The new report by Expert Market Research titled, ‘Global Savory Ingredients Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global savory ingredients market, assessing the market based on its segments like sources, types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 7.8 Billion
• Forecast CAGR (2022-2027): 7.8%
• Forecast Market Size (2027): USD 12.20 Billion
The market for flavorful ingredients is being driven by the growing use of flavorful ingredients in the convenience food products such as ready meals, clean-labelled meat-based foods, and various other flavorful-based snacks. Savory ingredients are widely used in salad dressing and provide a natural, bitter-sweet aroma to the salads. Hence, the increasing inclination of teenagers and adults towards health and fitness owing to the rising cases of obesity is likely to propel the demand for savory-based salads. Furthermore, the demand for savory-based frozen foods is growing due to the prolonged shelf-life and nutrient retention properties of frozen foods, which is estimated to propel the market growth in upcoming years.
Industry Definition and Major Segments
Savory ingredient is defined as a type of food ingredient which is applied in cuisines and food items to enhance the flavor and aroma of the food. Savory ingredients also increase the shelf life of the food products. The ingredients also find applications in dairy and bakery products, due to which their demand is significantly increasing.
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On the basis of source, the market can be bifurcated into:
Based on type, the market can be segmented into:
• Yeast Extract
• Hydrolyzed Vegetable Protein
• Hydrolyzed Animal Protein
• Monosodium Glutamate
The significant applications of the savory ingredients include:
• Ready Meals
The regional markets for savory ingredients include:
• Middle East and Africa
The growing mergers and acquisitions by the major food ingredient companies to increase the sale of savory-based food products are likely to propel the market growth. The emergence of dairy-based flavor products owing to the growing popularity of dairy products is likely to drive the market. Furthermore, the market is anticipated to be aided by the branding and promotion and the growing efforts towards enhancing the flavor and aroma of convenience foods by key market players. The growing competition among the major food manufacturing companies and the cost-effectiveness and easy availability of fish and meat-based meals and snacks are likely to augment the market growth of savory ingredients in the forecast period.
Key Market Players
The major players in the market are Associated British Foods plc, Ajinomoto Co., Inc., Givaudan SA, Koninklijke DSM NV, and Symrise AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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