ID: MRFR/F-B & N/1286-HCR | 110 Pages | Published By Harshita Gorade on April 2023
Savory Ingredients Market Size was valued at USD 6.9 billion in 2022. The savory Ingredients market industry is projected to grow from USD 7.42 Billion in 2023 to USD 11.55 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.65% during the forecast period (2023 - 2030). Rising demand for packaged instant food products and the rise in consumption of bakery products are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Savory Ingredients Market Trends
Savory has been a culinary herb for 2,000 years to season meat, flavor beans, and give food a thyme-like flavor. Since savory has such a strong, peppery flavor, it has also come to mean flavorful food, as in "a savory sauce." Savory is also referred to as the "herb of love" because the Ancient Romans used it to concoct love potions because they thought it was a natural aphrodisiac. For fear that the monks would fall prey to its enchantment, European monasteries forbade the growth of savory. Savory can give many dishes a rich, smoky flavor, from casseroles to meats and bean dishes to stews. While winter savory is cooked with heavier fare, like meats and stuffings, and summer savory is frequently served with lighter foods like beans, both can deepen and enrich the flavors of many dishes. Thus, the increasing use of food is another factor driving the Savory Ingredients market revenue growth.
There are some advantages of savory ingredients, which are anticipated to increase their use and enhance the Savory Ingredients market CAGR in the coming years. It has also been demonstrated to aid in the relief of many digestive problems' symptoms. They include colic, gastroenteritis, and diarrhea. A healthy digestive system can be supported by eating savory foods. It stops your stomach from producing gas and indigestion.
Additionally, it makes it simpler for your stomach to release gas. It contains thymol essential oil, which has antiseptic and antifungal properties. Bee stings and other types of insect bites can be treated with the aid of these properties. The savory plant is still widely used today as a natural aphrodisiac, much like the Ancient Romans did. It contains antioxidants that can aid in preventing diseases from ever developing. As an illustration, consider how it can increase the body's good and bad cholesterol levels. This aids in heart health promotion and prevents the emergence of heart diseases.
Savory Ingredients Market Segment Insights
Savory Ingredients Type Insights
The savory Ingredients market segmentation, based on type, includes yeast extract, starch, protein, monosodium glutamate, and nucleotides. The yeast extract segment held the majority share in 2022. The increased use of yeast extract in ready meals and confectionaries is expected to drive the market for savory ingredients. The rising demand for ready-to-eat food products and the sector's expanding technological advancements in the food processing industry is to blame for this. The addition of savory ingredients allows snacks and ready-to-eat meals now to have a variety of distinct flavors and aromas.
November 2022: Yeast technology company Angel Yeast will continue to market its creative yeast-based solutions in the European market and unveil new solutions at the Food Ingredients Europe (FiE) 2022 trade show in Paris, France.
Savory Ingredients Source Insights
The savory Ingredients market segmentation, based on source, includes natural and synthetic. The natural segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Compared to conventionally grown goods, consumers are more likely to view food grown organically as healthy and nourishing. The shift in consumer preference toward purchasing organic goods due to health concerns and the desire to avoid the negative effects of artificial ingredients has a significant positive impact on the market for savory ingredients. Such factors are anticipated to impact the savory ingredients market growth positively.
Savory Ingredients Application Insights
The savory Ingredients market data has been bifurcated by application into Food and Feed. The food segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Due to rapid urbanization, an increase in the number of people working, and the hectic and busy schedules of people, who do not have much time to prepare food manually, there is a growing demand for nutritious and high-quality food. A staple of daily life is items like instant noodles, frozen meals, packaged snacks, dairy products, soft drinks, energy drinks, and baked goods. Increasing the shelf life of the products is expected to increase the demand for savory ingredients in frozen meals and packaged snacks.
Figure 1: Savory Ingredients Market, by Source, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Savory Ingredients Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Savory Ingredients Market accounted for USD 3.2 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The shifting lifestyles, rising disposable income, and an expanding population drive the market for savory ingredients in the Asia Pacific. The growing demand for meat and fish products is also anticipated to boost the regional market. In addition, it is anticipated that the rising popularity of Asian cuisines will aid the market expansion in the region due to the significant expansion of the travel and tourism sector in nations like India, China, Japan, South Korea, and others. Moreover, the China Savory Ingredients market held the largest market share, and the India Savory Ingredients market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SAVORY INGREDIENTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Ana\lyst Review
Europe Savory Ingredients market accounts for the third-largest market share. Large investments have been made in the manufacturing sector, which will primarily drive the market for various industries during the forecast period. Throughout the anticipated period, market demand will likely be driven by expanding European applications and manufacturing facilities. Due to their ease of blending with other food ingredients, the demand for liquid savory ingredients is comparatively higher than that for dry and paste ingredients. Further, the Germany Savory Ingredients market held the largest market share, and the UK Savory Ingredients market was the fastest-growing market in the European region
North America Savory Ingredients market will be the second largest market in 2022. In North America, sales of ready-to-eat foods like protein-rich soup, instant diet soup, and other prepared foods have increased due to the growing working-class population and hectic schedules. Future growth will probably be boosted by the rising use of savory ingredients in the animal feed and pet food industries.
Savory Ingredients Key Market Players & Competitive Insights
The Major market players are focused on diversifying their product portfolios by investing heavily within their R&D departments. Additionally, players are focused on integrating various market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies in the market to widen their presence further. The dominant players in the savory Ingredients industry further offer to optimize their supply chains to widen their profit margins.
To reduce operating costs, the market leaders in the savory Ingredients industry are offering their products at a moderate price. During the forecast period, the savory Ingredients industry has produced highly viable products. The savory Ingredients market major player such as Koninklijke DSM N.V. (Netherlands), Ajinomoto Co. Inc. (Japan), Kerry Group plc (Ireland), Tate & Lyle plc (UK), Givaudan S.A. (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), Vedan International (Holdings) Limited (Hong Kong), and AngelYeast Co. Ltd. (China), and others are working on expanding the market demand by investing in research and development activities.
DSM is a multinational, science-based company focusing on nutrition and health solutions for people and animals. In September 2021, Royal DSM, a science-based nutrition, health, and sustainable living company, acquired First Choice Ingredients with an enterprise value of US$453 million. According to the projected 2021 Adjusted EBITDA, this transaction represents an EV/EBITDA multiple of 19.8x. Approximate sales of USD 75 million are projected for 2021.
Givaudan S.A Company's two business divisions are fragrance, beauty, taste, and well-being. Givaudan's passion is working with clients and partners to create game-changing innovations in food and beverages. The company has a broad portfolio of products across flavors, tastes, functional solutions, and nutritional needs. In Feb 2023, Givaudan and Manus Bio collaborated to launch BioNootkatone, a clean-label, natural, and sustainable citrus flavoring ingredient.
Key Companies in the savory Ingredients market include
Savory Ingredients Industry Developments
October 2021: Bauli, the Italian bakery company best known for its soft, sweet snack Moonfils, has entered the savory market. Initially, BauliSavoriz will be offered in key markets like Mumbai, Bangalore, Kolkata, Goa, NCR, and Pune before gradually expanding to every city nationwide. All significant modern trade retailers, including Reliance Retail, More Retail, Metro Cash & Carry, Walmart, and D-Mart, will offer it nationally. Additionally, it will be available on online shopping sites like Grofers, BigBasket, Flipkart, Swiggy, and Instamart.
August 2020: Central Foods has introduced two new savory items for the food service industry to satisfy the dietary restrictions of customers of the frozen food distributor. Vegetarians and gluten-free diners can both enjoy the "Menuserve brie and red onion tart."
Savory Ingredients Market Segmentation
Savory Ingredients Type Outlook
Savory Ingredients Source Outlook
Savory Ingredients Application Outlook
Savory Ingredients Regional Outlook
|Market Size 2022||USD 6.9 billion|
|Market Size 2023||USD 7.42 billion|
|Market Size 2030||USD 11.55 billion|
|Compound Annual Growth Rate (CAGR)||7.65% (2023-2030)|
|Market Forecast Period||2023-2030|
|Historical Data||2019 - 2021|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Source, Application, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and the Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Koninklijke DSM N.V. (Netherlands), Ajinomoto Co. Inc. (Japan), Kerry Group plc (Ireland), Tate & Lyle plc (UK), Givaudan S.A. (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), Vedan International (Holdings) Limited (Hong Kong), and AngelYeast Co. Ltd. (China)|
|Key Market Opportunities||Growing demand for snacks|
|Key Market Dynamics||Rising expenditure on food Increasing application of savory ingredients in various food products|
The savory Ingredients market size was valued at USD 6.9 Billion in 2022.
The market is projected to grow at a CAGR of 7.65% during the forecast period, 2022-2030.
Asia Pacific had the largest share of the market
The key players in the market are Koninklijke DSM N.V. (Netherlands), Ajinomoto Co. Inc. (Japan), Kerry Group plc (Ireland), Tate & Lyle plc (UK), Givaudan S.A. (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), Vedan International (Holdings) Limited (Hong Kong), and AngelYeast Co. Ltd. (China).
The yeast extract category dominated the market in 2022.
Food had the largest share of the market.