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Savory Ingredients Market Expected To Trigger A Revenue To USD 12.75 Billion By 2024 | Key Players – Sensient Technologies, Givaudan, DSM, Ajinomoto

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Savory Ingredients Market Expected To Trigger A Revenue To USD 12.75 Billion By 2024 | Key Players – Sensient Technologies, Givaudan, DSM, Ajinomoto

February 06
09:04 2020
Savory Ingredients Market Expected To Trigger A Revenue To USD 12.75 Billion By 2024 | Key Players - Sensient Technologies, Givaudan, DSM, Ajinomoto

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Consumption of ready-to-eat and ready-to-cook products is increasing owing to the increasing hectic lifestyle coupled with rising disposable income. This trend is fueling the growth of the global savory ingredients market.

According to a report, “ Savory Ingredients Market Analysis By Product (Yeast Extracts, Hydrolyzed Vegetable Proteins (HVP), Hydrolyzed Animal Proteins (HAP), Monosodium Glutamate (MSG), Nucleotides), By Application (Food, Pet Food) And Segment Forecasts To 2024 ”,The global savory ingredients market is expected to reach USD 12.75 billion by 2024, according to a new report by Grand View Research, Inc. Savory ingredients are widely used as seasoning and flavoring agents in the food industry.

Growing disposable income has increased the consumption of time-saving food product, which is projected to boost the market growth over the coming years. The growing usage of savory ingredients in the food service industry is also expected to propel market growth.

Savory ingredients are used in the animal feed & pet food industry to enhance food flavors. The growing demand for packaged pet food in Asia Pacific is anticipated to drive market demand over the coming years.

Companies such as Sensient Technologies, Givaudan, DSM, Ajinomoto have invested in expanding production capabilities to cater to increasing market demand. HACCP, KOSHER, HALAL, ISO certifications help companies gain a competitive edge in the market.

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Companies such as DSM, Kerry Group, Givaudan, Diana, and Lesaffre have adopted acquisition strategies to enhance their product offerings and regional presence. This approach has helped companies acquire distribution centers and diversify their offerings across many end-use application markets.

U.S. savory ingredients market

Further key findings from the report suggest:

  • The global savory ingredients market demand was 3,929.6 kilo tons in 2015 and is expected to reach 6,195.4 kilo tons by 2024, growing at a CAGR of 5.2% from 2016 to 2024

  • Monosodium glutamate (MSG) was the leading product segment and accounted for over 80% of global demand in 2015. The use of Monosodium glutamate is extensively in the manufacture of processed food such as soups, meat, snacks, and other ready-to-go meals.

  • Hydrolyzed animal proteins (HAP) has gained wide acceptance in the animal feed and pet food industry

  • Food was the leading application segment and accounted for over 65% of total market volume in 2015. The segment is also expected to witness the highest growth of 5.4% over the forecast period on account of increasing savory ingredient demand in the convenience food and food service industry.

  • Major companies identified in the market include Ajinomoto Co., Inc., Angel Yeast Co., Ltd., Vedan International Holdings Ltd., DIANA Group, and Givaudan S.A. among others. Growing investment in new product development and R&D is expected to propel the market demand over the coming years.

  • Companies such as Sensient Technologies, Givaudan, DSM, Ajinomoto have invested in expanding production capabilities to cater to increasing market demand. HACCP, KOSHER, HALAL, ISO certifications help companies gain a competitive edge in the market.

Savory Ingredients Extensively Used in the Food Industry

Economical pricing of the food products such as soups, sausages, pasta, and curries is projected to spur the market demand over the coming years. The food segment accounted for over 66% of the revenue in 2015. The increasing busy lifestyle and growing disposable income in developing countries of Asia Pacific are expected to boost market demand.

Global savory ingredients market

The pet food industry is anticipated to grow at a high CAGR owing to the growing number of economical brands catering to this market. The rising awareness of the benefits and convenience pet food offers is expected to propel the demand for pet food savory ingredients. Hydrolyzed Animal Proteins is anticipated to be widely used in the animal feed and pet food industry over the coming years.

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Grand View Research has segmented the savory ingredients market on the basis of product, application, and region:

Global Savory Ingredients Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • Yeast extracts

  • Hydrolyzed vegetable proteins (HVP)

  • Hydrolyzed animal proteins (HAP)

  • Monosodium glutamate (MSG)

  • Nucleotides

  • Others

Global Savory Ingredients Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • Food

  • Pet food

  • Others

Global Savory Ingredients Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Italy

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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