A senior research analyst at AMR highlighted that the global savory ingredients market in Asia-Pacific is estimated to grow at the highest rate due to the rise in concerns regarding the ill effects of synthetic savory ingredients.
Allied Market Research published a research report on the global savory ingredients market. The research shows that the global savory ingredients market $7.20 billion in 2019, and is projected to garner $11.28 billion by 2027, registering at a CAGR of 7.7% from 2020 to 2027. The research offers detailed information about top investment pockets, market dynamics, major segments, and competitive scenarios for major market players, new market entrants, investors, and shareholders.
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A Senior Research Analyst, Food and Beverages at Allied Market Research, said, “The global savory ingredients market in Asia-Pacific is estimated to grow at the highest rate due to rise in concerns regarding ill-effects of synthetic savory ingredients. Moreover, the shift in consumer preference toward organic savory ingredients has fueled the need for natural savory ingredients.”
The study provides detailed information on drivers, restraints, challenges, and opportunities to help market players and investors to devise growth strategies and capitalize on opportunities. Rise in consumer demand for clean labeled savory ingredients, shift in consumer preference toward ready-to-eat food products, and expansion of the food & beverage industry drive the growth of the savory ingredients market across the globe. However, surge in demand for zero synthetic ingredient food products, surge in side-effects of artificial flavors hinder the market growth. On the other hand, product innovations from the savory ingredient manufacturers and opportunities in the unpenetrated and underpenetrated developing countries would help market growth in the future.
The study provides a comprehensive analysis of the impact of the Covid-19 pandemic on the savory ingredient market globally. The report is vital for new entrants, investors, and market players to formulate business strategies as per the current market trends and scenario and help improve the business model for the future.
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The Covid-19 pandemic has presented unprecedented challenges such as production capacity and supply chain disruption. In addition, the shortage of raw materials resulted in a supply-demand gap in the market. The economic uncertainty caused owing to the lockdown led to the cancellation of manufacturing projects of savory ingredients.
The report offers detailed segmentation of the global savory ingredients market on the basis of source, type, application, and region. This analysis is instrumental for market players to understand the largest revenue gathering segments and fastest-growing segments during the historic and forecast period.
By source, the natural segment held the largest share in 2019, accounting for more than half of the market. Moreover, the segment is estimated to register the highest CAGR of 8.8% during the forecast period.
By application, the ready meals segment is projected to portray the highest CAGR of 9.7% during the forecast period. However, the snacks segment held the largest share in 2019, contributing to more than two-fifths of the market.
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By region, the market across Asia-Pacific dominated in 2019, holding nearly two-fifths of the market. However, the market across Europe is expected to manifest the highest CAGR of 9.3% during the forecast period.
The key market players of the global savory ingredients market are analyzed in the report such as Kerry Group PLC, Archer Daniels Midland, Sensient Technologies Corporation, Tate & Lyle, AngelYeast Co., Ltd, Koninklijke DSM N.V., Givaudan S.A., Ajinomoto Co., Inc., Symrise AG, and ABF Ingredients.
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