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Savory Ingredients Market Will Show Momentous Growth in Food Industry
Untapped Potential in Developing Countries in the Asia-Pacific Region
Rapid urbanization trends in Asian countries have contributed to the boom in middle-class families. According to the Organization for Economic Co-operation and Development (OECD), middle-class families may increase from 1.8 billion to 3.2 billion by 2020 and 80% of growth in global spending will be attributed by Asia. Asian women are becoming an established part of the workforce wherein their active participation in jobs is an increasing trend in recent years. As a result, factors such as long working hours, stress related issues, and balancing work life reduces time and effort to prepare full meals for the family. Therefore, women are left with a choice for opting for convenience food. Evolving lifestyle habits such as increase in dining outside, dashboard dining, and occasional dining has catapulted the growth of convenience food in the Asia-Pacific region. The demand for packaged and processed food is getting bigger in Asia, especially in India and China. Increase in demand of convenience food in the Asia–Pacific region will demonstrate a growth in the savory ingredients market in this region.
Growing Instant Noodles Industry
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 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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