Global Liquid Smoke Market Expected to Surpass $1,14,266.2 Thousand and Grow at 6.7% CAGR in the 2021 to 2028 Timeframe [170-pages] | Published by Research Dive

Liquid smoke market is expected to grow by 2028 due to people's growing preference for high-quality processed meat. Hickory sub-segment is predicted to be the most dominant. Market in the North America region is expected to have fastest growth rate.

NEW YORK, July 26, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Liquid Smoke Market by Type (Hickory, Mesquite, Applewood, and Others), Application (Meat, Seafood, Sauces/Marinades, and Bakery & Confectionery), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".

According to the report, the global liquid smoke market is expected to gather a revenue of $1,14,266.2 thousand by 2028 and grow at a stable CAGR of 6.7% during the 2021-2028 timeframe.

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Dynamics of the Liquid Smoke Market

Drivers: Huge rise in the consumption of smoke flavored food and barbeque sauces among people is the prime factor predicted to drive the growth of the global liquid smoke market during the analysis timeframe. In addition, growing utilization of smoke flavors in grilled meats like shrimps, ham, bacon, steaks, etc. is also estimated to propel the market growth in the 2021-2028 timeframe. Moreover, strategic collaborations by market players is anticipated to further uplift the market growth.

Opportunities: Growing preference for packaged items and best quality foods is the major factor expected to offer ample growth opportunities for the global liquid smoke market during the forecast period. In addition, increasing advancements in packaged food items and easy availability of different flavors in the food and beverages industry is also predicted to boost the market growth in the 2021-2028 analysis period.

Restraints: Side effects of liquid smoke is the main factor projected to impede the liquid smoke market growth.

Covid-19 Impact on the Liquid Smoke Market

The outbreak of the Covid-19 pandemic has adversely impacted most businesses and industries and the global liquid smoke market is no exception. Strict lockdowns imposed by governments in most countries affected the manufacturing capacity of liquid smoke. In addition, several restaurants were closed during the pandemic due to stringent social distancing norms and travel restrictions that directly impacted the market growth and caused a declined demand for liquid smoke. Moreover, many don't consider it as an essential ingredient for cooking that further affected the market revenue to greater extents.

Check out growth of the Post COVID-19 Impact on Liquid Smoke Market. Get in touch with an Expert Analyst

Segments of the Liquid Smoke Market

The report has divided the liquid smoke market into a few segments based on type, application, and region.

• By type, the hickory sub-segment of the global liquid smoke market is estimated to have the fastest growth rate and gather a maximum revenue of $48,607.1 thousand during the 2021-2028 timeframe. This immense growth rate is attributed to the popularity of hickory type of liquid smoke and its wide usage in grilled meats. In addition, hickory type liquid smoke is highly preferable due to its strong aroma and flavor. Moreover, strategic collaborations by market players to offer the best type of liquid smoking is yet another factor predicted to uplift the sub-segment's growth during the analysis timeframe.
• By application, the meat sub-segment is expected to have a dominant market share and register a revenue of $49,910.1 thousand during the forecast years due to the growing preference for meat by people in their daily diets. In addition, the exponential growth of fast food chains like Taco Bell, Burger King, Subway, McDonalds, etc. has influenced many people to buy affordable meal packages which has bolstered the demand for smoky meat products. These factors are estimated to enhance the sub-segment's growth by 2028.
• By regional analysis, liquid smoke market in the North America region is projected to have the fastest growth rate with a CAGR of 7.1% and garner a significant market share. This growth is attributed to the increasing consumption of smoked food items that include confectionery and barbeque. Moreover, the growing preference for seafood and the need for liquid smoke in the North America region is anticipated to further augment the market growth in the region.

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Significant Liquid Smoke Market Players

Some of the significant players of the liquid smoke market are

1. Colgin
2. Azelis SA.
3. B&G Foods
4. Redbrook Ingredient Services Ltd.
5. Ruitenberg Ingredients
6. MSK Ingredients Ltd.
7. Kerry Group
8. Red Arrow International
9. Baumer Foods
10. Besmoke Ltd

These players are adopting several business strategies like mergers, acquisitions, and collaborations to secure a prominent position in the market.

For instance, in February 2020, B&G Foods, Inc., an American food brand, introduced a series of brand-new dishes like cauliflower hash browns, cauliflower gnocchi, cauliflower crust pizza, and cauliflower breadsticks under the Green Giant banner. Moreover, the organization is also working on establishing rice-based series.

Finally, the report also sums up many vital facets of the market including SWOT analysis, newest strategic developments, financial performance of the key players, and product portfolio. Buy the full report start at $2999 (Read-only)

More about Liquid Smoke Market:

• Global Liquid Smoke Market's Growth to Boost with the Rising Trend of Smoked Foods
• Why is Liquid Smoke Considered as the Preferable Choice of Enhancing the Taste of the Food Items compared to Traditional Smoke?

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