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
The savory ingredient market is expected to grow due to their increasing use in processed foods. This includes a wide variety of snacks, sweets, and even meat products. The rising popularity of convenient foods like snacks and soups is creating a bigger market for these flavorings. Additionally, the use of savory ingredients in alternative meat products will further fuel market growth as manufacturers aim to create appealing taste profiles. In short, changing consumer preferences towards convenient and flavorful options are driving the demand for savory ingredients.
Food companies are increasingly using savory ingredients to make their products taste better, which is expected to grow the market. This trend is being fueled by collaboration and acquisitions among major players. For instance, Kerry Group, a big food company, bought Ariake U.S.A. in December 2018. This acquisition of a natural seasoning producer helps Kerry Group gain a stronger foothold in the market. In simpler terms, competition is pushing food companies to use better flavorings, and companies buying each other out strengthens the overall savory ingredient market.
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
