Savory Ingredients Market during Forecast Period 2022-2028

1. Global Savory Ingredients Market- Industry Size, Share, Growth, Opportunity and Forecast,2022-2028

2.  Global Savory Ingredients Market - Industry Trends & Forecast Report 2028  A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global savory ingredients market was worth USD 7.6 billion in 2021 and is anticipated to reach USD 10.8 billion by 2028. This is attributable to swift growth in demand for flavor enhancers due to the availability of a diversity of food choices for consumers. The demand for food entailing different flavors is snowballing at an exponential rate across the globe. Thereby, highly cost-effective and innovative ways of producing flavors are being developed and pumped into the market to meet this demand. This is expected to propel the growth of the savory ingredients market during the forecast period 2022-2028.

3. Growth Drivers  Increasing Use of Savory Ingredients in a Diverse Range of Products The cost-effective savory ingredients have inspired the manufacturers to use them as stabilizers, thickening agents, and emulsifiers in numerous food products. The increasing demand also pushes the market for yeast extracts, natural ingredients made from yeast to manufacture wine, bread, and beer. They are rich in vitamin B complex, amino acids, and valuable nucleotides and are chiefly used as flavor enhancers. Furthermore, the attractive packaging, high-pressure processing, pasteurization, and UV treatment have fueled the growth of the food & beverage industry. By augmenting the shelf life of packaged food products. All these factors have led to the higher demand for savory ingredients, which has propelled the market growth.

4. Restraints  Stringent Government Regulations Many instances of adverse effects of manufactured food products have been reported, mainly due to the flavoring agents used in them. Consequently, different governments worldwide have set up rigorous regulatory guidelines to regulate the global food flavor market. These regulations, especially in North America and Europe, have led to lethargic growth of the market, chiefly synthetic flavors. There are guidelines regarding the raw materials, their dispensation, ingredients used, as well as labeling of these products. Therefore, the implementation of stringent government regulations concerning the use of savory ingredients is expected to restrain the growth of the savory ingredients market forecast period 2022-2028.

5. Impact of COVID-19 The repercussions of the COVID-19 pandemic that engulfed the world at the start of 2020 positively affected the global savory ingredients market. Governments worldwide imposed lockdowns, thus prisoning the world in quarantine into their own houses. As a result, people started hoarding packaged foods due to the uncertainty throughout the lockdowns and the low availability of fresh food products. The rising consumption of packaged food, in turn, had a positive impact on the savory ingredients market as well. Moreover, the second phase of the coronavirus lockdown observed a substantial shift in buying patterns of consumers ranging from basic necessities to high-value items like frozen desserts, packaged meats, and others. 

6. Competitive Landscape The key players dominating the global savory ingredients market are Koninklijke DSM N.V., Ajinomoto Co. Inc., Kerry Group plc, Tate & Lyle plc, Givaudan S.A., Symrise AG, Sensient Technologies Corporation, Angel Yeast Co. Ltd, Vedan International (Holdings) Limited, Kerry Group PLC, Cargill, Lesaffre Group, ABF Ingredients (OHLY), Vinayak Ingredients India Pvt Ltd. and other prominent players. The significant market pioneers maintain their dominance in the market by launching new products, integrating the latest and advanced technologies into their products. Different strategies are adopted like engaging in strategic alliances, agreements, mergers and collaborations

7. Recent Development September 2021: Royal DSM, an international science-based corporation in Nutrition, Health as well as Sustainable Living, announced that it signed an agreement to obtain First Choice Ingredients, which is a leading supplier of dairy-based savory flavorings, for US$453 million. May 2021: Synergy Flavors Inc. acquired Innova Flavors, which is 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.

8. Key Players   The key players operating in the global savory ingredients market are Koninklijke DSM N.V., Ajinomoto Co. Inc., Kerry Group plc, Tate & Lyle plc, Givaudan S.A., Symrise AG, Sensient Technologies Corporation, Angel Yeast Co. Ltd, Vedan International (Holdings) Limited, Kerry Group PLC, Cargill, Lesaffre Group, ABF Ingredients (OHLY), Vinayak Ingredients India Pvt Ltd. and other prominent playersSample Copy of the report: https://www.blueweaveconsulting.com/report/savory-ingredients-market/report-sample

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