Savory ingredients are kind of flavor enhancer which possess the property to modify flavors in food without contributing to any separate flavor of their own. Savory flavors are primarily used while manufacturing processed savory products such and snacks, frozen savory meal and others. Savory ingredient enables to provide pleasant sense of taste and smell especially by reason of effective seasoning. Savory ingredient play an important role in enhancing the umami flavor of the product which is supporting its growth in the current scenario.
Savory Ingredient Market Segmentation
Savory ingredient market is segmented on the basis of form which includes liquid, powder, paste and spray dried. Among all these segments powder is expected occupy the major position on the pie. Easy usage and mixing properties with other ingredient is expected to drive its growth during the forecast period. Moreover, liquid is expected to show healthy growth in savory ingredient market in the near future. In addition spray dried savory ingredient is currently an emerging product in savory ingredient market, however it is expected to account for substantial growth within next five to six years.
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Savory ingredient is also segmented on the basis of ingredient type which includes yeast extract, hydrolyzed vegetable protein (HVP), hydrolyzed animal protein (HAP), monosodium glutamate (MSG), nucleotides and others. Among all these segments monosodium glutamate is expected to contribute highest in terms of revenue. Monosodium glutamate properties such as it act as thickening and stabilizing agent in food products. Moreover it is cost effective which are supporting monosodium glutamate growth in the near future. In addition, yeast extract act as a fermenting ingredient. It also enables to reduce salt level from food content. Thus yeast extract is expected to account for substantial growth in next five to six years.
Savory ingredient market is further segmented on the basis of application which includes food Industry pet food industry, others. Among all these segments food industry is expected to have a strong presence in savory ingredient market as compared to remaining segments. Increased consumption of processed savory and culinary food products across the globe is expected to be the prime factor driving the growth of savory ingredient market during the forecast period. Also, pet food industry is expected to show a substantial growth in the near future. Food industry is further sub-segment as dips, soups, instant noodle & sauces, meat & seafood, bakery products & savory snacks, others (baby food). Among all these sub- segment meat and sea food is expected to be dominant in terms of revenue contribution followed by savory snacks. Increased consumption of frozen and processed meat and sea food is predicted be the major factor contributing to the market growth of savory ingredient.
Geographically, North America is expected to be the major contributor in terms of value followed by Europe. However these region is predicted to show a stable growth in the near future. Increasing awareness among the consumer regarding the ill effects of consuming processed food may affect the growth of savory ingredient in these regions. In developing countries of Asia Pacific region China is expected to dominate the market in terms of savory product consumption followed by India. Moreover Japan is expected to show a substantial growth during the forecast period. High volume consumption of sauces and noodles is predicted to be the supporting factor in the growth of savory ingredient market across the country.
Savory Ingredient Market Drivers
Rising disposable income in developing regions has led the consumer to get inclined towards processed savory and culinary food product which is predicted to support the growth of savory ingredient market in the near future. Moreover, savory ingredient is cost effective, due to which manufacturers is using it various reason such as stabilizer, emulsifier, thickening agent and others in food products which also expected to fuel its growth during the forecast period.
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Savory Ingredient Market Key Players
Some of the key companies operating in savory ingredient market includes Tate & Lyle PLC, Kerry Group Plc., Lesaffre Group, Royal DSM, Synergy Flavors and Diana Group among others.