An In-Depth Analysis of the Global Savory Flavor Extract Market Scope and its rapid growing 12.5% CAGR forcasted for period from 2024 to 2031
The "Savory Flavor Extract Market" has experienced impressive growth in recent years, expanding its market presence and product offerings. Its focus on research and development contributes to its success in the market.
Savory Flavor Extract Market Overview and Report Coverage
Savory flavor extract is a concentrated liquid form of savory flavors derived from natural sources such as vegetables, herbs, and spices. It is widely used in food and beverage products to enhance taste and aroma profiles.
The Savory Flavor Extract market is expected to grow at a CAGR of 12.5% during the forecasted period(2024 - 2031). The increasing demand for natural and clean label ingredients in food products, along with the rising trend of plant-based diets, is driving the growth of the savory flavor extract market. Additionally, the growing popularity of ethnic cuisines and the rise in consumer awareness towards health and wellness are further fueling market growth.
Some of the key market trends include the introduction of innovative flavors and blends, the expansion of product portfolios by key players, and the rising adoption of savory flavor extracts in convenience and processed food products. The market is also witnessing a surge in demand for organic and non-GMO savory flavor extracts, in response to changing consumer preferences for natural and sustainable ingredients.
Overall, the savory flavor extract market is poised for significant growth in the coming years, driven by evolving consumer preferences and increased focus on product innovation and quality.
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Market Segmentation
The Savory Flavor Extract Market Analysis by Types is segmented into:
Yeast Derived Savory Flavor ExtractHydrolyzed Vegetable Proteins Derived Savory Flavor ExtractMonosodium Glutamate Derived Savory Flavor ExtractNucleotides Derived Savory Flavor ExtractHydrolyzed Animal Proteins Derived Savory Flavor Extract
Savory flavor extracts are derived from various sources such as yeast, hydrolyzed vegetable proteins, monosodium glutamate, nucleotides, and hydrolyzed animal proteins. These extracts are used to enhance the umami taste in food products. Yeast-derived extracts provide a natural savory taste, while hydrolyzed vegetable proteins offer a plant-based alternative. Monosodium glutamate is a common flavor enhancer, while nucleotide extracts provide a unique savory flavor. Hydrolyzed animal proteins are derived from animal sources and are used to enhance the richness of savory dishes.
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The Savory Flavor Extract Market Industry Research by Application is segmented into:
Food IndustryAlcoholic Beverages and Non-alcoholic Beverages IndustryPharmaceutical IndustryAnimal Feed IndustryOthers
Savory flavor extract is widely used in the food industry to enhance the taste of various dishes. It is also utilized in the production of alcoholic and non-alcoholic beverages to add depth and complexity to the beverages. Additionally, savory flavor extracts are used in the pharmaceutical industry for medicinal purposes. In the animal feed industry, they are added to enhance the palatability of feed for livestock. Other industries, such as personal care and cosmetics, also utilize savory flavor extracts for their products.
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In terms of Region, the Savory Flavor Extract Market available by Region are:
North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea
The savory flavor extract market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa is witnessing steady growth due to increasing demand for processed foods and changing consumer preferences. Key players such as Basic Food Flavors, Koninklijke DSM, Ajinomoto, Kerry Group, Tate & Lyle, Givaudan, Frutarom, WILD Flavours, and Symega Savoury Technology are focusing on product innovation, expanding their product portfolios, and engaging in strategic collaborations to gain a competitive edge. Growing population, rising disposable incomes, and increasing awareness about health and wellness are driving market opportunities in these regions. Additionally, factors such as urbanization, food globalization, and changing lifestyle preferences are further fueling market growth in these regions.
Savory Flavor Extract Market Emerging Trends
The global savory flavor extract market is witnessing a shift towards natural and clean label ingredients as consumers are increasingly looking for healthier options. There is also a growing demand for ethnic and authentic flavors from various regions around the world. Manufacturers are focusing on creating innovative and unique flavor profiles to cater to changing consumer preferences. With the rise of plant-based diets, there is a surge in demand for savory flavors derived from vegetables and herbs. Additionally, advancements in technology have led to the development of more efficient extraction processes, enhancing the overall quality of savory flavor extracts in the market.
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Major Market Players
Basic Food FlavorsKoninklijke DSMAjinomotoKerry GroupTate & LyleGivaudanFrutaromWILD FlavoursSymega Savoury Technology
Among the key players in the Savory Flavor Extract Market, Givaudan is a leading company with a strong market presence and growth. Givaudan is known for its innovative solutions and wide range of savory flavor extracts. The company has been focusing on expanding its product portfolio through partnerships and acquisitions, thereby capturing a larger market share. The company has experienced significant growth in recent years, driven by increasing consumer demand for natural and authentic flavors.
Another key player in the market is Kerry Group, which has been consistently expanding its presence in the savory flavor extract segment. Kerry Group has a diverse product portfolio and has been investing in research and development to introduce new and unique flavor solutions. The company's focus on sustainability and clean label products has also helped in attracting a larger customer base.
According to a market research report, the global savory flavor extract market is expected to witness significant growth in the coming years. The market size is projected to reach XX billion dollars by 2027, with a CAGR of XX% during the forecast period. The increasing demand for convenience foods, changing consumer preferences, and the growing food and beverage industry are some of the key factors driving the growth of the market.
In terms of sales revenue, Givaudan reported sales of $6.2 billion in FY 2020, while Kerry Group reported sales of $8.6 billion in the same period. These figures reflect the strong market position and growth potential of these companies in the savory flavor extract market. With the increasing focus on natural and clean label products, companies like Givaudan and Kerry Group are well-positioned to capitalize on the growing demand for savory flavor extracts.
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