The North America Savory Ingredients Market would witness market growth of 6.9% CAGR during the forecast period (2024-2031).
The US market dominated the North America Savory Ingredients Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,763.7 million by 2031. The Canada market is experiencing a CAGR of 9.2% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 8.3% during (2024 - 2031).
The demand for culinary ingredients is also significantly influenced by the ready-to-eat meal segment. Ready-to-eat dishes have been widely adopted in a variety of regions due to their convenience.
Moreover, according to the FAO, urbanization and the busy lifestyles of consumers in both developed and developing countries have significantly boosted the demand for these products. Using savory ingredients like garlic, onion, pepper, and soy sauce in ready-to-eat meals helps enhance their flavor, making them more appealing to consumers.
The North American population exhibits a growing interest in exploring diverse culinary experiences. Savory ingredients empower manufacturers to create innovative food products that reflect the bold flavors and nuances of various ethnic cuisines, expanding consumer options and market potential. The expanding food service sector primarily drives the increasing demand for savory ingredients in the United States. According to the National Restaurant Association, the restaurant and food service industry's sales in the U.S. are expected to reach approximately $1 trillion in 2024, reflecting a strong recovery and growth from the pandemic's impacts.
Free Valuable Insights: The Savory Ingredients Market is Predict to reach USD 14 billion by 2031, at a CAGR of 7.3%
Based on Source, the market is segmented into Natural, and Synthetic. Based on Application, the market is segmented into Snacks, Ready Meals, Feed, and Others. Based on Type, the market is segmented into Monosodium Glutamate, Yeast Extract, Starch, Hydrolyzed Vegetable Protein, Hydrolyzed Animal Protein, Nucleotides, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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