Global liquid smoke market was valued at US$ 108.6 Mn in 2022, exhibiting a CAGR of 9.7% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 228.6 Mn by 2030. According to Liquid Smoke Market, By Application (Meat and Seafood, Sauces, Pet Food and Treats, Dairy, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030. Published by: Coherent Market Insights.
Liquid Smoke is used as a flavor in various food to give smoky taste and is produced by capturing and condensing the smoke from burning wood. It is used smoked meats, hot dogs, bacon, and various types of cheese. It is available in yellowish-brown liquid and is widely popular for its smoky taste. There are also available different flavors that have a specific type of smoke taste. It is the best way to add flavor in the food without adding many calories and fat and is also low in sodium content. The application of liquid smoke increases the shelf-life of the food product especially meat by delaying the growth of bacteria. Moreover, it is also used in the diary, snacks and bakery products.
Drivers
Growing spending on food products by the consumer due to increasing disposable income
Growing spending on food products by the consumer due to increasing disposable income is expected to accelerate the market growth of liquid smoke. According to the U.S. Department of Agriculture Economic Research Service, in 2020, Americans spent an average of 10.9% of their disposable personal incomes on food—divided between food at home (6.04%) and food away from home (4.06%). This is expected to foster market growth over the forecast period.
Market Opportunities
Many manufacturers are developing new and varsity in flavor in order to meet the rising need and this is expected to propel the market growth of liquid smoke. For instance, in March 2015, Ruitenberg Ingredients BV expanded its liquid smoke product portfolio through the introduction of newer versions of beech and hickory flavors for various applications. Therefore, increasing the development of distinct flavors in liquid smoke will favor market growth.
Market Restraints
The availability of substitute of liquid smoke such as Spanish Smoke Paprika which is prepared by drying peppers on the oak burning fire is expected to restrict the adoption of liquid smoke. It is available in two flavors, Pimenton de la Vera Dulce and Pimenton de la Vera Picante. Pimenton de la Vera Dulce has sweet smoky flavor whereas Pimenton de la Vera Picante has a hot smoky flavor. Thus, the availability of substitutes is expected to hinder the market growth.
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Key Takeaways
On the basis of application, meat and seafood dominated the global liquid smoke market in 2022 with around 79.20% of market share in terms of revenue, followed sauces and pet food & treats, respectively.
Market Trends
Many key players are increasing the production capacity of liquid smoke flavor in order to meet the rising demand across the globe is expected to propel the market growth. For instance, in December 2016, Missouri Department of Economic Development (DED) announced that it is planning to expand its Greenville, Mo. facility through a US$ 14,295,000 investment. The facility produces a variety of liquid smoke products.
Increasing demand for smoky sausage among consumers is projected to propel the market growth of liquid smoke over the forecast period. For instance, in June 2017, Duke’s, Boulder-based producer of freshly crafted, made-from-scratch smoked meats announced the launch of its new Cajun Style Andouille Smoked Shorty Sausages at Sweets & Snacks Expo May 23-25.
Regulations
U.S. Department of Agriculture (USDA):
Food Standards and Labeling Policy Book:
The Policy Book is intended to be guidance to help manufacturers and prepare product labels that are truthful and not misleading. Compliance with the requirements set forth in this publication does not, in itself, guarantee an authorization. On receipt of the label application, consideration will be given to the suitability of ingredients statements, preparation, and packaging so as not to mislead the consumer. This Policy Book is assembled in dictionary form and may be used in conjunction with the Meat and Poultry Inspection Regulations and the Meat and Poultry Inspection Manual, Directives and Notices. It is a composite of policy and day-to-day labeling decision, many of which do not appear in the above publications. They are subject to change and therefore a periodic updating of this book will take place.
Competitive Section
Key players operating in the global liquid smoke market are Azelis, Besmoke, FRUTAROM Savory Solutions GmbH, Red Arrow International LLC, Redbrook Ingredient Services Ltd, MSK Specialist Ingredients, Kerry, Inc., Ruitenberg Ingredients, B&G Foods, Inc. (Wrights), andBaumer Foods, Inc.
