Global Savoury Ingredients Market Report and Forecast 2024-2032

Global Savoury Ingredients Market Outlook

The global savoury ingredients market stood at a value of more than USD 9.06 billion in 2023. The market is further expected to grow at a CAGR of 7.8% in the forecast period of 2024-2032 to attain a value of over USD 17.76 billion by 2032.

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The Monosodium Glutamate Segment Holds a Significant Share in the Global Savoury Ingredients Industry

The monosodium glutamate (MSG) segment, based on type, accounts for a significant share in the market owing to a wide range of applications of the product, along with its low cost. Monosodium glutamate has the ability to enhance the savoury, meaty, and umami flavours of the foods or dishes and is utilised in frozen foods, spice mixes, canned and dry soups, salad dressings, and meat and fish-based food products. Furthermore, the growing demand for MSG in Asian and Western cooking is anticipated to augment the growth of the segment.

The Asia Pacific Accounts for a Significant Share of the Savoury Ingredients Industry

The market for savoury ingredients in the Asia Pacific is driven by the thriving food industry in the region, which is supported by the changing lifestyles, rising disposable income, and the growing population in the region. Additionally, the regional market is expected to be propelled by the rising demand for fish and meat products. Furthermore, the growing popularity of Asian cuisines owing to a significant growth of the travel and tourism industry in countries like India, China, Japan, South Korea, and others is anticipated to augment the market expansion in the region.

Savoury Ingredients: Market Segmentation

Savoury ingredients are the ingredients that enhance the flavours of the food when added during food processing. They provide the food with natural aromatic flavour and improve the shelf life of the product. Savoury ingredients also bolster the quality of the food products.

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Based on source, the market can be segmented into:

• Natural
• Synthetic

The different types of savoury ingredients include:

• Yeast Extract
• Starch
• Hydrolysed Vegetable Protein
• Hydrolysed Animal Protein
• Nucleotides
• Monosodium Glutamate
• Others

The market can be segmented, on the basis of application, into:

• Ready Meals
• Snacks
• Feed
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Ready Meals and Snacks to Boost the Growth of the Savoury Ingredients Industry

The global savoury ingredients industry is driven by the rising utilisation of savoury ingredients in ready meals and snacks. This can be attributed to the growing advancements in the food processing sector and the rising demand for ready-to-eat food products. Nowadays, snacks and ready meals come in a range of diverse flavours and natural aromas, achieved by the addition of savoury ingredients. Furthermore, the growing competition among the major food manufacturing companies, coupled with the cost-effectiveness and easy availability of fish and meat-based meals and snacks, is likely to augment the market growth in the forecast period.

Key Industry Players in the Global Savoury Ingredients Market

The report gives a detailed analysis of the following key players in the global savoury ingredients market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Associated British Foods plc
• Ajinomoto Co., Inc.
• Givaudan SA
• Koninklijke DSM N.V.
• Symrise AG
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report