Savory Ingredients Market Size, Share, Growth, Trends and Industry Analysis Reportby Susan Hill Business Consultant
The global savory ingredients market is expected to reach USD 12.75 billion by 2024, according to a new report by Grand View Research, Inc. Savory ingredients are widely used as seasoning and flavoring agents in the food industry.
Growing disposable income has increased the consumption of time-saving food product, which is projected to boost the market growth over the coming years. The growing usage of savory ingredients in the food service industry is also expected to propel market growth.
Savory ingredients are used in the animal feed & pet food industry to enhance food flavors. The growing demand for packaged pet food in Asia Pacific is anticipated to drive market demand over the coming years.
Companies such as DSM, Kerry Group, Givaudan, Diana, and Lesaffre have adopted acquisition strategies to enhance their product offerings and regional presence. This approach has helped companies acquire distribution centers and diversify their offerings across many end-use application markets.
Further key findings from the report suggest:
- The global
savory ingredients market demand was 3,929.6 kilo tons in 2015 and is
expected to reach 6,195.4 kilo tons by 2024, growing at a CAGR of 5.2%
from 2016 to 2024
glutamate (MSG) was the leading product segment and accounted for over 80%
of global demand in 2015. The use of Monosodium glutamate is extensively
in the manufacture of processed food such as soups, meat, snacks, and
other ready-to-go meals.
animal proteins (HAP) has gained wide acceptance in the animal feed and pet
- Food was the
leading application segment and accounted for over 65% of total market
volume in 2015. The segment is also expected to witness the highest growth
of 5.4% over the forecast period on account of increasing savory
ingredient demand in the convenience food and food service industry.
- Major companies
identified in the market include Ajinomoto Co., Inc., Angel Yeast Co.,
Ltd., Vedan International Holdings Ltd., DIANA Group, and Givaudan S.A.
among others. Growing investment in new product development and R&D is
expected to propel the market demand over the coming years.
- Companies such as Sensient Technologies, Givaudan, DSM, Ajinomoto have invested in expanding production capabilities to cater to increasing market demand. HACCP, KOSHER, HALAL, ISO certifications help companies gain a competitive edge in the market.
Created on Dec 31st 2019 02:04. Viewed 129 times.