Savory Ingredients Market Geographical Analysis and Leading Key Players

The global savory ingredients market is estimated to be valued at USD 7.2 billion in 2020 and is projected to reach USD 9.3 billion by 2025, recording a CAGR of 5.2%.

The demand for flavor enhancers witnessed a significant increase due to the availability of a variety of food choices for consumers. The demand for food consisting of different flavors is increasing at an exponential rate across the world. To meet this demand, highly cost-effective and innovative ways of producing flavors, which are added as flavor enhancers, are expected to propel the growth of the savory ingredients market.

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By type, the monosodium glutamate segment is projected to account for a larger share in the savory ingredients market

The monosodium glutamate segment is projected to dominate the market, on the basis of type, during the forecast period. This is attributed to the cost-effectiveness and wide application areas of MSG in food and feed applications. MSG is a sodium salt of glutamic acid and is the most widely used savory ingredient. It is generally added to food to enhance the salty or sugary flavor, even though it is tasteless. MSG is widely used in frozen foods, spice mixes, canned & dry soups, salad dressings, and meat or fish-based products.

By application, the food segment is expected to account for a larger share in the savory ingredients market during the forecast period

Based on application, the savory ingredients market is segmented into food and feed. The food segment is estimated to account for a larger share because of the high consumption of savory ingredients, such as MSG and yeast extracts, in various food applications, such as prepared meals and snacks. The rising consumption of natural savory ingredients with the growing demand for clean label and free-from products drives the market for savory ingredients in the food industry.

Increase in the number of end-use applications of savory ingredients is one of the major drivers for the growth of market

Savory ingredients are finding applications in various food segments such as in soups & sauces, dehydrated noodles, ready-to-eat meals, and pet food. They are also used as seasonings and as salt replacements. To deliver the background richness and roundness, yeast extracts are increasingly used to provide both umami and kokumi tastes that add levels of flavor complexity to foods. The increase in consumption and usage of sauces, soups, and other seasonings in various countries is expected to bolster the demand for savory ingredients, such as MSG and nucleotides.

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Asia Pacific is projected to account for the largest market share during the forecast period

In 2019, Asia Pacific accounted for the largest market share in the savory ingredients market. The processed food industry in the Asia Pacific region is experiencing fast growth owing to changes in lifestyles and an increase in disposable income levels. The processed food market in the region is currently undergoing dynamic changes in response to rapid urbanization, diet diversification, and liberalization in the food sector.

The key players in this market include Givaudan (Switzerland), Lesaffre Group (France), ADM (US), Ajinomoto Co., Inc. (Japan), Koninklijke DSM N.V. (Netherlands), Kerry Group PLC (Ireland), Tate & Lyle PLC (UK), and AngelYeast Co., Ltd. (China).

Marker Research Report Insights & Consulting.