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Savory Ingredients Market to Reach $11.28 Bn, Globally, by 2027 at 7.7% CAGR: Allied Market Research
Rise in consumer demand for clean-labeled products and shift in consumer preferences toward ready-to-eat food products drive the growth of the global savory ingredients market. However, demand for zero synthetic ingredients food products and side effects related to artificial flavors restrain the market growth. On the other hand, product innovations from manufacturers and expansion of the food & beverage industry present new opportunities in the coming years.
Based on source, the natural segment contributed to the highest share in 2019, holding more than half of the total share of the global savory ingredients market, and will continue its dominant share during the forecast period. In addition, this segment is expected to witness the highest CAGR of 8.8% from 2020 to 2027. This is attributed to surge in demand for clean label ingredients along with surge in health consciousness among consumers. The report also analyzes the synthetic segment.
Based on application, the snacks segment held the highest share in terms of revenue in 2019, accounting for more than two-fifths of the global savory ingredients market, and is projected to maintain its leadership status during the forecast period. This is due to increase in consciousness about health and well-being with changing lifestyle of consumers and preference for clean-label ingredients over branded products. However, the ready meals segment is estimated to witness the fastest CAGR of 9.7% from 2020 to 2027, owing to hectic work schedule and convenience offered by these meals.
Based on region, Asia-Pacific , followed by North America , contributed to the highest share in 2019, accounting for nearly two-fifths of the global savory ingredients market, and will maintain its dominance during the forecast period. This is due to surge in investments by several small and mid-sized food manufacturing companies in developing countries and surge in number of fast-food chains/trucks to serve the huge population base. However, Europe is projected to portray the highest CAGR of 9.3% from 2020 to 2027. This is attributed to shift in consumer preference toward organic savory ingredients and limited intake of synthetic compounds in the diet.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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