDDLE EAST & AFRICA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 79. EUROPE, MIDDLE EAST & AFRICA BIOTECH FLAVORS MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
TABLE 80. DENMARK BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 81. DENMARK BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 82. DENMARK BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 83. EGYPT BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 84. EGYPT BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 85. EGYPT BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 86. FINLAND BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 87. FINLAND BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 88. FINLAND BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 89. FRANCE BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 90. FRANCE BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 91. FRANCE BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 92. GERMANY BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 93. GERMANY BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 94. GERMANY BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 95. ISRAEL BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 96. ISRAEL BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 97. ISRAEL BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 98. ITALY BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 99. ITALY BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 100. ITALY BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 101. NETHERLANDS BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 102. NETHERLANDS BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 103. NETHERLANDS BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 104. NIGERIA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 105. NIGERIA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 106. NIGERIA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 107. NORWAY BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 108. NORWAY BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 109. NORWAY BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 110. POLAND BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 111. POLAND BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 112. POLAND BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 113. QATAR BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 114. QATAR BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 115. QATAR BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 116. RUSSIA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 117. RUSSIA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 118. RUSSIA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 119. SAUDI ARABIA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 120. SAUDI ARABIA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 121. SAUDI ARABIA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 122. SOUTH AFRICA BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 123. SOUTH AFRICA BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 124. SOUTH AFRICA BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 125. SPAIN BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 126. SPAIN BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 127. SPAIN BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 128. SWEDEN BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 129. SWEDEN BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 130. SWEDEN BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 131. SWITZERLAND BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 132. SWITZERLAND BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 133. SWITZERLAND BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 134. TURKEY BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 135. TURKEY BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 136. TURKEY BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 137. UNITED ARAB EMIRATES BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 138. UNITED ARAB EMIRATES BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 139. UNITED ARAB EMIRATES BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 140. UNITED KINGDOM BIOTECH FLAVORS MARKET SIZE, BY TYPE, 2018-2030 (USD MILLION)
TABLE 141. UNITED KINGDOM BIOTECH FLAVORS MARKET SIZE, BY FORM, 2018-2030 (USD MILLION)
TABLE 142. UNITED KINGDOM BIOTECH FLAVORS MARKET SIZE, BY APPLICATION, 2018-2030 (USD MILLION)
TABLE 143. BIOTECH FLAVORS MARKET, FPNV POSITIONING MATRIX, 2022
TABLE 144. BIOTECH FLAVORS MARKET SHARE, BY KEY PLAYER, 2022
TABLE 145. BIOTECH FLAVORS MARKET LICENSE & PRICING