The global savory ingredients market is expected to reach USD 12.75 billion by 2024, according to a new report by Grand View Research, Inc. Savory ingredients are widely used as seasoning and flavoring agents in the food industry.
Growing disposable income has increased the consumption of time-saving food product, which is projected to boost the market growth over the coming years. The growing usage of savory ingredients in the food service industry is also expected to propel market growth.
Savory ingredients are used in the animal feed & pet food industry to enhance food flavors. The growing demand for packaged pet food in Asia Pacific is anticipated to drive market demand over the coming years.
Companies such as DSM, Kerry Group, Givaudan, Diana, and Lesaffre have adopted acquisition strategies to enhance their product offerings and regional presence. This approach has helped companies acquire distribution centers and diversify their offerings across many end-use application markets.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/savory-ingredients-market
Further key findings from the report suggest:
·
The global savory ingredients market demand was
3,929.6 kilo tons in 2015 and is expected to reach 6,195.4 kilo tons by 2024,
growing at a CAGR of 5.2% from 2016 to 2024
·
Monosodium glutamate (MSG) was the leading
product segment and accounted for over 80% of global demand in 2015. The use of
Monosodium glutamate is extensively in the manufacture of processed food such
as soups, meat, snacks, and other ready-to-go meals.
·
Hydrolyzed animal proteins (HAP) has gained wide
acceptance in the animal feed and pet food industry
·
Food was the leading application segment and accounted
for over 65% of total market volume in 2015. The segment is also expected to
witness the highest growth of 5.4% over the forecast period on account of
increasing savory ingredient demand in the convenience food and food service
industry.
·
Major companies identified in the market include
Ajinomoto Co., Inc., Angel Yeast Co., Ltd., Vedan International Holdings Ltd.,
DIANA Group, and Givaudan S.A. among others. Growing investment in new product
development and R&D is expected to propel the market demand over the coming
years.
·
Companies such as Sensient Technologies,
Givaudan, DSM, Ajinomoto have invested in expanding production capabilities to
cater to increasing market demand. HACCP, KOSHER, HALAL, ISO certifications
help companies gain a competitive edge in the market.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/nutraceuticals-functional-foods-and-dietary-supplements
Grand View Research has segmented the savory ingredients market on the basis
of product, application, and region:Global Savory Ingredients Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Yeast extracts
·
Hydrolyzed vegetable proteins (HVP)
·
Hydrolyzed animal proteins (HAP)
·
Monosodium glutamate (MSG)
·
Nucleotides
·
Others
Global Savory Ingredients Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2024)
·
Food
·
Pet food
·
Others
Global Savory Ingredients Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2024)
·
North America
·
U.S.
·
Canada
·
Mexico
·
Europe
·
Germany
·
Italy
·
UK
·
France
·
Asia Pacific
·
China
·
India
·
Japan
·
Central & South America
·
Brazil
·
Middle East & Africa
·
South Africa
For press release of this report - http://www.grandviewresearch.com/press-release/global-savory-ingredients-market
About Grand View
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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