The global savory ingredients market will expand at a considerable pace of 6.65% CAGR between 2019 and 2026. In the coming years, it is likely to gain impetus from the growing demand for new flavors and the ability of savory ingredients to suffice these needs. According to a report published by Fortune Business Insights, titled “Savory Ingredients: Global Market Analysis, Insights And Forecast, 2019-2026,” the market was valued at US$ 7.25 Bn in 2018. Fortune Business Insights states that the market will reach US$ 11.94 Bn by 2026.
Information Source - https://www.fortunebusinessinsights.com/industry-reports/savory-ingredients-market-100256
The rising uptake for savory ingredients has resulted from the high demand for variety in flavors in food products across the world. There are several ongoing research studies, vested in research and development of savory ingredients manufactured in accordance with the regulatory compliances. Leading companies are increasing R&D activities for the development of ingredients according to taste and flavor preferences based on regional demographics. Fortune Business Insights states that the demand for savory ingredients is inclined towards Japan and China, with Japanese cuisines holding a massive potential for savory ingredients. Additionally, the advancements in ingredient solubility methods such as encapsulation and powdered form will contribute to the increasing demand for savory ingredients. The increasing demand will favor the growth of the global savory ingredients market in the forthcoming years.
Symrise’s Launch of Clean Labelled Culinary Base Products Will Enable Market Growth
The demand for clean labelled products has resulted from increasing health awareness across the world. In the wake of an outcry for clean-labelled products, many companies are adapting to this strategy. This factor will help the company acquire a strong consumer base, which in turn will favor growth of the global savory ingredients market. In 2018, Symrise Flavor N.A. introduced an extensive line of culinary base ingredients with clean-labelled packaging. The company stated that its latest collection includes a wide range of vegetables and spices, thereby pertaining to a widespread audience. Fortune Business Insights states that the launch of products within the clean-label regulatory framework will aid the growth of the global savory ingredients market.
Kerry Group’s Dual Acquisition Will Boost the Global Market
The demand for savory ingredients has risen significantly in recent years due to changing lifestyle dietary habits. The savory ingredients are being used for the manufacture of healthy foods as well as vegan-based diets, to enhance overall taste of the food products. Resulting from the soaring demand, companies are engaged in attractive business strategies and are conducting mergers and acquisitions, company collaborations, and agreements. In December 2018, Kerry Group announced that it plans to acquire two renowned food companies for a combined total of over US$ 300 Mn. Kerry Group’s plans to acquire Ariake Japan Co. and Southeastern Mills (SEM), with an aim of expanding its clean-label product distribution to several countries across the world. The report identifies a few of the leading company mergers and acquisitions that have accounted for growth of the global savory ingredients market. Besides mergers and acquisitions, the report includes several factors that have made growth contributions to the global market.
Fortune Business Insights has labelled some of the leading companies that have made a positive impact on the global savory ingredients market. Some of the companies that have made significant growth contributions to the global market are Ajinomoto Co., Inc., Koninklijke DSM N.V., Kerry Group PLC, Tate & Lyle PLC, Symrise AG, Givaudan SA, Sensient Technologies Corporation, Savoury Systems International LLC, C.P. Ingredients Ltd., and Synergy Flavors.
Comments
0 comment