This Savory Ingredient market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Savory Ingredient market.
Savory Ingredient: Making Inroads in Convenience and Snacking Culture
A buzz around certain taste sensation that adds excitement to food products has been leading to creative ingredient developments, and savory ingredient is no different. In an industry driven by flavor trends, savory ingredients continue to play a significant role in development of food products ranging from snacks to seafood and meat. Following a shift to plant-based food and craving for bold and multi-sensory flavors among consumers, savory ingredients are going mainstream, especially to create meaty flavor without adding meat. Snacking has also been rapidly growing in popularity, thereby generating a high demand for savory ingredients. Moreover, savory snacks such as savory yogurt are garnering significant traction, as these products encompass convenience, protein, better-for-you, and healthful eating.
Today, a growing number of health-conscious consumers are focusing on balancing their desires for health and indulgence. The impact of snacking trend moving towards functional and health-promoting products has been palpable on the savory ingredient space, compelling manufacturers to redefine their product innovation and growth strategies. Future Market Insights, in its new study, explores evolving trends in the food & beverage industry and analyses their impact on future development of the savory ingredient market.
Savory Ingredient Market – Notable Developments
Some key players operating in the savory ingredient market include Tate & Lyle PLC, Diana Group, Royal DSM, Kerry Group Plc, Synergy Flavors, and Lesaffre Group.
- In November 2019, Tate & Lyle announced the opening of its new and expanded Latin American headquarters in Sao Paulo, Brazil which includes an application center with a pilot plant and state-of-the-art experimental kitchen. The new application center is aimed at helping industry manufacturers develop products that meet increasing consumers demand for healthier, tastier food and beverages.
- In November 2019, Royal DSM, a key player in the savory ingredient market, announced its acquisition of AVA, a US-based personalized nutrition platform that offer nutrition and coaching recommendations across a wide range of health and wellness segments.
- In October 2018, Kerry Group Plc announced that it has reached agreement for acquisition of AATCO Food Industries LLC and Fleischmann’s Vinegar Company Inc. to expand the former’s foundational technology portfolio and to strengthen its foodservice and positioning in developing markets.
Important Factors Shaping Savory Ingredient Market
- Increasing Demand for Convenience Food Products
A gradual shift in consumption pattern with sprung in number of working population and single households has been significantly influencing the sales of convenience food products across the globe. This, in turn, is expected to potentially raise the demand for savory ingredients. These ingredients continue to ride on versatility quotient, effectively serving as thickening agents, emulsifier, and stabilizers in range of food products. Key players in the savory ingredient market are expected to benefit from significant advancements in food technology, enabling the development new flavors and variants. In addition, emerging trend of health and wellness has led to development of convenient instant diet soups, protein rich soups, and other ready-to-eat food. The result is expected to lead to increased demand for savory ingredients, catering to changing taste preferences of consumers.
- The Rise of Vegan Culture
While savory ingredients such as hydrolyzed animal protein continue to provide desired flavor effects on processed meat products, growing consumer inclination towards vegan and vegetarian diet are changing the scenario. In recent past, many consumers are showing preference for meat-less or meat-reduced diet. However, these consumers don’t necessarily want to give on ‘meat taste’, thereby potentially raising the demand for savory ingredients such as dark yeast. It can be used in savory flavor blends and as savory seasonings. Moreover, this savory ingredient exhibits desirable color and flavor, and works well in plant-based meet substitutes such as veggie burgers and sweet & savory spreads.
- Consumers’ Aversion to Chemical Food Additives
In recent years, aversion of consumers to chemical-based food additives and preservatives has been evident which is expected to represent threat to sales of certain savory ingredients such as monosodium glutamate (MSG). Although the FDA has classified MSG as a food ingredient that is generally recognized as safe (GRAS), several study results have associated the ingredient with various forms of toxicity. These factors along with emergence of clean label trend have been compelling manufacturers to move towards plant-based or natural food ingredients, in order to gain a distinct competitive edge in the market.
- Increased Demand from Developing Countries
Savory ingredient market in Asia Pacific has been growing on a significant pace, and is expected to reach a value of US$ 8.8 Bn by 2026. A spike in the number of quick service restaurants (QSRs) and rapid adoption of dine-out culture in developing such as China and India are contributing to the growth of the savory ingredient market. Food manufacturers and culinary professionals in the region are further rethinking how they approach using ingredients that bring savory and salty taste to food products. This, in turn, will work to the advantage of players active in the savory ingredient market.
The report covers exhaustive analysis on:
- Savory Ingredient Market Segments
- Market Dynamics
- Savory Ingredient Market Size
- Supply and Demand
- Current Trends/Issues/Challenges pertaining to savory ingredient market
- Competition Landscape and Emerging Market Participants in Savory Ingredient Market
- Technology related to Production/Processing of Savory Ingredient
- Value Chain Analysis of the Savory Ingredient Market
The regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on savory ingredient market segments and geographies.
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- The current and future market size, covering each aspect and nuanced trends across key national and geographic markets
- An overview of the market report, providing an imperative visual of the varied market subdivisions and overall forecast statistics in terms of value and volume
- Extensive database and key dynamics elevating the market with varied verticals associated
- Underlying Savory Ingredient Market forces that are compelling consumers or businesses to purchase the product
- How novel technologies and consumer-centric innovations will create new value-adding opportunities for companies active in the Savory Ingredient Market
- What will be environment and regulatory impacts on the market over the next decade
Which framework has been used to develop the Savory Ingredient Market report?
- Investment Feasibility Matrix - It shows returns on investment, level of competition, success rate of investment, and potential risks associated with the market. The analysis shows that the competition is high in the established market, while the returns for short-term investment are also taken into consideration
- Relative Maturity Mapping – The relative maturity is measured according to three growth phases (growth, maturity, decline)
- Relative PLC (Product Life Cycle) – Analysis of the emergence of prominent players and competitive test prices which are driving factors behind every market. (expected market behavior, observed market behavior, expected market performance, observed market performance)