“Global Savory Ingredients Market to reach a market value of USD 14 Billion by 2031 growing at a CAGR of 7.3%”
The Global Savory Ingredients Market size is expected to reach $14 billion by 2031, rising at a market growth of 7.3% CAGR during the forecast period.
Nucleotides are essential flavor enhancers that work synergistically with other savory ingredients to create a rich and satisfying taste experience. They are commonly used in soups, broths, seasonings, and meat products to enhance umami flavors. The incorporation of nucleotides into a diverse array of food formulations has been driven by the growing demand for processed and convenience foods. Their ability to provide a depth of flavor and improve the overall taste profile of food products has made them a valuable ingredient in the market. Thus, the Nucleotides segment generated 14% revenue share in the market 2023.
The global expansion of the food service industry, including restaurants, fast food chains, and ready-to-eat meal providers, is significantly driving the demand for savory ingredients to enhance the flavor profiles of their offerings.
Additionally, as people worldwide become more interconnected, they are increasingly exposed to various ethnic and regional cuisines that were once confined to specific geographical areas. This exposure has sparked a growing curiosity and appreciation for new and unique culinary experiences, driving the demand for ingredients and flavors integral to these global cuisines. Thus, the globalization of food culture significantly aids in the market's growth.
However, the production of specific savory ingredients frequently results in substantial expenditures because of the intricate manufacturing processes and the high cost of basic materials. The collective effect of these factors is an increase in production costs, which is ultimately reflected in the escalating prices of end products. Hence, the aforementioned factors may hamper the growth of the market.
On the basis of type, the market is classified into yeast extract, starch, hydrolyzed vegetable protein, hydrolyzed animal protein, nucleotides, monosodium glutamate, and others. The monosodium glutamate segment acquired 29% revenue share in the market in 2023. The capacity of MSG to intensify and balance savory flavors has made it a popular flavor enhancer in a variety of processed foods, soups, munchies, and ready-to-eat meals.
Based on source, the market is bifurcated into natural and synthetic. The natural segment garnered 55% revenue share in the market in 2023. This strong performance is largely attributable to several key trends and consumer preferences.
By application, the market is divided into ready meals, snacks, feed, and others. The ready meals segment procured 28% revenue share in the market in 2023. The demand for ready meals has been driven by the busy lifestyles of consumers, who seek convenient and quick meal solutions without compromising taste and nutrition.
Free Valuable Insights: Global Savory Ingredients Market size to reach USD 14 billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded 28% revenue share in the market in 2023. There are numerous factors that contribute to this dominance, such as the region's well-established food industry.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 8 Billion |
| Market size forecast in 2031 | USD 14 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.3% from 2024 to 2031 |
| Number of Pages | 255 |
| Tables | 390 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Type, Application, Region |
| Country scope |
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| Companies Included | Sensient Technologies Corporation, Kerry Group plc., Archer Daniels Midland Company, AngelYeast Co., Ltd., Tate & Lyle plc, Associated British Foods PLC (Wittington Investments Limited), Koninklijke DSM N.V., Givaudan International SA, Symrise AG and Ajinomoto Co., Inc. |
By Source
By Application
By Type
By Geography
This Market size is expected to reach $14 billion by 2031.
Expansion of the food service industry are driving the Market in coming years, however, High cost of raw materials restraints the growth of the Market.
Sensient Technologies Corporation, Kerry Group plc., Archer Daniels Midland Company, AngelYeast Co., Ltd., Tate & Lyle plc, Associated British Foods PLC (Wittington Investments Limited), Koninklijke DSM N.V., Givaudan International SA, Symrise AG and Ajinomoto Co., Inc.
The expected CAGR of this Market is 7.3% from 2024 to 2031.
The Snacks segment is leading the Market by Application in 2023; thereby, achieving a market value of $5.7 billion by 2031.
The Asia Pacific market dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5.6 billion by 2031.
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