Meticulous Research®, a leading global market research firm, has recently published a report titled ‘ Savory Ingredients Market —Global Opportunity Analysis and Industry Forecast (2024–2031)’. According to this publication, the savory ingredients market is projected to reach $13.38 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
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Key Growth Drivers
The market’s expansion is primarily fueled by the rising demand for convenience foods and an increasing consumer preference for wholesome and natural food options. This shift towards healthier alternatives is encouraging growth within the savory ingredients market. There is also a notable increase in demand for naturally sourced savory ingredients, driven by both consumer awareness and preferences for cleaner labels. However, factors like high raw material costs and stringent regulations are creating some barriers to the market's full potential.
Opportunities in Emerging Markets
In emerging regions such as Asia-Pacific, Latin America, and the Middle East & Africa, there are significant growth opportunities for market players. These regions offer potential due to evolving consumer preferences and economic growth. Nevertheless, challenges remain, particularly in the sourcing of natural ingredients, which can be complex. The increasing demand for clean-label and functional ingredients remains a key market trend.
Competitive Landscape
The savory ingredients market is moderately competitive, with a mix of large global companies and regional players. Notable participants in the market include Ajinomoto Co., Inc. (Japan), AngelYeast Co., Ltd. (China), Kerry Group plc (Ireland), Vedan International (Holdings) Limited (Hong Kong), Sensient Technologies Corporation (U.S.), and Tate & Lyle PLC (U.K.). These companies are engaged in diverse strategies to maintain their competitive edge, contributing to the dynamic nature of the market.
Market Segmentation by Ingredient Type
Among the ingredient types, monosodium glutamate (MSG) holds a dominant share in the market, accounting for 55.4% in 2024. The extensive use of MSG is attributed to its powerful flavor-enhancing properties, making it popular in processed foods. MSG’s presence is notable across various food categories such as sauces, dairy and meat products, baked goods, and instant noodles, further driving its market growth.
Dominance of Synthetic Ingredients
Synthetic ingredients are anticipated to dominate the market due to advantages like stability, extended shelf life, and affordability compared to natural ingredients. Synthetics offer consistency and cost-effectiveness, allowing manufacturers to meet high demand while minimizing supply chain uncertainties.
Prevalence of Powdered Savory Ingredients
The powdered form of savory ingredients leads in popularity, largely due to its versatility and ease of use in various food applications. Powdered ingredients are favored for their extended shelf life and uniform distribution in products, reducing spoilage risks and providing a cost-effective solution.
Food & Beverage Applications
The food and beverage segment holds a significant portion of the savory ingredients market. The appeal of international cuisines and umami flavors, combined with fast-paced consumer lifestyles, has elevated the demand for savory ingredients, particularly in ready-to-eat meals.
Geographic Insights
Asia-Pacific is expected to command the largest share of the savory ingredients market in 2024, estimated at $5,699.2 million. The region’s growth is supported by urbanization, increased disposable incomes, and the popularity of international cuisines.
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