Global Savory Ingredients Market to Expand in Coming Years – Projected to Reach worth USD 10.8 billion by 2028
Published | 19 April 2022
The growth of savory ingredients market is attributable to swift growth in demand for flavor enhancers due to the availability of a diversity of food choices for consumers…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global savory ingredients market was worth USD 7.6 billion in 2021 and is anticipated to reach USD 10.8 billion by 2028. This is attributable to swift growth in demand for flavor enhancers due to the availability of a diversity of food choices for consumers. The demand for food entailing different flavors is snowballing at an exponential rate across the globe. Thereby, highly cost-effective and innovative ways of producing flavors are being developed and pumped into the market to meet this demand. This is expected to propel the growth of the savory ingredients market during the forecast period 2022-2028.
Upsurge in Number of End-Use Applications of Savory Ingredients to Drive Market
Savory ingredients are finding extensive applications in numerous food segments, including soups & sauces, ready-to-eat meals, dehydrated noodles, and pet food. They are also being used as salt replacements and seasonings. Moreover, yeast extracts are increasingly used to impart both umami and kokumi tastes that add ounces of flavor complexity to foods and provide background roundness and richness. Furthermore, the demand for savory ingredients has been incessantly growing in the HoReCa (Hotel, Restaurant, and Catering) sector. Thus, the surge in consumption and usage of soups, sauces, and other seasonings in several countries around the globe is likely to bolster the demand for savory ingredients, such as monosodium glutamate (MSG) and nucleotides during the forecast period 2022-2028.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/savory-ingredients-market/report-sample
Natural Savory Ingredients Accounted for the Largest Market Share in 2021
Based on the source, the savory ingredients market is segmented into natural and synthetic segments. The wide range of natural products now available and the retail channels through which they are traded have revolutionized the demand for clean labeled natural savory ingredients. Moreover, the rising mindfulness about the medical benefits of natural food items and the progress in organic cultivating procedures is anticipated to drive the demand for natural nourishment and drinks, thus bolstering the demand for natural-based savory ingredients, including yeast extract and starch. An increase in the personal disposable income has resulted in the requirement of a high standard of living while making the nature-based savory ingredients affordable.
Impact of COVID-19 on the Savory Ingredients Market
Although the deadly COVID-19 pandemic had a disastrous impact on various industries, the Savory Ingredients market is one of those markets that gained tremendously due to the pandemic with the increasing consumption of packaged food and frozen meats in the developing economies like India and China. An assortment of COVID-19-related psychological changes also affected food-related behaviors. Even in areas with low disease risks, people were exposed to widespread communication about the jeopardies of COVID-19, which caused some of their stress, thus causing stress-related eating. They attempted to feel better by eating or drinking when under stress. For instance, during the lockdown in Italy, people augmented their feeding of processed “comfort foods,” like chocolate, chips, and snacks, due to anxiety about their eating habits during COVID-19. Similarly, a study from Denmark also revealed a higher level of emotional eating during the lockdown: greater consumption of alcohol and pastries. Thus, it resulted in a positive impact on the growth rate of the savory ingredients market.
Asia-Pacific Dominates Savory Ingredients Market
Based on the regional analysis, the global Savory Ingredients market can be segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Amidst the segmentation, the Asia-Pacific dominated the global Savory Ingredients market with the largest share in 2021. The Asia Pacific has occupied the largest consumer of savory ingredients due to the large-scale consumption of savory snacks, soups, and curated meat products. The Asia Pacific region is an emerging economy in the market which is anticipated to create opportunities for numerous other food manufacturers in the region. For instance, the surging consumption of noodles in evolving economies like China and India due to increasing working professionals, busy lifestyles, and the growing young population. Countries like China consume large quantities of MSG, specifically in the HoReCa sector. The majority of noodles brands integrate MSG, starch, and yeast extract thus the mounting demand for instant noodles and similar convenience food products is expected to augment the market growth rate of the savory ingredients market in the region during the forecast period 2022-2028.
Competitive Landscape
The Savory Ingredients market is a fragmented market with numerous players serving the market. The key players dominating the global savory ingredients market are Koninklijke DSM N.V., Ajinomoto Co. Inc., Kerry Group plc, Tate & Lyle plc, Givaudan S.A., Symrise AG, Sensient Technologies Corporation, Angel Yeast Co. Ltd, Vedan International (Holdings) Limited, Kerry Group PLC, Cargill, Lesaffre Group, ABF Ingredients (OHLY), Vinayak Ingredients India Pvt Ltd. and other prominent players. The key marketing strategies adopted by the players are introduction of new offers, new and advanced product launches, collaborations, partnerships and acquisition to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global savory ingredients market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global savory ingredients market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
About Us
Blue Weave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BWC has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662