Savory ingredients are flavors that are basically added during the preparation of food especially snacks and processed food. They are basically added to enhance the smell and taste of the food as it offers pleasant aroma. These ingredients can be extracted naturally and prepared synthetically. They are also used as stabilizers, emulsifiers, and thickening agents as they are cost-effective. Savory ingredients are also used to produce wine, bread, and beer because they are rich in vitamin B complex, valuable nucleotides, and amino acids which enhances the flavors. They can be classified into soy sauce powder, hydrolyzed animal protein, yeast extracts, monosodium glutamate, hydrolyzed vegetable protein, and nucleotides. They are widely available in powder, paste, liquid, and spray form.
The Asia-pacific savory ingredients market was estimated to be valued around US$ 5.5 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.9% during the forecast period (2019 to 2027).
Shifting preferences of people for convenience food in the Asia-Pacific region is fueling the demand for a savory ingredient, which in turn propelling the market growth over the forecast period. This is attributed to changing lifestyle and hectic work schedules which is encouraging to opt for convenience and packaged foods in countries in the Asia-Pacific region. This is expected to propel the market growth of savory ingredients over the forecast period.
Growth in the instant noodle industry in the Asia-Pacific region is expected to offer numerous growth opportunities to the market of savory ingredients over the forecast period. According to the Economic Times, instant noodle brand Yippee crossed the US$ 13.32 billion sales mark in 2018 September, in turn taking mother brand Sunfeast’s annual sales to US$ 53.26 billion. Hence, growth in instant noodle industry in the Asia-Pacific region is propelling the market growth of savory ingredients.
Strict regulation regarding the consumption of savory ingredients is expected to hinder the market growth over the forecast period. According to International agencies such as Food Standards Australia New Zealand (FSANZ), US Food and Drug Administration (FDA) and World Health Organization (WHO), consumption of MSG in limited amounts is safe. Moreover, conclusions by the FDA along with the Federation of American Societies for Experimental Biology (FASEB) upon examination of safe consumption volumes of MSG indicate that food containing MSG up to 0.5 grams is safe.
On the basis of application, food dominated the Asia Pacific savory ingredients market in 2018 with around 66% of market share in terms of revenue, followed by pet food and others, respectively.
Many manufacturers are introducing innovative flavor and ingredient for savory manufacturers and this trend is expected to augment the market growth of savory ingredients. For instance, in November 2019, Royal DSM has launched MaxaGourmet, a new portfolio of clean label taste ingredients, at FI Europe. This new range - developed using foodstuffs that consumers are familiar with, such as herbs and vegetables - allows savory food manufacturers, flavor houses and seasoning producers to create products with an adventurous and authentic taste profile by providing distinctive flavor notes and adding taste complexity.
Growing production of flavors due to rising demand across consumer is expected to propel the market growth of savory ingredients over the forecast period. For instance, in February 2019, Givaudan, the flavor and fragrance Company, inaugurated a new Flavours manufacturing facility in Pune, India. The CHF 60 million plants are the Company's largest investment in India and further proof of its commitment to leverage growth potential in the Asia Pacific.
Key players operating in the Asia-pacific savory ingredients market Angel Yeast Co., Ltd, AB, Mauri Food Inc., Ajinomoto Co., Inc., Foodchem International Corporation, The Fufeng Group, Halcyon Proteins, Sensient Technologies Corporation, Royal DSM, Lesaffre (Biospringer), and ABF Ingredients (Ohly)
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Angel Yeast Co., Ltd.
AB Mauri Food Inc.
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