Global Smoke Ingredient Market - Growth, Trends and Forecasts (2017 - 2022)
The global smoke ingredient market is projected to reach USD XX million by 2022, registering a CAGR of 7.6% during 2017-2022 (the forecast period).
As per the latest trend, the key players are using smoke ingredients in hard-boiled candy to impart unique aroma to the final product.
Drivers, Restraints, and Opportunities
Smoke ingredients for food are used in various processed-food products to give an exotic smoky flavor without burning the outer cover of products. They are also used in the vegetarian diet to give a feel of smoked meat.
Growing pet ownership, consumer preference for barbeque sauces, and other related flavors across some geographical areas, such as, North America and Western Europe, are anticipated to boost the segments, such, as pet food and treats, and sauces, during the forecast period. There has been an intense growth in the consumption of meat products, which is ultimately fueling the adoption rate of liquid smoke, globally. Additionally, the total cost of using liquid smoke is lower, when compared to the conventional methods. This factor is expected to boost the adoption rate of liquid smoke for several applications.
There are a few health risks associated with the consumption of smoked food, as the smoke contains a number of chemicals that might cause cancer or risk human health. However, many alternatives are available in the market, such as, smoked salts and sugars.
The smoke ingredients are not as purified or condensed as smoke flavors, they have a profile distinct from any smoke flavor currently available in the market. This can also be the major market challenge for manufacturers.
The key liquid smoke manufacturers in the market target to strengthen partnerships with processed food manufacturers and distributors, across several regions. In addition, manufacturers are developing ways to offer a broad and customized range of liquid-smoke products, in order to cater the varying customer demands. Henceforth, the companies have a huge scope in developing new products, in terms of flavor and taste.
Based on form, the global smoke ingredient market can be categorized into liquid, powder, oil, concentrates, and emulsions. The liquid smoke ingredients possess beneficial properties, which include high solubility in water, and easy handling; therefore, these ingredients are the most preferred ones among the consumers. Smoke ingredients have a wide range of applications in dairy, bakery & confectionery, meat and seafood, and snacks & sauces segments.
The segment of meat and seafood accounts for the highest demand in the smoke ingredients market. The market share of the bakery & confectionery segment is expected to increase during the forecast period.
Based on geography, Europe and North America exhibit the major market share for smoke ingredients and have reached the saturation stage. However, the smoke ingredients market in areas, such as, Asia-Pacific and Africa, is expected to witness a rapid growth. This growth in the regions can be attributed to the increasing technological advancement in food processing industries and rising consumption of smoke-flavored food products.
Key Manufacturers in the Smoke Ingredient Market Include:
Frutarom Savory Solutions GmbH
Kerry Group, a chilled meat, dairy brands, food ingredient, and drink manufacturer, claims to have a strong innovation pipeline. Kerry’s smoke and grill products witnessed a growth for meat products, especially, after the acquisition of, US-based meat company, Red Arrow. Kerry, like many other companies, aims at the Asian market and has commissioned two new factories in Batangas, the Philippines, and Cikarang.
The Global Smoke Ingredient Market Report Covers:
Market trends & dynamics
Latest News & developments
Porter’s five forces analysis
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