The
APAC savoury
ingredients market
is projected to register a healthy CAGR of 5.8% during a 10-year
period 2016–2026. In a new report titled “Savoury Ingredients
Market: APAC Industry Analysis and Opportunity Assessment 2016-2026”,
Future Market Insights analyses the market for savoury ingredients in
major countries in the APAC region and offers key insights on the
factors and trends influencing the market.
The
APAC region provides immense growth opportunities for companies
operating in the savoury ingredients space. The primary reason for
this is a growing demand for instant food such as noodles and savoury
snacks in these markets, and this demand is supported by a
substantial increase in the disposable income of people. Sales of
savoury ingredients in these countries already accounts for a
substantial revenue share of the APAC savoury ingredients market and
revenue from these markets is expected to continue to increase
significantly over the forecast period.
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There
is an increasing adoption of savoury flavours in the APAC countries
and the region also demonstrates a growing preference and demand for
hydrolysed protein-based meat products. There is also a growing
inclination towards convenience food and an awareness of the usage of
yeast extracts in lieu of salt, which provide the same taste while
ensuring a reduced dietary sodium content at the same time. All these
factors have contributed to the growth of the APAC savoury
ingredients market. However, stringent government regulations on the
use of monosodium glutamate (MSG) may hamper the growth of the APAC
savoury ingredients market.
Companies
in the APAC region are showing a growing preference towards natural
savoury flavours and ingredients over artificial flavours. Several
companies are also adopting yeast extract in food, which imparts a
salty and savoury flavour and reduces bitterness.
Segmentation-wise
market forecast
By
Type (Yeast Extract, Monosodium Glutamate, Hydrolysed Vegetable
Protein, Hydrolysed Animal Protein, Nucleotides and Others): The
monosodium glutamate segment is estimated to account for 32.7% value
share in 2016. This segment is expected to remain dominant and is
anticipated to account for 38.0% market share by the end of 2026.
By
Form (Liquid, Powder, Paste): The powder segment is estimated to
account for 62.7% value share in 2016 and is expected to account for
67.2% value share in 2026.
By
Application (Food - Dips and Soups, Instant Noodles & Sauces,
Meat & Seafood, Bakery Products & Savoury Snacks, Pet Food,
Others): The food application segment is estimated to account for
64.7% value share in 2016. This segment is expected to remain
dominant and is anticipated to account for 68.4% value share during
the forecast period.
China
is the fastest growing market followed by markets in the ASEAN
countries. The market in China is estimated to represent the highest
value share of 35.1% in 2016 and is expected to register a CAGR of
6.6% in terms of revenue over the forecast period. The ASEAN market
is likely to represent 25.4% value share by the end of 2016 and is
anticipated to register the second-highest CAGR of 6.5% in terms of
value over the forecast period. The savoury ingredients market in
India is expected to expand at a CAGR of 5.9% over the forecast
period. The Japan savoury ingredients market is expected to grow at a
CAGR of 4.5% over the forecast period.
Leading
players in the APAC savoury ingredients market include 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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