ASIA PACIFIC SAVORY INGREDIENTS MARKET ANALYSIS

Market Challenges And Opportunities

Drivers

Growing demand for savory ingredients from meat and poultry products is expected to propel the market growth of savory ingredients. In meat and poultry savory ingredients are used to marinate and barbecue the meat product. For instance, in February 2015, Frutarom Savory Solutions introduced three savory marinades for meat and fish, which include ‘Bali’ and ‘Sereh’ imparting Asian style flavors, and ‘Delikata’ which imparts rustic onion flavor. These flavors and marinades and MSG-free.

Growing preference for hydrolyzed protein-based meat products across the Asia-Pacific region coupled with the increasing consumption of meat in the region is expected to augment the market growth of savory ingredients. According to the Coherent Market Insights analysis, the consumption of meat is growing at a robust rate in China. China accounts for a quarter of all the meat products produced worldwide in terms of consumption, owing to the increasing demand for protein-rich food. 

Market Restraints

A concern associated with the side-effects upon consumption of savory ingredients as it has health hazards is expected to restrict the market growth of savory ingredients. Moreover, rising demand for clean label products for simple ingredients and real food featuring which are easy to recognize is expected to hinder the market growth of savory ingredients over the forecast period.

The higher cost of convenience food coupled with the lack of freshness in the convenience food is expected to hinder the market growth of savory ingredients. Moreover, convenience foods are mainly high in calories, saturated fat, fat, sugar, and trans-fats and they also lack freshness which is restricting their adoption across the consumer. Therefore, lesser adoption of convenience food is projected to hamper market growth.

Market Opportunities

Rising demand for pet food with various ingredients in order to enhance flavor is projected to create high potential opportunities for pet food manufacturers in the ASIA-PACIFIC Region. India is home to approximately 20 million pet dogs. The value of the food they consume is to the tune of US$150 million annually and the market is growing at 13.9% annually and will be worth roughly US$ 430 million by 2020.

The rise in disposable income is encouraging the consumer to spend more processed and packaged food which is boosting the market of the food industry. This will favor the market growth of savory ingredients. According to the India Brand Equity Foundation, the Indian food and grocery market is the world’s sixth-largest, with retail contributing 70% of the sales. The Indian food retail market is expected to reach US$ 894.98 billion by 2020.