In terms of revenue, the global liquid smoke market is estimated to register a CAGR of 7.8% over the forecast period, owing to numerous factors, about which Future Market Insights offers thorough insights and forecasts in the report. Factors such as rising purchasing power in certain countries in regions such as North America, Western Europe, and Eastern Europe along with growing pet ownership are anticipated to surge the demand for the liquid smoke market during the forecast period.
By application, the meat and seafood segment is expected to witness the highest growth in the global liquid smoke market. Owning to the rapidly increasing population and rampant westernization across developing regions such as APAC, there is rising consumption of meat products worldwide. The meat and seafood segment is expected to reach a value of nearly US$ 118 Mn by 2027 end. By distribution channel, the hypermarket/supermarket segment is estimated to account for a significant revenue share of 55.6% in 2017 and is expected to register a significant growth rate during the forecast period.
Rising consumption of meat products around the world is boosting the global liquid smoke market
Rapidly increasing population and rampant westernization across developing regions such as APAC are leading to rising consumption of meat products. This, in turn, is projected to increase uptake of processed meat products, thus boosting demand for liquid smoke for imparting flavour and preservation.
Moreover, processed food manufacturers are focusing on investing in the expansion of existing production plants and setting up new plants to increase the production of processed food such as meat and seafood products. This, in turn, is expected to boost demand for liquid smoke that is used to add a distinct flavour to certain processed food products.
The rising trend of pet humanisation, wherein pet owners treat their pets like family members, is driving spending on premium pet care and pet food products. This trend, especially prevalent in North America and Europe is expected to boost demand for premium pet food.
This, in turn, is anticipated to boost the growth of the pet food and treats segment in the global liquid smoke market. However, certain processed meat manufacturers still prefer the conventional method of smoking meat products, as it imparts a strong flavour to food, especially meat products such as beef and pork. It also gives it a distinct texture. This is expected to inhibit the growth of the liquid smoke market to a certain extent.
Global Liquid Smoke Market Size Forecast by Region
In this report, the global liquid smoke market has been segmented into seven major regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). This report assesses trends driving growth of each segment on the global level and offers potential takeaways that could prove substantially useful to liquid smoke manufacturers looking to enter the market.
North America market has been estimated to dominate the liquid smoke market, accounting for maximum revenue share of the market by 2017 end. Collectively, North America and Western Europe markets are expected to account for over 41.6% revenue share of the global liquid smoke market by 2017 end. Japan is estimated to exhibit a significant CAGR of 7.5% over the forecast period.
North America liquid smoke market was estimated to be valued at nearly US$ 17 Mn in the year 2017 and is anticipated to touch a valuation of nearly US$ 33 Mn in 2027, exhibiting a CAGR of 7.2% during the period of assessment. Western Europe liquid smoke market was estimated to be valued at nearly US$ 15 Mn in 2017 and is slated to reach a valuation of nearly US$ 30 Mn in 2027, displaying a CAGR of 7.1% during the period of forecast.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
- Meat and Seafood
- Pet Food and Treats
- Others (Snacks and Bakery and Confectionery)
- Convenience Stores
- Discount Stores
- Food & Drink Specialty Store
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East and Africa