The savory extract market is expected to record a CAGR of 5% during the forecast period, up from US$ 7.56 Bn in 2021 to reach a valuation of US$ 12.93 Bn by 2032.
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Sales of savory extract are expected to rise due to highly cost-effective and creative techniques of generating flavours that are added as food enhancers. In addition to this, demand for savory extract is rising due to the adaptation of western culinary culture and shift in lifestyle.
Rapid urbanization, the influence of western food habits, and an increase in the sales of savory extract in developing countries are also projected to contribute to the growth of the savory extract market share.
Factors like growing consumer awareness of the negative effects of synthetic savory extract like MSG is one of the major factors limiting the savory extract market’s share in developed regions, where consumers prefer natural ingredients like yeast extracts.
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What are the Key Drivers to the Savory Extract Market Share?
Sales of savory extract is anticipated to increase during the forecast period due to its increased usage. Savory is a salty and spicy course served at the end of a traditional British meal to clear the plate; it can also be served as a snack or an appetizer at lunch.
Along with the adaptation to the western food culture, there is an additional change in lifestyle, which is eventually increasing the demand for savory extract. The savory extract is usually made with yeast, either edible yeast or baker’s yeast.
Savory extract is currently very popular due to the changing western food culture, consumer demand for savory extract, and changing food culture, which has increased the market value for savory extract.
Due to the growing population, there is an enormous demand for food and beverages, which boosts the savory extract market share. Savory extract is also used in the bakery industry, as yeast plays a significant role in both the bakery and savory extract manufacturing industries.
Savory extract is also used as an ingredient in the production of animal feed to improve the nutritional value of the feed, which is a popular demand among consumers, boosting the sales of savory extract.
Furthermore, due to the growing demand for hydrolyzed protein-based meat products, there is a growing preference for using savory extract instead of salt, which is anticipated to increase the sales of savory extract and aid the overall savory extract market.
As a result, consumers who are allergic to sodium in natural salt can prefer savory extract, as well as those who are health conscious and aware of sodium consumption, which creates a strong demand for savory extract.
Due to the rising demand for savory extract, consumption of savory snacks, customized meat products, and soups, Asia Pacific holds the largest share in the savory extract market.
The consumption of ready-to-eat meals is increasing rapidly, owing to changes in lifestyle and the fast-paced nature of living, which is further increasing the sales of savory extract.
Who are the Key Players in the Savory Extract Market?
Top manufacturers and suppliers in savory extract market is Basic Food Flavors, Inc., Koninklijke DSM N.V., Ajinomoto Co., Inc., Kerry Group plc, Tate & Lyle PLC, Givaudan SA, International Flavours & Fragrances Inc., Frutarom Ltd, WILD Flavours and Specialty Ingredients Inc., Symega Savoury Technology Limited.
New savory extract market players are focusing on innovative extracts with low prices and easy availability of the source extract, as well as bringing the latest and innovative flavours to be different and more appealing in the savory extract market. Additionally, the manufacturer should focus on savory extract marketing to spread awareness of its use, as many customers are unaware of its use, so they should advertise to spread awareness. This will raise the global demand for savory extract.
|Segments covered||Type, application, and region|
|Regional scope||North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand|
|Country scope||U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa|
|Key companies profiled||Basic Food Flavors, Inc., Koninklijke DSM N.V., Ajinomoto Co., Inc., Kerry Group plc, Tate & Lyle PLC, Givaudan SA, International Flavours & Fragrances Inc., Frutarom Ltd, WILD Flavours and Specialty Ingredients Inc., Symega Savoury Technology Limited.|
|Customization scope||Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.|
|Pricing and purchase options||Avail customized purchase options to meet your exact research needs.|