Savoury Ingredients Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Savoury Ingredients Market is estimated to be USD 6.1 billion in 2016 and predicted to rise to USD 8 billion by 2021 with a CAGR of 5.62%. The market is segmented by Type (Yeast Extracts, Hydrolysed Vegetable protein, Hydrolysed Animal protein, Monosodium Glutamate, Nucleotides and Others), by Origin (Natural and Synthetic), by Form (Liquid, Powders and Others) and by Applications (Food and Feed). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
Factors attributable for the growth of market are rising disposable income, increasing demand for Ready-to-eat foods and ready-to-cook foods. Savoury ingredients are used in the animal feed & pet food industry to enhance food flavours, and the growing demand for packaged food is also expected to boost the growth of market. However, health issues in long term use of these ingredients and stringent regulations are hindering the growth of market.
Food segment is the largest in terms of application and is expected to grow the fastest due to increasing use of convenient and ready to east meal industry. Yeast extract segment is expected to grow the fastest due to the shift of consumers towards natural food and feed ingredients. With increase in awareness amongst consumers about the health and environmental concerns, the demand for the natural ingredients is increasing to ensure the quality and safety of food products. These ingredients do not contain any artificial or chemical flavouring substances, and can be used in their natural form. Focusing on the rising demand for natural food products and increasing health and wellness awareness among consumers, most chemically manufactured food ingredients are being replaced by natural ones.
North America is leading the market regionally, followed by Asia-Pacific due to the presence of large population base of consumers opting processed food and ready to eat products. Asia Pacific is expected to grow the fastest owing to its increasing disposable income, rise in living standards and growing adoption rate.
Some of the key manufacturers of Savoury Ingredients are Ajionomoto Co., Inc., Koninklijke DSM N.V., Kerry Group PLC, Tate & Lyle PLC, Givaudan, Symrise AG, Lesaffre Group, Senseint Technologies Corporation, Angelyeast Co., Ltd., Vedan International (Holdings) Limited.
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