Savory Ingredients Market: Current Analysis and Forecast (2023-2030)

Report Description

The Savory Ingredients market is expected to register a CAGR of approx. 5.2% over the period of 2022-2030. The savory ingredients market is expected to register a CAGR of approx. 5.2% over the period of 2022-2030. Savory additives are flavor enhancers that change the taste of food items during processing to increase product quality and shelf life. These food additives contribute to the improvement of the fragrance, flavor, and taste of food products. These substances impart a natural aromatic taste and are commonly used in the manufacture of quick meals, meat products, nutritious food, and spices. The growing demand for savory Ingredients can be attributed to rising demand for packaged instant food products and rapid urbanization has become increasingly attractive to investors owing to the technology-driven innovations contributing to market penetration. For instance, in December 2019, Angel Yeast Co. ltd launched a new natural flavor-enhancing solution for plant based food and beverages in Europe. This product launch will help the company to strengthen its portfolio and increase its customer base in Europe. Furthermore, influence of western food habits is anticipated to grow on account of the increased urban taste among new generation, and hence, increasing the demand for savory ingredients market. However, the growing awareness regarding the ill-effects of synthetic savory ingredients such as MSG, is one of the key factors restricting the growth of this market in developed regions, where the consumers are more inclined toward natural ingredients such as yeast extracts.

Ajinomoto ADR Representing One Ord Shs; AngelYeast Co., Ltd.; Archer-Daniels-Midland Co; Associated British Foods ADR; Cargill Incorporated; Givaudan ADR; Kerry Group PLC – ADR; Koninklijke DSM N.V.; Sensient Technologies Corp; Symrise are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the monosodium glutamate (MSG) category accounted for the significant share in the market in 2020”

Based on the type, the savory ingredients market is segmented into starches, proteins, yeast, monosodium glutamate (MSG) and others. The monosodium glutamate (MSG) segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. Its utilization helps increase the product shelf-life and minimize the salt content in food preparation.

 “Amongst source, the natural category is expected to witness considerable CAGR during the forecast period”

Based on the source, the market is fragmented into natural and synthetic. The natural segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Moreover, the rising mindfulness about the medical benefits of natural food items and the progress in organic cultivating procedures is anticipated to drive the demand for natural nourishment and drinks.

 “Amongst application, the food category is expected to witness considerable CAGR during the forecast period”

Based on the application, the market is fragmented into food and feed. The food segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period.  This is attributable to the high consumption of savory ingredients such as MSG as well as yeast extracts, in numerous food applications, like packaged snacks and frozen meals.

Savory ingredients Market Report Coverage

 “Asia Pacific to witness significant growth during the forecast period”

Asia-Pacific constitutes a major market for the savory ingredients industry owing to due to the large-scale consumption of savory snacks, soups, and curated meat products. The Asia Pacific region is an emerging economy in the market which is anticipated to create opportunities for numerous other food manufacturers in the region. For instance, the surging consumption of noodles in evolving economies like China and India due to increasing working professionals, busy lifestyles, and the growing young population. Countries like China consume large quantities of MSG, specifically in the HoReCa sector. The majority of noodles brands integrate MSG, starch, and yeast extract thus the mounting demand for instant noodles and similar convenience food products is expected to augment the market growth rate of the savory ingredients market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Savory Ingredients market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Savory Ingredients Market Analysis (2022-2030)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global savory ingredients market were the three major steps undertaken to create and analyze the adoption of savory ingredients in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global savory ingredients market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the savory ingredients market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the savory ingredients market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the type, source and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Savory Ingredients market. Further, we conducted factor analysis using dependent and independent variables such as rising demand for packaged instant food products and rapid urbanization etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the savory ingredients market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global savory ingredients market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the savory ingredients market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global savory ingredients market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global savory ingredients market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, source and application in the global savory ingredients market.

The main objective of the Global Savory Ingredients Market Study

The current & future market trends of the global savory ingredients market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the savory ingredients market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, source and application.
• Define and analysis of the regulatory framework for the savory ingredients market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the savory ingredients market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the savory ingredients market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry.

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