SAVORY INGREDIENTS MARKET GROWTH BY 2024-2032


Market Overview:

The global savory ingredients market size was valued at USD 7.25 billion in 2018 and is projected to reach USD 19.12 billion by the end of 2032, exhibiting a CAGR of 7.34% in the forecast period based on our analysis in the existing report. The growing utilization of savory ingredients for sweet, sour, and salty taste in Japanese and Chinese cuisines will have a tremendous impact on the savory ingredients market growth during the forecast period. The increasing consumption of food products around the world will spur opportunities for the market in the forthcoming years, states Fortune Business Insights in a report, titled “Savory Ingredients Market Size, Share and Industry Analysis By Source (Natural, Synthetic), Product (Yeast Extracts, Monosodium Glutamate, Protein, Nucleotides), Application (Food, Animal Feed), and Regional Forecast 2024-2032” the market size stood at USD 7.25 billion in 2018.

Market Driver:

Rising utilization of Savory in Processed Food to Augment Growth

Savory ingredients are increasingly being used in the manufacturing of processed foods. Will have a favorable impact on the market over the projection period. The incorporation of savory ingredients into a wide range of food products, including savory snacks, nuts, crisps, extruded snacks, sweets, salty snacks, and others, will drive market expansion in the years ahead. Rising consumption of snacks, soups, and meat-based goods will create chances for the market in the future years. The inclusion of savory additives in tailored meat products to increase flavor will, in turn, drive market growth. Consumer preferences and eating habits will evolve, facilitating market expansion.

The increasing focus of food manufacturers on savory ingredients to improve the sensory characteristics and taste of their goods is projected to boost market progress. Furthermore, increasing collaborations and acquisitions among key competitors will consolidate the sector and, as a result, drive market expansion. For example, in December 2018, Kerry Group, a leading food company headquartered in Ireland, announced the acquisition of Ariake U.S.A., Inc., a food production firm that manufactures natural seasonings such as natural clean labeling delicious taste solutions. The new development will assist Kerry Group to strengthen its market position.

Source: https://www.fortunebusinessinsights.com/industry-reports/savory-ingredients-market-100256

Regional Analysis:

Heavy Demand for Ready-to-eat Food Items to Favor Growth in Asia Pacific

Asia Pacific is predicted to witness a significant growth rate during the forecast period owing to the high consumption of savory snacks, curated meat products, and soups in the region. The rising demand for savory snacks and ready-to-eat meals is likely to back the growth of the market in Asia Pacific. The growing utilization of monosodium glutamate (MSG) in countries such as China and Japan. China is the world's largest MSG producer and consumer. The shifting consumer preference will also influence growth in Asia Pacific. Furthermore, the growing consumption of noodles in developing economies such as China, India owing to the evolving lifestyle of people will bolster the healthy growth of the market. The surge in working professionals has led to the demand for ready-to-eat food items, which in turn, will encourage the growth of the market.

Key Development:

January 2018: Symrise AG, a leader, and producer of flavors and fragrances announced the launch of clean label culinary bases to cater to the demand for clean-label products by consumers.

The Report lists the Main Companies in the Market:

  • Ajinomoto Co., Inc.
  • Koninklijke DSM N.V.
  • Kerry Group PLC
  • Tate & Lyle PLC
  • Symrise AG
  • Givaudan SA
  • Sensient Technologies Corporation
  • Savoury Systems International LLC
  • P. Ingredients Ltd.
  • Synergy Flavors

Created: 13/05/2024 07:17:23
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