The report "Savory Ingredients Market by Type ((Monosodium Glutamate, Yeast Extracts, HVPs, HAPs, Nucleotides, and Other Types), Form (Powder, Liquid, and Others), Origin (Natural and Synthetic), Application (Food and Feed), and Region - Global Forecast to 2025" ,According to MarketsandMarkets, the 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 Asia Pacific region is projected to witness the fastest growth during the forecast period
The Asia Pacific savory ingredients market is projected to have the fastest growth potential in the coming years. The large consumer market and increasing disposable incomes in India and China drive the demand for convenience & packed food products with enhanced savory flavors. Also, China and Japan are manufacturing hub for savory ingredients and have sufficient manufacturing plants to meet the demand for processed food products with blends of savory flavors. Rapid urbanization in countries such as India and China are expected to lead to the high growth of the savory ingredients market in Southeast Asia during the forecast period.
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The yeast extracts segment is projected to witness significant growth during the forecast period
Based on type, the savory ingredients market is segmented into monosodium glutamate (MSG), yeast extracts, hydrolyzed vegetable proteins (HVPs), hydrolyzed animal proteins (HAPs), nucleotides, and other types. The yeast extracts segment is projected to witness significant growth during the forecast period. Yeast extracts are majorly used in the production of bakery & confectionery products in the food industry. Being natural savory ingredients and a rich source of proteins, vitamins, and minerals, yeast extracts make a perfect ingredient for bakery food products. The segment also accounted for a significant share in the savory ingredients market.
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.
Key industry participants presented:
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).
Recent Developments
In March 2020, Kerry Group set up a new regional development and food manufacturing facility in Georgia, Rome. This new establishment would help the company to serve its customer base in Europe, increase its production capacity, and expand its geographic reach.
In August 2019, Ajinomoto Malaysia, a subsidiary of Ajinomoto Co., Inc., invested approximately USD 80 million to build a new manufacturing plant for the production of menu-specific seasonings, umami seasonings, and flavor seasonings. This expansion would increase the capacity of its existing plant.
In December 2019, AngelYeast 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.
In November 2019, DSM launched MaxaGourmet, a solution, in the savory ingredient category. It was launched in Europe to help DSM strengthen its product portfolio and company presence in Europe.
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Key Questions Addressed by the Market Report
What are the growth opportunities in the savory ingredients market?
What are the major food application areas for savory ingredients?
What are the key factors affecting market dynamics?
What are some of the significant challenges and restraints that the industry faces?
Which are the key players operating in the market, and what initiatives have they undertaken over the past few years?
