Global Savory Ingredients Market 2023-2030

Global Savory Ingredients Market 2023-2030

Global Savory Ingredients Market Size, Share & Trends Analysis Report by Type (Yeast Extract, Starch, Protein, Monosodium Glutamate, Nucleotides, and Others), by Source (Natural, and Synthetic), and by Form (Liquid, Powder, and Others) for the Forecast Period (2023-2030)

The global Savory ingredients market is expected to witness substantial growth, with a projected CAGR of 5.2% during the forecast period. The market's growth is attributed to the growing demand for snack foods across the globe. The new range of products is expected to bring a variety of flavors and tastes to the market, in addition to offering customers the convenience of having a variety of products in one place. This is expected to increase customer loyalty and sales for the brand. Accordingly market players are coming up with new products to cater the demand for the products and increasing the sales of ingredients in the market. For instance, in April 2021, Bikano announced six new masala-based products to further boost its product portfolio through an aggressive product-line expansion. The brand expects a sales increase of up to Rs 75 crore with the addition of the new masalas such as aloo bhujia-lemon chaska, chutney-sev, chatpat mixture, manpasand mixture, lajawaab mixture, daal mixture, and dry fruit mixture.

Segmental Outlook

The savory ingredient market is segmented based on type, source, and form. Based on type, the market is anticipated into yeast extract, starch, protein, monosodium glutamate, nucleotides, and others. By source, the market is anticipated into natural, and synthetic, and by form, the market is anticipated into liquid, powder, and others. Among these segments, the liquid sub-segment is anticipated to hold a significant market share. There is a growing demand for liquid savory ingredients, which are in higher demand than dry and paste ingredients owing to their tendency to be easier to combine with other food ingredients. Furthermore, by encapsulating the particles, various food ingredient and flavor manufacturers are offering their savory ingredients in liquid form with increased durability.

The Yeast Extract Sub-Segment is Anticipated to Hold a Prominent Share of The Global Savory Ingredients Market

The growth of the protein sub-segment is attributed to the rising awareness about fermentation to enhance food taste across the globe. According to Food Ingredients First, other fermentation ingredients, such as miso, shio koji, and soy, can provide depth of flavor in addition to specific tonality, whereas yeast extracts provide less tonality and more overall dish enhancement. Yeast extracts can increase protein, vitamin content, and flavor in plant-based foods and beverages. Angel Yeast's technical center for protein nutrition and flavoring They are made from yeast and contain a high concentration of free amino acids, nucleotides, polypeptides, and other flavoring ingredients that can enhance the taste. They are widely used in applications such as bouillon, snacks, instant noodles, beverages, plant-based meals, and sauces. For instance, in March 2022, Angel's launched yeast protein AngeoPro is a sustainable source of protein that contributes to nutrition in plant-based meats owing to its high protein and vitamin content, in addition to its ability to shield off-notes. Fermentation can also aid in the creation of more realistic-tasting plant-based analogues, according to a culinary technologist and development chef at Griffith Foods Europe. Traditional fermentation can give plant-based cheeses, meats, and seafood the typical depth and sharpness.

Regional Outlooks

The global savory ingredients market is analyzed across key regions, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, the European region is projected to witness a prominent growth in the savory ingredients market, growth of the market is attributed to demand for the rising number among customers in the European region considering exotic foods in addition to new flavors with innovative flavors is the primary aspect that drive market development in the European region. Furthermore, the region attracts a significant health-conscious individuals, such as a considerable vegans population growth; that has changed the producers to introduce unique clean-label offerings with savory ingredients.

Global Lycopene Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is anticipated to Hold a Significant Share in the Global Savory Ingredients Market

In Asia-Pacific, the growth of the market is attributed to the increasing demand for snacking food items across the globe. According to Bikaji, The Indian savory snacks market can be classified into two categories such as, western snacks and traditional snacks. Namkeens, bhujia, and ethnic snacks such as dry samosa, kachori, chakli, and others are available in the traditional snacks market. Snacking between meals has always been a part of Indian culture. Furthermore, the COVID-19 forced lockdown has increased the fact snacking habit and is driving the growth of this industry. This trend appears to be continuing in the Indian market. While the overall snacks market is expanding, the ethnic namkeen and snacks market stands out. Growth in this sector is the fastest of any sector, with higher margins resulting in more competitors. As companies compete for customers, new tastes, and new products, and new variations of traditional products, attractive packaging, and flexible price points are fueling the namkeen market's rapid growth.

Market Players Outlook

The major companies serving the global savory ingredient market include Abf Ingredients Ltd, Angel Yeast Co., Ltd., Archer Daniel Midland Co. (ADM), Associated British Foods Plc, CB Information Services, Inc, and others. The market players are considerably contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2021, Synergy Flavors Inc. acquired Innova Flavors, a supplier of savory flavors and ingredients, from Griffith Foods Worldwide. The acquisition has expanded Synergy’s savory capabilities and is expected to support the upcoming new product development in meat alternatives, sauces, side dishes, and snacks. It has also added process flavors to Synergy’s portfolio of essences, extracts, and compounded flavors.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global savory ingredients market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.