Savoury ingredients are gaining traction in APAC, with China at the forefront of demand. Powdered savoury ingredients are witnessing the highest demand.
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.
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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.
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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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