Savory Ingredients Market to Reach $11.28 Bn, Globally, by 2027 at 7.7% CAGR: Allied Market Research

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.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/2510

Covid-19 Scenario

• 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.

For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/2510

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

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

Similar Reports:

Blackstrap Molasses Market: Global Opportunity Analysis and Industry Forecast 2021–2027

Protein Ingredients Market: Global Opportunity Analysis and Industry Forecast 2021–2027

Food Starch Market: Global Opportunity Analysis and Industry Forecast 2019–2026

Egg Protein Market: Global Opportunity Analysis and Industry Forecast 2019–2026

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research

SOURCE Allied Market Research