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(Health-NewsWire.Net, April 27, 2021 ) 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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The demand for convenience food products mainly fuels the demand for savory ingredients. Consumers prefer to consume processed food products along with better nutrition and taste, which has increased the demand for savory ingredients in the processed & convenience food applications. The rapid urbanization, influence of Western food habits, and an increase in the purchasing power parity of consumers in the developing countries of the Asia Pacific region, such as China, India, and Indonesia, also propel the demand for flavor enhancer-based products, such as convenience foods, meat- & fish-based food products, beverages, snack products, and others such as confectionery products, bakery, and dairy products.
The significant rise in the demand for convenience food, which is driven by the increasing number of working professionals, is boosting the growth of savory ingredients. Savory ingredients not only impact a distinct umami flavor to the food but also help restore the lost flavor resulting from different processes the food has undergone. Therefore, growth of the convenience and ready-to-eat and processed meal industry in the Asia Pacific countries has fueled the market for savory ingredients to flourish in the region. Furthermore, the changing trends in food products have increased the interest of consumers in savory flavors based on vegetables, spices, and fruit products. Therefore, the shift in trend is expected to augment the growth of the global savory ingredients market during the forecast period.
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The constantly changing consumer lifestyles and preferences toward convenience foods have shown an upward trend in the last few years. Savory ingredients provide an appealing taste and smell to the food when used as an effective seasoning. Key manufacturers of savory ingredients are focusing on innovating new products with enhanced tastes and flavors to adhere to the quality guidelines prescribed by the respective regulating authority.
Major food companies such as Givaudan (Switzerland), Kerry Group PLC (Ireland), and Symrise (Germany) are investing in expanding their presence in China and India. Hence, for savory ingredients, there is still a huge market that has remained untapped, which holds opportunities for savory ingredient products in the food industry.
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