The global savory ingredients market size is predicted to reach USD 11.94 billion by the end of 2026, exhibiting a CAGR of 6.65% during the forecast period. 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 2019-2026” the market size stood at USD 7.25 billion in 2018.
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List of Key Companies Operating in the Savory Ingredients Market are:
- 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
Market Driver:
Rising utilization of Savory in Processed Food to Augment Growth
The increasing application of savory ingredients in the production of processed food products. Will have a positive impact on the market during the forecast period. The fusion of savory ingredients in a variety of food products such as savory snacks nuts, crisps, extruded snacks, sweets, salty snacks, and others will boost the growth of the market in the forthcoming years.
The rising consumption of snacks, soups, and meat-based products will spur opportunities for the market in the forthcoming years. The use of savory ingredients in curated meat products to enhance the taste will subsequently foster the growth of the market. The evolving preference and eating habits of consumers will consequently facilitate the growth of the market.
The rising focus of food manufacturers towards savory ingredients to enhance the sensorial properties and taste of the food products is expected to aid the expansion of the market. In addition, the rising partnerships and acquisitions among key players will consolidate the industry and therefore promote the growth of the market.
For instance, in December 2018, Kerry Group, a leading food company based in Ireland announced the acquisition of Ariake U.S.A., Inc. a food production company engaged in manufacturing natural seasonings such as natural clean labels savory taste solutions. The new development will help Kerry Group reinforce its position in the market.
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.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/savory-ingredients-market-100256
