Savory Ingredients Market : Business Opportunities and Global Industry Analysis
The savory ingredients market is estimated to be valued at USD 7.2 billion in 2020 and is projected to reach USD 9.3 billion by 2025, recording a CAGR of 5.2% during the forecast period. The increasing demand for processed and convenience food with blends of savory flavors drives the market growth for savory ingredients.
Key players in this market include Ajinomoto Co., Inc. (Japan), Koninklijke DSM N.V. (Netherlands), Kerry Group PLC (Ireland), Tate & Lyle PLC (UK), AngelYeast Co., Ltd. (China), Givaudan (Switzerland), Lesaffre Group (France), ADM (US), Symrise (Germany), Synergy Flavors (US), Cargill (US), Sensient Technologies Corporation (US), ABF Ingredients (OHLY) (Germany), Vinayak Ingredients India Pvt Ltd. (India), Vedan International (Holdings) Limited (Hong Kong), The Fufeng Group (China), Meihua Holdings Group Co., Ltd. (China), Halcyon Proteins (Australia), Food Chem International (China), and Novozymes (Denmark).
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Ajinomoto Co., Inc. (Japan) is a key supplier, offering food products with savory flavors. Its focus is on becoming a specialty savory ingredient company, by growing sustainably via incorporating new foundational platforms into its technologies. It pursues competitive superiority by creating new demand and developing high-value-added and customized products based on client requirements.
In 2019, the company entered into an agreement with More Than Gourmet (US) for enhancing its integrated food solutions business in the North American market. This agreement would help Ajinomoto Co., Inc. to strengthen its geographic reach and customer base in North America.
Kerry Group PLC (Ireland) is a public registered company headquartered in Ireland and one of the leading developers, manufacturers, and distributors of savory ingredients. The company works in collaboration with brands, retailers, and packaging manufacturers to design circular economy solutions to maintain its market position.
In March 2020, the company set up a new regional development and food manufacturing facility in Georgia, Rome. This new establishment would help the company to serve its customer base in Europe, increase its production capacity, and expand its geographic reach.