Global Savory Ingredients Market is estimated to reach USD 12.75 billion by 2024 owing to the increase in demand from the food industry. Savory is a herb, commonly used as seasoning in green vegetables. They constitute beans-oriented dishes and possess healing properties that have been serving since ages. Savory ingredients offer an authentic taste to variety foods preferred by customers on the global scale.
Growth Drivers:
Savory ingredients industry is influenced by the rise in demand for tasty foodstuff. Increasing disposable income that has changed eating habits of consumers is also driving the market growth of savory ingredients. Customers these days prefer ready-to-cook meals which saves time, boosting the market growth. Since savory ingredients are reasonably rated, manufacturers can use them as emulsifiers, thickening agents, and stabilizers in different foods. This has accelerated the demand for savory ingredients. Demand for savory ingredients is also on the rise owing to its use in the making of beer, wine, and bread.
Savory ingredients market is witnessing the introduction of healthy savory snacks. Also, the market growth is supported by the introduction of new products by existing market players. The market is categorized on the basis of type, form, origin, application, and geography. On the basis of type, the market is divided into monosodium glutamate, nucleotides, hydrolyzed vegetable protein, hydrolyzed animal protein, yeast extracts, and others. Yeast extracts segment leads savory ingredients industry owing to shifting consumer preference for feed ingredients and natural food.
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Key Players:
The major players in savory ingredients market are Angel Yeast Co., Ltd., Givaudan S.A., Lesaffre Group., Diana Group, Tate & Lyle Plc., Vedan International Holdings Ltd. and Sensient Technologies Corporation.
Form Outlook:
Based on form, savory ingredient market is divided into powder, liquid, and others. Powder segment is expected to hold larger market share of savory ingredients since it can be easily blended with other materials. In terms of origin, savory ingredients industry is split into synthetic and natural. Natural segment is projected to lead the market of savory ingredients owing to growing consumer awareness about healthy lifestyle and environmental matters. The ingredients are unadulterated and can be easily used naturally.
Product Outlook:
- Yeast extracts
- Hydrolyzed vegetable proteins (HVP)
- Hydrolyzed animal proteins (HAP)
- Monosodium glutamate (MSG)
- Nucleotides
Application Outlook:
- Food
- Pet food
- Others
Regional Outlook:
Geographically, savory ingredients industry is segmented as North America, Latin America, Europe, Asia Pacific ad Middle East & Africa. Asia Pacific is expected to dominate the market of savory ingredients owing to increasing population, rise in demand for food, rapid urbanization, and increase in spending power of consumers.
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