(I-BusinessNews.Com, March 21, 2020 ) The report “Savory ingredients Market by Type (Yeast extracts, Hydrolyzed vegetable proteins, Hydrolyzed animal proteins, Monosodium glutamate, Nucleotides), Application (Food, Feed), Origin (Natural, Synthetic), form, and Region – Global Forecast to 2022″, The savory ingredients market is projected to reach a value of USD 8.46 Billion by 2022, at a CAGR of 5.61% from 2016. The market is driven by factors such as increase in consumption of ready-to-eat, ready-to-cook food, noodles, and increased demand for Umami flavor in almost all the regions of the world.
Market Dynamics
Drivers:
Rising demand for convenience food products
Changing food consumption habits of consumers in developing economies
Increasing demand for new product variant
Restraints:
Consumer awareness on health issues relating to savory ingredients and Consumer demand for clean labels
Stringent regulations
Opportunities:
Rising instant noodle industry
Challenges:
Increased cost of raw material & energy
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The yeast extracts segment is projected to be the fastest-growing from 2016 to 2022.
This segment is projected to grow at the highest CAGR from 2016 to 2022. Yeast extracts are gaining popularity due to the shift of consumers towards natural food and feed ingredients. The increasing demand for natural food and feed ingredients has triggered the demand for yeast extracts. Increasing awareness about the benefits of natural food and feed ingredients is projected to drive the market for yeast extracts in the next six years.
The powder segment is projected to grow at a significant rate during the forecast period.
On the basis of form, the powder segment is the largest segment, and was followed by the liquid segment in 2015. The liquid segment is projected to grow at the highest CAGR from 2016 to 2022. The powder form is preferred due to its ease of mixing with the other ingredients.
The food segment is projected to be the largest from 2016 to 2022.
On the basis of application, food was the largest segment in 2015 and is projected to grow at the highest CAGR from 2016 to 2022. Growth of convenient and ready-to-eat meal industry has fueled the market for savory ingredients.
The natural segment is projected to grow at a significant rate during the forecast period.
With increase in awareness amongst consumers about the health and environmental concerns, the demand for the natural ingredients is increasing to ensure the quality and safety of food products. These ingredients do not contain any artificial or chemical flavoring substances, and can be used in their natural form. Focusing on the rising demand for natural food products and increasing health and wellness awareness among consumers, most chemically manufactured food ingredients are being replaced by natural ones.
The Asia-Pacific region is projected to grow at a significant rate from 2016 to 2022.
The Asia-Pacific market is projected to grow at the highest CAGR during the forecast period, owing to the increase in demand for food products. Growth in population, rise in disposable incomes, progressive urbanization, and increase in demand for food products have driven the market for savory ingredients. Growth is majorly witnessed in Vietnam, China, Japan owing to increase in purchasing power of the population.
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This report includes a study of marketing and development strategies, along with the product portfolio of leading companies, such as Koninklijke DSM N.V. (Netherlands), Ajinomoto Co., Inc. (Japan), Kerry Group plc (Ireland), Tate & Lyle plc (U.K.), and Givaudan (Switzerland).
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