Nov 19, 2020, 08:50 ET
PORTLAND, Ore., Nov. 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Savory Ingredients Market by Source (Natural, and Synthetic), Type (Yeast Extract, Starch, Hydrolyzed Vegetable Protein, Hydrolyzed Animal Protein, Nucleotides, Monosodium Glutamate, and Others), Application (Ready Meals, Snacks, Feed, and Others ): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global savory ingredients industry generated $7.20 billion in 2019, and is expected to reach $11.28 billion in 2027, witnessing a CAGR of 7.7% from 2020 to 2027.
Prime determinants of growth
Rise in consumer demand for clean-labeled products and shift in consumer preferences toward ready-to-eat food products drive the growth of the global savory ingredients market. However, demand for zero synthetic ingredients food products and side effects related to artificial flavors restrain the market growth. On the other hand, product innovations from manufacturers and expansion of the food & beverage industry present new opportunities in the coming years.
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- Manufacturing activities have been halted due to lockdown restrictions. However, these activities have been resumed as restrictions were lifted off, workforce returned to factories, and the supply chain was restored.
- The demand for savory ingredients has been reduced significantly due to disrupted distribution activities, closure of hotels, restaurants, and cafes due to lockdown. Moreover, online channels have restricted the delivery of goods.
- The demand would grow gradually as governments lifted off restrictions of lockdown and restaurants and food chains began their operations along with online retailers beginning their delivery services.
The natural segment to continue its dominant share during the forecast period
Based on source, the natural segment contributed to the highest share in 2019, holding more than half of the total share of the global savory ingredients market, and will continue its dominant share during the forecast period. In addition, this segment is expected to witness the highest CAGR of 8.8% from 2020 to 2027. This is attributed to surge in demand for clean label ingredients along with surge in health consciousness among consumers. The report also analyzes the synthetic segment.
The snacks segment to maintain its leadership status during the forecast period
Based on application, the snacks segment held the highest share in terms of revenue in 2019, accounting for more than two-fifths of the global savory ingredients market, and is projected to maintain its leadership status during the forecast period. This is due to increase in consciousness about health and well-being with changing lifestyle of consumers and preference for clean-label ingredients over branded products. However, the ready meals segment is estimated to witness the fastest CAGR of 9.7% from 2020 to 2027, owing to hectic work schedule and convenience offered by these meals.
Asia-Pacific, followed by North America, to maintain its dominance by 2027
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2019, accounting for nearly two-fifths of the global savory ingredients market, and will maintain its dominance during the forecast period. This is due to surge in investments by several small and mid-sized food manufacturing companies in developing countries and surge in number of fast-food chains/trucks to serve the huge population base. However, Europe is projected to portray the highest CAGR of 9.3% from 2020 to 2027. This is attributed to shift in consumer preference toward organic savory ingredients and limited intake of synthetic compounds in the diet.
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Leading market players
- Archer Daniels Midland
- Kerry Group PLC
- Tate & Lyle
- Sensient Technologies Corporation
- Koninklijke DSM N.V.
- AngelYeast Co., Ltd.
- Ajinomoto Co., Inc.
- Givaudan S.A.
- Symrise AG
- ABF Ingredients
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