Meticulous Research®, a trusted name in market analysis, has unveiled its comprehensive report, “Savory Ingredients Market—Global Opportunity Analysis and Industry Forecast (2024–2031)”. The study projects the savory ingredients market to achieve a valuation of $13.38 billion by 2031, growing at a CAGR of 5.7% during the forecast period.
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Key Market Drivers and Challenges: The market’s robust growth is attributed to:
• Increasing consumer demand for flavorful, convenient food options.
• A marked shift towards healthier and natural alternatives.
• Expanding applications of savory ingredients across sectors.
Nonetheless, high raw material costs and strict regulatory frameworks present challenges for market players.
Emerging Opportunities in Global Markets
Asia-Pacific, Latin America, and the Middle East & Africa stand out as high-growth regions. Increasing disposable incomes, evolving consumer preferences, and the rapid urbanization of these regions make them hotspots for market expansion.
Industry Highlights
The savory ingredients market sees active participation from prominent companies such as: Ajinomoto Co., Inc. (Japan), AngelYeast Co., Ltd. (China), Kerry Group plc (Ireland), Vedan International (Holdings) Limited (Hong Kong), Sensient Technologies Corporation (U.S.), Tate & Lyle PLC (U.K.), Archer-Daniels-Midland Company (U.S.), DSM-Firmenich AG (Switzerland), Givaudan SA (Switzerland), Associated British Foods plc (U.K.), Lesaffre (France), Synergy Flavors, Inc. (U.S.), Ohly GmbH (Germany), and SPAC Starch Products (India) Private Limited (India). These companies are investing in product innovation, catering to the growing demand for natural and functional savory ingredients.
Segment Performance
• Monosodium Glutamate (MSG): Leading ingredient type, driven by its flavor-enhancing capabilities.
• Powder Form: Preferred due to its ease of use, extended shelf life, and consistent flavor delivery.
• Food & Beverage Application: Dominates the market, bolstered by changing lifestyles and demand for umami-rich products.
Regional Insights
Asia-Pacific continues to dominate the global market, accounting for 62.9% of the total market share in 2024. The region’s market is valued at an estimated USD 5,699.2 million in 2024, fueled by factors such as:
• The expansion of food processing industries.
• The adoption of Western dietary habits.
• Rising popularity of savory snacks and convenience meals.
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What Makes the Savory Ingredients Market a Lucrative Opportunity to Reach .38 Billion by 2031?