Savory Ingredients Market to Witness Exponential Growth Owing to Increasing Demand for Processed Food Forecast till 2026
Pune, India -- (SBWIRE) -- 06/27/2019 -- The increasing demand for convenience foods is boosting the global savory ingredients market, predicts Fortune Business Insights in their new report. The report is titled, "Savory Ingredients Market Size, Share and Global Trend By Source (Natural, Synthetic), Product (Yeast Extracts, Monosodium Glutamate, Protein, Nucleotides), Application (Food, Animal Feed) & Geography Forecast till 2026."
According to the report, the increasing demand for savory food products namely, Noodles, chips, pasta, popcorn, sauces, processed meat, and various other savory snacks is a major factor propelling growth in the market worldwide.
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Some of the Main Key Players Covered in the Report
- Givaudan S.A.
- Tate & Lyle Plc.
- Ajinomoto Co, Inc.
- Sensient Technologies Corporation
- Ingredion Incorporated
- Vedan International Holdings Ltd.
- Angel Yeast Co., Ltd.
- Kerry Group Plc.
- Lesaffre Group
- Royal DSM N.V.
- Diana Group
Natural Ingredients Segment to Emerge Dominant Owing to Rising Demand for Clean Label Food Ingredients
With respect to segmentation by source, the market is foreseen by Fortune Business Insights to be dominated by the natural ingredients segment. This is owing to the rise in health consciousness among consumers. The increasing demand for clean label and natural food products and rise in environmental concerns is also helping the market for savory ingredients to augment in future.
Savory products are either sweet or salty in taste and finds applications in a variety of food products such as soy sauce powders, hydrolyzed plant and animal protein, yeast extracts, proteins, and others. A major chunk of savory ingredients is utilized by the food and beverage industry, which is further anticipated to drive the growth of the global market in future.
Rapid urbanization in major economies of the world has increased the demand for ready-to-eat and instant food market. This in turn is expected to contribute major revenues to the savory ingredients market during the forecast period. Savory ingredients are also used as food stabilizers and thickening agents. This is further projected to increase the demand for savory ingredients during the forecast period.
However, the rising concern about health issues and increasing health awareness among consumers worldwide may hinder the growth of the market in the future. This is because savory ingredients are rich in carbohydrates and fat. Again, strict rules imposed by governments regarding the use of savory ingredients for certain food products may also hamper the market. Furthermore, the rise in the cost of raw materials required for the production of savory ingredients is also expected to restraint the market.
Nevertheless, the anticipated rise in the noodles industry is expected to bring lucrative growth opportunities for the global Savory Ingredient Market in future.
Rising Penetration of Market Players in the Asia Pacific to Help Region Dominate Future Market
Fortune Business Insights foresees the global savory ingredients market to be dominated by the Asia Pacific owing to the huge scope of growth in the region, especially in the developing nations of China, and India. The rise in demand for ready-to-eat food and convenience food products in the region is expected to drive the market for savory ingredients in the region. Additionally, the rapidly changing lifestyle and eating habits are anticipated to increase market revenue generation in the future.
The increasing per capita income of the population in the Asia Pacific will help to boost the market during the forecast period. This, coupled with, the rise in penetration of global food ingredient companies into the region will also bring lucrative growth opportunities for the market in the region.
Companies operating in the global savory ingredients market are Diana Group, Sensient Technologies Corporation, Kerry Group Plc., Royal DSM N.V., Lesaffre Group, Ajinomoto Co, Inc., Tate & Lyle Plc, Vedan International Holdings Ltd., Angel Yeast Co., Ltd., Ingredion Incorporated, and Givaudan S.A.