The APAC savoury ingredients market is impacted by several factors including increasing adoption of savoury flavours, rising preference and demand for hydrolysed protein-based meat products, a growing inclination towards convenience food, and an awareness of the usage of yeast extracts in lieu of salt, which provide the same taste while ensuring a reduced sodium content at the same time.
A growing demand for instant food such as noodles and sauces containing savoury ingredients is expected to drive growth of the food application segment in markets across the globe. Also, an increasing application of hydrolysed vegetable protein in food products to cater to demands from health conscious consumers is a major factor expected to drive market growth. However, stringent government regulations on the use of monosodium glutamate may hamper the growth of the APAC savoury ingredients market.
The APAC savoury ingredients market is likely to witness some key trends in the forecast period. The most predominant trend is companies’ preference of natural savoury flavours and ingredients over artificial flavours. Several companies are also moving towards adoption of yeast extract in food, which imparts a salty and savoury flavour and also reduces bitterness.
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Of all the markets in the APAC region, China is the fastest growing market followed by markets in the ASEAN countries. The market in China is estimated to represent the highest value share of 35.1% in 2016 and is expected to register a CAGR of 6.6% in terms of revenue over the forecast period. The ASEAN market is likely to represent 25.4% value share by the end of 2016 and is anticipated to register the second-highest CAGR of 6.5% in terms of value over the forecast period.
The savoury ingredients market in India is expected to expand at a CAGR of 5.9% over the forecast period. The Japan savoury ingredients market is expected to grow at a CAGR of 4.5% over the forecast period.
The APAC region offers immense growth opportunities for companies operating in the savoury ingredients space. The primary reason for this is a growing demand for instant food such as noodles and savoury snacks in these markets, augmented by a substantial increase in the disposable income of people. Further, sales of savoury ingredients in these countries already accounts for a substantial revenue share of the APAC savoury ingredients market and revenue from these markets is expected to continue to increase significantly over the forecast period.
Leading companies operating in the APAC savoury ingredients market include
Demand for APAC savoury ingredients is likely to grow at a CAGR of 5.9% through 2032.
Sales of APAC savoury ingredients is likely to exceed a valuation of USD 11.99 Billion by 2032.
Adoption of APAC savoury ingredients is likely to reach a valuation of USD 6.76 Billion in 2022.
Asia Pacific is the key APAC savoury ingredients market contributor.
| Estimated Market Size (2024E) | USD 8.5 billion |
|---|---|
| Projected Market Value (2034F) | USD 14.8 billion |
| Value-based CAGR (2024 to 2034) | 5.7% |
| Market Value (2023) | USD 16,390 million |
|---|---|
| Market Anticipated Value (2033) | USD 26,827.2 million |
| Projected Growth Rate (2023 to 2033) | 5% |
| Market Share (2023) | USD 288 million |
|---|---|
| Market Share (2033) | USD 569.4 million |
| Market CAGR (2023 to 2033) | 7% |
| Market Size (2023) | USD 8,736 million |
|---|---|
| Market Size (2033) | USD 16,251.1 million |
| Market CAGR (2023 to 2033) | 6% |
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APAC Savoury Ingredients Market
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