Washington, DC, Jan. 02, 2023 (GLOBE NEWSWIRE) — According to Zion Market Research has published a new research report titled “Savory Ingredients Market By End-Use (Processed Meals, Feed, Snacks, Food, And Others), By Product Type (Hydrolyzed Vegetable Protein, Yeast Extraction, Monosodium Glutamate, Nucleotides, And Starch), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” in its research database.
“According to the latest research study, the demand of global Savory Ingredients Market size & share in terms of revenue was valued at USD 9.5 billion in 2021 and it is expected to surpass around USD 15.21 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.59% during the forecast period 2022 to 2030.”
What are Savory Ingredients? How big is the Savory Ingredients Industry?
Savory Ingredients Industry Coverage & Overview:
Savory food products are defined as edibles that have a satisfying salty smell or taste and no sweet ingredients. They were initially meant as palate-cleansing food items to be served at the end of a meal. Savory food ingredients are added to improve the texture and taste of savory items. They help the product maintain a longer shelf life and restrict the growth of microorganisms or other unwanted external agents in the food product. Some popular examples of savory food include popcorn, veggie chips, hamburgers, and pretzels. Popcorn is by far the most famous savory food product.
There are a variety of options available for popcorn, but the most preferred is the salty version. Veggie chips or vegetable chips are healthier substitutes for regular potato chips. These edibles are gaining momentum amongst the more health-conscious part of the population. The demand for kale-based chips or asparagus-based chips is witnessing a high growth rate. Hamburgers have become synonymous with the growing fast-food culture. These edible items are capable of satisfying the salty and umami flavor cravings in humans. They also have a high content of glutamate.
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Global Savory Ingredients Market: Growth Dynamics
The global savory ingredients market is projected to grow owing to the rising investment in product innovation undertaken by the already existing market players along with the addition of numerous new businesses both at domestic and international levels. As the demand for savory food products has increased, companies have increased spending in diversifying their product portfolio. They have also added multiple options in the same food category to cater to the demands of niche groups as well as people who prefer consuming healthy savory food products. Kurkure, owned by Pepsico, was launched in India in 1999 and the product is most suitable for the Indian palate.
The products are currently only sold in Pakistan, Bangladesh, and India. The Kurkure brand currently stands at a market value of INR 1000 crore. This is a prime example of niche marketing which means that the companies invest in new products based on the customers it intends to target. Such strategic and concise marketing and sales initiatives are expected to help the global market grow further.
However, one of the key restraints that the global market may face is the growing number of people who refrain from consuming non-essential items or incorporating them into the diet due to various negative health impacts of overconsumption of savory items. Even though most of the ingredients are safe to be consumed, doctors recommend only limited quantities to be consumed per day. If it is consumed in unrestricted quantities, with time the ingredient could lead to health damages like heart conditions, obesity, and high or low blood pressure amongst other impacts.
The growing research and analysis of food ingredients may provide growth opportunities while loss due to improper storage of savory ingredients is expected to challenge the global market expansion.
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Savory Ingredients Market: Segmentation Analysis
The global savory ingredients market is segmented based on end-use, product type, and region
Based on end-use, the global market divisions are processed meals, feed, snacks, food, and others. Processed meals lead the global market followed by snacks in 2021. They are used extensively in the preparation of pretzels, fruit snacks, extruded snacks, popcorn, corn chips, and nuts. The growing demand for snacks coupled with high product innovation leading to the global market players increasing the consumer reach is projected to help the snacks segment lead the global market in the coming years. Businesses have increased their spending on marketing and sales initiatives in a bid to grow consumer awareness and curiosity. In 2021, PepsiCo, Inc. spent more than USD 100 million in digital marketing for its product portfolio of Lay’s potato chips.
Based on product type, the global market divisions are hydrolyzed vegetable protein, year extraction, monosodium glutamate, nucleotides, and starch. Monosodium glutamate (MSG) held dominance over the global market owing to the wide applications and versatility of the compound. It is used to enhance flavor in all types of food ranging from restaurant served to canned products. As per medical professionals, consuming around 0.55 grams of MSG per day is safe for human health.
The global Savory Ingredients market is segmented as follows:
- Processed Meals
- Feed, Snacks
By Product Type
- Hydrolyzed Vegetable Protein
- Yeast Extraction
- Monosodium Glutamate
Browse the full “Savory Ingredients Market By End-Use (Processed Meals, Feed, Snacks, Food, And Others), By Product Type (Hydrolyzed Vegetable Protein, Yeast Extraction, Monosodium Glutamate, Nucleotides, And Starch), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” Report at https://www.zionmarketresearch.com/report/savory-ingredients-market
Some of the main competitors dominating the global Savory Ingredients market include – Kerry Group Plc invested more than USD 220 million in R & D in 2021.
- Koninklijke Dsm N.V.
- Diana Group
- Vedan International (Holdings) Limited
- Tate & Lyle PLC
- Sensient Technologies Corporation
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Savory Ingredients market is likely to expand at a CAGR of around 4.59% during the forecast period (2022-2030).
- In terms of revenue, the Savory Ingredients market size was valued at around US$ 9.5 billion in 2021 and is projected to reach US$ 15.21 billion by 2030.
- The global savory ingredients market is projected to grow owing to the change in eating habits amongst the end-consumers.
- Based on end-use segmentation, processed meals were predicted to show maximum market share in the year 2021
- Based on product type segmentation, monosodium glutamate was the leading type in 2021
- On the basis of region, North America was the leading revenue generator in 2021
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Key questions answered in this report:
- What is the market size and growth rate forecast for Savory Ingredients industry?
- What are the main driving factors propelling the Savory Ingredients Market forward?
- What are the leading companies in the Savory Ingredients Industry?
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- Market Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Product Type, By End-Use, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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North America is anticipated to lead the global savory ingredients market due to the high consumption rate of savory food products in the US and Mexico regions. As per a recent survey by the United States Department of Agriculture, American citizens consume an average of 2.4 burgers a day. Europe may also register a high CAGR due to the high demand for savory food products in countries like Italy, Paris, Spain, and Austria. Growth in Asia-Pacific is projected to grow due to an increasing standard of living and product awareness along with the high demand for savory food products due to the growing population.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
- In May 2021, Innova Flavors was acquired by Synergy Flavors
- In October 2021, Royal DSM announced that the company has acquired First Choice Ingredients
|Market Size in 2021||USD 9.5 billion|
|Projected Market Size in 2030||USD 15.21 billion|
|CAGR Growth Rate||4.59% CAGR|
|Key Market Players||Koninklijke Dsm N.V., Diana Group, Givaudan, Vedan International (Holdings) Limited, Tate & Lyle PLC, and Sensient Technologies Corporation amongst other key corporations.|
|Key Segment||By Product Type, By End-Use, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
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FREQUENTLY ASKED QUESTIONS
- Which key factors will influence savory ingredients market growth over 2022-2030?
- What will be the value of the savory ingredients market during 2022-2030?
- Which region will contribute notably towards the savory ingredients market value?
- Which are the major players leveraging the savory ingredients market growth?
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Kerry Group Plc invested more than USD 220 million in R & D in 2021.