According to Stratistics MRC, the “Global Savory Ingredients Market” is accounted for $5.72 billion in 2018 and is expected to reach $10.7 billion by 2027 growing at a CAGR of 7.2% during the forecast period. Changing consumer food preferences in developing regions and consumers’ aversion to chemical food additives are the major factors driving the market growth. However, high cost of processing and raw materials is restraining the market growth.
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Savory ingredients are used to provide the food with pleasant savory taste. These ingredients are used for enhancing the flavor of the food by giving it an excellent taste and aroma. MCG, HVP, HAP and yeast extracts are most important kinds of savory ingredients from yeast extract is a natural savory ingredient. It gives a natural savory flavor and is widely used in the preparation of instant food, meat products, nutritional food and seasonings. They can also be utilized for reducing the salt content in food production.
Opportunity: Rising demand for natural and healthy flavor ingredients would provide ample opportunities for the market growth.
There is a growing demand for healthy and nutritious food products, as well as products with all-natural and clean label claims. Advancements in technology and improved distribution networks in developing countries have led to substantial growth opportunities for such ingredients. Furthermore, increased focus on R&D is fetching innovations in a diverse set of applications in several product categories.
Driver: Increasing Demand for Convenience Food Products is driving the market growth.
A gradual shift in consumption pattern with sprung in number of working population and single households has been significantly influencing the sales of convenience food products across the globe which raises the demand for savory ingredients. These ingredients continue to ride on versatility quotient, effectively serving as thickening agents, emulsifier, and stabilizers in range of food products. Key players in the market are expected to benefit from advancements in food technology, enabling the development new flavors and variants. Also, the emerging trend of health and wellness has led to development of convenient instant diet soups and ready-to-eat food.
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Depending on application, food segment is expected to grow at the significant market share during the forecast period due to high consumption of savory ingredients, such as MSG and yeast extracts, in different food applications, such as prepared meals and snacks. The increasing consumption of natural savory ingredients with the growing demand for clean label and free-from products drives the market in the food industry.
North America region is anticipated to hold considerable market share during the forecast period:
By geography, the North America region is anticipated to hold considerable market share during the forecast period. North America has also been expected to be retaining its position of dominance through the period of forecast driven by “go-green” and organic trends. In this region, nearly 75% of consumers choose clean label products because they are considered to be safer to consume and are processed in a controlled environment. Despite the higher cost, consumer preference for such products is predicted to remain high. The region is expected to dominate the global market largely due to the increasing consumption of processed foods in the United States and Canada.
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Some of the key players profiled in the Savory Ingredients Market include ABF Ingredients (OHLY), ADM, Ajinomoto Co Inc, AngelYeast Co Ltd, Cargill, Givaudan S.A., Kerry Group plc, Koninklijke DSM N.V., Lesaffre Group, Novozymes, Sensient Technologies Corporation, Symrise, Synergy Flavors, Tate & Lyle plc and Vedan International (Holdings) Limited.
Cargill: In December 2015, Cargill acquired Format International Ltd. The acquisition will allow Cargill to continue its commitment to provide the most innovative solutions to customers by giving the company an opportunity to create world-class formulation solutions and offer an even more comprehensive range of products and services.
Novozymes: In July 2008, Novozymes acquired Organobalance GmbH to strengthen position in microbial solutions. The experience of Organobalance’s founding scientists, and the company’s know-how, immediately strengthen Novozymes’ existing capabilities within microbial technologies. Germany-based Organobalance owns a large collection of microbial strains, some of which date back to the 1920s, and has strong capabilities in microbial screening and assay technology. It specializes in developing natural microbial solutions for customers and partners across a number of industries including food, feed, and animal health.
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