The savory ingredients market refers to the industry that produces and supplies various ingredients used in savory food products. These ingredients are used to enhance the taste, aroma, and overall flavor profile of savory dishes. The market includes a wide range of ingredients such as spices, herbs, seasonings, flavors, and extracts, among others.
The global savory ingredients market size & share in terms of monetary terms is anticipated to reach USD 9.3 billion by 2025, recording a CAGR of 5.2%.
Key Factors Driving the Market:
1. Changing Consumer Preferences: Consumers are increasingly seeking new and unique flavors in their food. They are willing to experiment with different cuisines and are more open to trying global flavors. This trend has led to a growing demand for savory ingredients that can help create authentic and flavorful dishes.
2. Convenience Foods: With the busy lifestyles of modern consumers, there is a rising demand for convenient and ready-to-eat food products. Savory ingredients play a crucial role in enhancing the taste and quality of these products, including snacks, ready meals, and processed meats.
3. Increasing Awareness of Health and Wellness: Consumers are becoming more health-conscious and are actively seeking healthier food options. Savory ingredients manufacturers are responding to this demand by developing low-sodium, reduced-fat, and natural ingredient alternatives to meet the evolving preferences of health-conscious consumers.
4. Globalization and Ethnic Cuisines: The globalization of food culture has led to the popularity of various ethnic cuisines worldwide. Consumers are increasingly exposed to different flavors from around the globe, leading to a growing demand for authentic savory ingredients used in traditional dishes.
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Key Market Players:
The key players in this market include Givaudan (Switzerland), Lesaffre Group (France), ADM (US), Ajinomoto Co., Inc. (Japan), Koninklijke DSM N.V. (Netherlands), Kerry Group PLC (Ireland), Tate & Lyle PLC (UK), and AngelYeast Co., Ltd. (China).
Asia Pacific is projected to account for the largest market share during the forecast period
In 2019, Asia Pacific accounted for the largest market share in the market. The processed food industry in the Asia Pacific region is experiencing fast growth owing to changes in lifestyles and an increase in disposable income levels. The processed food market in the region is currently undergoing dynamic changes in response to rapid urbanization, diet diversification, and liberalization in the food sector.
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