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Savory Ingredients Market - Global Trends & Forecasts to 2019
The global market for savory ingredients is estimated to grow at a CAGR of 5.7% from 2014 to 2019. In 2013, the Asia-Pacific region acquired a majority share in the global savory ingredients market. China, Japan, India, and the U.S. were the largest savory ingredient markets. Monosodium glutamate holds the majority of market share, around 80%, in the savory ingredient types market. Monosodium glutamate is getting replaced by other ingredients, such as yeast extracts with ribonucleotides and low salt content hydrolyzed vegetable proteins due to the increasing demand for healthier ingredients.
The market is dominated by a few large players and comprises many small- and medium-scale players. The key players identified in the savory ingredients industry are Ajinomoto (Japan), Givaudan (Switzerland), Angel Yeast (China), DSM (The Netherlands), and Sensient (Wisconsin).
Ajinomoto Co. Inc. is engaged in the manufacturing, distribution, and sale of food products, amino acids, and pharmaceuticals. The company has various business segments, namely domestic food products, overseas food products, bioscience products & fine chemicals, pharmaceuticals, and business tie-ups under its brand. The domestic food products business segment offers seasonings and processed foods, sweeteners & nutritional foods, frozen foods, and beverages.
Ajinomoto, the world’s largest MSG producer, operates wholly and partly owned plants in Japan, Brazil, Peru, the U.S., France, China, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. The company accounts for approximately one-fourth of the world capacity of MSG.
Ajinomoto is focusing on expansions, joint ventures, and mergers to widen its global reach and boost its revenue. The company, through expansions, is enhancing its reach in emerging markets, such as Japan, India, and Nigeria. Ajinomoto Thailand has the highest sales in Ajinomoto Group.
Savory Ingredients Market Share Analysis, By Top Five Players, 2013
*Others: Includes global as well as regional players
Source: Company Annual Reports, Press Releases, Expert Interviews, and MarketsandMarkets Analysis
Savory Ingredients Market by Ingredients (Yeast Extracts, HVP, HAP, MSG, Nucleotides and Others), by Application (Food Industry, Pet Food and Others) & by Geography - Global Trends & Forecasts to 2019
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