Savory Ingredients Market Overview
Over the years, consumers have been on the rise for food additives with a specific taste sensation that adds excitement to food products when consumed. The savory ingredient is among the innovative food ingredients produced to enhance taste and quench consumers’ salivation for tasty foods. In an industrial age where flavor trends and healthy food products drive the food processing industry, the savory ingredients market continues to play a crucial role in producing food items such as snacks, meat, and poultry.
With the growing consumers’ shift towards the consumption of plant-based products and increasing demand for multi-sensory flavors among individuals, the savory ingredients market is projected to record significant growth during the forecast period. Moreover, the surge in demand for snacks processed with savory ingredients coupled with increasing disposable income of consumers in developing nations is a strong force expected to drive the global savory market forward over the foreseeable period.
Growing consumers’ demand for healthy food products with high protein content to help combat kwashiorkor is expected to create a surge in demand for savory ingredients globally. Also, growing population size of individuals consuming read-to-eat meal or convenience food is another driving force accelerating the growth of the market.
Savory Ingredients Market Growth Driven by Consumers’ Increasing Disposable Income
The growing disposable income of consumers in develop and developing nations has fostered the surge in demand for the consumption of convenience food products. Consumers find it hard to prepare a meal after strenuous activity so they opt in for time saving food products that will help refill lost energy.
The increasing demand for convenience food items is predicted to promote the growth of the savory ingredients market during the forecast period since savory ingredients are utilized in the preparation of convenience meal or ready-to-eat meal. Also, the market is propelled by the growing population size of consumers in developing nations like China, India and others.
Growing Consumers’ Demand for Chemical Food Additives
Recently, there has been a shift in consumers’ preference for the consumption of chemical-based food additives and preservatives. This is expected to foster the surge in demand for specific savory ingredients like monosodium glutamate (MSG).
Although the FDA has classified MSG as a safe food ingredient, several reports have classified the ingredient as a toxic food additive that has an adverse effect on human health. However, consumers’ perception regarding this ingredient remains positive. In addition, the rise in health-conscious consumers is projected to fuel the growth of the market.
Savory Ingredients Market: Region-wise Analysis
Geographically, the Asia Pacific is projected to be the fastest-growing region for the global savory ingredients market after accounting for the largest market share in 2019. The food processing industry in the Asia Pacific region is experiencing fast growth due to growing consumers’ demand for convenience food and increasing disposable income of individuals.
Developing nations such as China, India, and Japan are slated to drive the savory ingredient market forward during the forecast period because of the growing population size and changing consumers’ lifestyles. Other regions such as North America and Europe are slated to register moderate growth with a healthy CAGR during the forecast period since the market is nascent.
Savory Ingredients Market: Competitive Landscape
- Tate & Lyle PLC
- Diana Group
- Royal DSM
- Kerry Group Plc
- Synergy Flavors
- Lesaffre Group.
- 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)
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Global Savory Ingredients Market Segment Analysis
The global savory ingredients market can be segmented on the following basis:
- Monosodium Glutamate
- Hydrolyzed Vegetable Protein
- Hydrolyzed Animal Protein
- Prepared Meals
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