The global savory ingredients market is expected to reach USD 12.75 billion by 2024. Savory ingredients are widely used as seasoning and flavoring agents in the food industry.
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
Monosodium 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.
Hydrolyzed animal proteins (HAP) has gained wide acceptance in the animal feed and pet food industry
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.
- Ajinomoto Co., Inc.
- Angel Yeast Co., Ltd.
- Vedan International Holdings Ltd.
- Kerry Group Public Ltd Co
- Sensient Technologies Corporation
- DIANA Group
- Royal DSM N.V.
- Lesaffre Group
- Tate & Lyle PLC
1 Methodology and Scope
2 Executive Summary
3 Market Snapshot
4 Market Variables, Trends & Scope
5 Savory Ingredients Market: Product Estimates & Trend Analysis
6 Savory Ingredients Market: Application Estimates & Trend Analysis 7 Savory Ingredients Market: Regional Estimates & Trend Analysis
8 Competitive Landscape
9 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/blx4wz/savory
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SOURCE Research and Markets