The global liquid smoke market is expected to reach a market valuation of USD 93 million in 2023, accelerating at a CAGR of 11.7% throughout the forecast period. By 2033, the overall market size is projected to reach USD 245 million.
Liquid smoke sales are likely to account for around 0.7% share of the global food and flavoring market during the forecast period. Rising consumption of smoked food products and increasing inclination towards liquid smoke are key factors driving the global market.
Liquid smoke is the smoke from burning wood that’s been condensed to liquid form. This water-soluble liquid is being increasingly used as a flavoring in a variety of food products. It allows users to give a smoky flavor to certain foods without having to use actual wood smoke.
In earlier times, the smoking of food was necessary to preserve foods such as meat or fish. However, nowadays foods are often smoked simply because of their rich, delicious flavor.
Liquid smoke serves the purpose of preserving food products as well as increasing their palatability by adding flavor. It is widely available in convenience stores, supermarkets, online platforms, and several other distribution channels.
Growing usage of liquid smoke for preparing various commercial food products including barbecue sauces, seafood, marinades, and hot dogs is driving the global liquid smoke industry.
Due to the increased consumption of flavored foods, there is a sharp spike in demand for liquid smoke in the market and the trend is expected to continue during the forecast period.
Around 80% of consumers prefer liquid smoke over a smoker, worldwide. Liquid smoke is safer than cooking with actual smoke as the carcinogenic pathogen in liquid smoke is filtered out. Hence, it has become an ideal alternative to actual meat smoking.
Various studies are being conducted to test the potential health benefits of liquid smoke derived from numerous sources. For instance, a study published in the American Chemistry Society revealed that liquid smoke from rice hulls could be healthful.
The study found liquid rice hull smoke working as an antioxidant that can help to fight off diseases. Growing awareness about the potential health benefits of liquid smoke will play a key role in boosting market during the forecast period.
Several liquid smoke liquid formulations also contain additives for functional purposes. This addition of additives is expected to further elevate liquid smoke demand worldwide.
| Attribute | Key Insights |
|---|---|
| Liquid Smoke Market Estimated Value (2023E) | USD 93 million |
| Projected Market Value (2033F) | USD 245 million |
| Value-based CAGR (2023 to 2033) | 11.7% |
| Top 3 Countries Market Share | 22% |
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Future Market Insights predicts the market to remain profitable, exhibiting growth at 11.7% CAGR between 2023 and 2033. Projected CAGR for January to June 2023 is 8.9% in comparison to the CAGR of 8.2% posted between July to December 2022.
Liquid smoke improves the shelf life of food products, provides them with unique flavors, and thus is a value-for-money product for consumers. This has had a positive impact on the liquid smoke industry. Few of the key factors boosting liquid smoke industry include:
| Details | Market Statistics |
|---|---|
| Jan to Jun (H1), 2021 (A) | 7.8% |
| Jul to Dec (H2), 2021 (A) | 7.6% |
| Jan to Jun (H1), 2022 Projected (P) | 8.1% |
| Jan to Jun (H1), 2022 Outlook (O) | 8.0% |
| Jul to Dec (H2), 2022 Projected (P) | 8.1% |
| Jul to Dec (H2), 2022 Outlook (O) | 8.2% |
| Jan to Jun (H1), 2023 Projected (P) | 8.9% |
Liquid smoke sales grew at a CAGR of 7.6% during the historical period between 2018 and 2022. For the projection period from 2023 and 2033, Future Market Insights estimates the global market for liquid smoke to expand at a prolific CAGR of 11.7%.
Growing demand for smoked food products, innovation in liquid smoke, and penetration of new players are few of the key factors driving the global market forward.
Liquid Smoke is a go-to product when slow-cooking meat and a little product goes a long way without the hassle of smoking or outdoor grilling. This is also a sustainable way to add a smoky flavor to food without contaminating the environment and adding to pollution.
Recent investments in research & development in liquid smoke have been useful in pulling down the figure of chemicals used in making liquid smoke. This in turn is positively influencing liquid smoke sales.
FMI’s latest analysis predicts the global liquid smoke industry to register a stupendous growth rate amid rising sales of liquid smoke through online platforms. Similarly, revenue generation opportunities for liquid smoke companies will arise from rising awareness about the benefits associated with liquid smoke.
Principal Consultant
Rising Environmental Concerns Coupled with Demand for Eco-friendly Products Boosting Liquid Smoke Sales
In traditional smoking, real wood is used for smoking food. However, this type of smoking causes several environmental problems due to emission of harmful pollutants. As a result, end users such as food processing companies are shifting towards liquid smoke.
Liquid smoke emits lesser pollution, thereby significantly reducing overall carbon footprint. It has emerged as an ideal eco-friendly alternative to wood smoke and is being increasingly used across households and commercial food sector.
Liquid Smoke Market:
| Attributes | Liquid Smoke Market |
|---|---|
| CAGR (2023 to 2033) | 11.7% |
| Market Value (2023) | USD 93 million |
| Growth Factor | Growing inclination towards using liquid smoke for cooking rather than wood smoke is expected to drive the global market swiftly during the forecast period. |
| Opportunity | Rapid expansion of food processing industry and increasing fast food chains across the world will create lucrative growth opportunities for liquid smoke manufacturers. |
| Key Trends | Rising popularity of smoked meat products, especially across developed regions is likely to propel liquid smoke demand over the next ten years. |
Smoke Ingredients Market:
| Attributes | Smoke Ingredients Market |
|---|---|
| CAGR (2023 to 2033) | 5.2% |
| Market Value (2023) | USD 730.5 million |
| Growth Factor | Increasing demand for convenience food, changing lifestyles, and untapped potential in the developing Asia-Pacific countries act as key drivers for the market. |
| Opportunity | Rising demand for food additives that don't have any negative side effects and increasing investments in research and development will create lucrative growth opportunities for smoke ingredient manufacturers. |
| Key Trends | Growing popularity of premium smoked food products such as smoked salmon and sausages worldwide will boost smoke ingredients market |
Food Preservatives Market:
| Attributes | Food Preservatives Market |
|---|---|
| CAGR (2023 to 2033) | 6.8% |
| Market Value (2023) | USD 2.97 billion |
| Growth Factor | Rising demand for processed food products worldwide coupled with growing popularity of ready-to-eat foods is a key factor driving the global food preservatives market. |
| Opportunity | Increasing incidence of foodborne diseases and rising focus on improving shelf life of products will elevate demand for food preservatives. |
| Key Trends | Rising demand for natural food preservatives is expected to generate lucrative growth opportunities for food preservative manufacturers during the next ten years. |
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| Region | North America |
|---|---|
| Country | United States of America |
| CAGR (2023 to 2033) | 6.9% |
| Market Value (2033) | USD 21.4 million |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR (2023 to 2033) | 5.6% |
| Market Value (2033) | USD 13.0 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR (2023 to 2033) | 8.6% |
| Market Value (2033) | USD 15.8 million |
| Region | Asia Pacific |
|---|---|
| Country | India |
| CAGR (2023 to 2033) | 7.9% |
| Market Value (2033) | USD 7.4 million |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR (2023 to 2033) | 9.4% |
| Market Value (2033) | USD 8.4 million |
Growing Preference for Liquid Smoke Boosting Market in the USA
The USA liquid smoke market is forecast to expand at a CAGR of 6.9% during the forecast period, reaching USD 21.4 million by 2033. The market witnessed a CAGR of 5.8% during the historic period.
Rising consumption of smoked food products and presence of leading liquid smoke manufacturers are the key factors driving the USA market forward. Similarly, inclination towards using liquid smoke over direct smoking of food is propelling demand in the market.
Liquid smoke is a convenient, low-effort yet flavourful alternative to actual smoke while cooking and for barbeque. Although with rising concern about chemicals used in processing liquid smoke, it's only beneficial if taken in meager portions.
Several consumers are hesitant to try liquid smoke because it cannot replace the accurate flavor. Therefore, most of the liquid smoke demand comes from the commercial food sector.
Increasing demand for meat products and rapid expansion of food processing industry will further boost liquid smoke sales in the USA during the forecast period.
Growing Popularity of Smoky-flavored Foods Fuelling Liquid Smoke Sales in the United Kingdom
The United Kingdom liquid smoke market is poised to exhibit a CAGR of 5.6% between 2023 and 2033, reaching a total valuation of USD 13.0 million in 2033.
Rising preference towards smoky-flavored food products is a key factor propelling liquid smoke demand in the United Kingdom market.
Subsequently, changing lifestyles and eating habits, increasing disposable incomes, and growth in fast food chains will boost liquid smoke sales in the country.
Widening Applications of Liquid Smoke Facilitating Market Expansion in China
According to Future Market Insights, demand for liquid smokes in China is projected to rise at 8.6% CAGR throughout the forecast period. This is attributed to rising consumption of meat products and seafood and increasing purchasing power of customers.
Similarly, growing usage of smoke liquid in various meat products is expected to fuel sales in China market during the projection period.
China has shown positive trends in the growth of the manufacturing base owing to the 100% foreign direct investment opportunity in the food processing industry and e-cigarette market.
China has a prime consumer base and a significant market share in the Asian region. This country is also expected to have the highest growth during the forecast period, owing to an increase in demand for e-cigarettes in various flavors. Further, key companies have taken steps to increase the market share of liquid smoke.
Meat & Seafood to Generate Maximum Growth Opportunities for Smoke Liquid Manufacturers
Based on application, the global market for liquid smoke is segmented into bakeries, beverages, dairy, meat and seafood, pet food, and others. Among these, meat & food segment holds a prominent share of the market.
FMI predicts market revenues in the target segment to increase at 7.9% CAGR during the forecast period (2023 and 2033). This is due to rising consumption of meat products worldwide and growing trend of marinating meat products with liquid smoke.
Marinating beef, pork, and chicken adds a rich taste and makes up for delicious smoky main recipes. Changing consumer preferences for liquid smoke in hot dogs will further aid in the growth of the target segment.
Online Stores to Generate Maximum Revenues in the Market
According to Future Market Insights, online stores segment is expected to expand at a robust pace during the projection period from 2023 to 2033. This is attributed to rising preference for purchasing liquid smoke products through online mode due to its various advantages.
Similarly, rising penetration of online shopping platforms across the world and availability of various types of liquid smoke on these platforms will boost growth of the target segment.
Key liquid smoke manufacturers are innovating to develop new products to get customers interested in using liquid smoke. They are also employing strategies such as mergers, facility expansions, advertisements, acquisitions, partnerships, and acquisitions to gain a competitive edge in the market. for instance,
In February 2021, to produce smoke flavors, Azelis opened a new extraction and distillation plant in Denmark.
In October 2018, International Flavours & Fragrances Inc. acquired Frutarom to boost its sales and reach in the market.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 93 million |
| Projected Market Size (2033) | USD 245 million |
| Anticipated Growth Rate (2023 to 2033) | 11.7% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC Countries, North Africa, South Africa, others. |
| Key Segments Covered | Type, Application, Distribution Channel, & Region |
| Key Companies Profiled | Azelis Holdings S.A.; B&G Foods, Inc.; International Flavors & Fragrances, Inc.; McCormick & Company, Inc.; Kerry Group PLC; Colgin, Inc.; MSK Ingredients Limited; PS Seasoning, and Baumer Foods; Aminola; Sacchetto SpA; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers Restraints Opportunity Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The United States market is forecast to expand at a CAGR of 6.9% during the forecast period.
Aminola, Sacchetto SpA, Colgin, Inc. are key market players.
The market is forecast to register a CAGR of 11.7% through 2033.
The market will reach USD 245 million by 2033.
Demand for eco-friendly products is the key trend shaping the industry.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Hickory 5.2. Mesquite 5.3. Applewood 5.4. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Bakeries 6.2. Dairy 6.3. Meat and Seafood 6.4. Pet Food 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Departmental Stores 7.2. Modern Trade 7.3. Food Chain Services 7.4. Online Stores 7.5. Food and Liquid Stores 7.6. Supermarkets 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. East Asia 8.5. South Asia 8.6. Oceania 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East & Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Azelis Holdings S.A. 18.2. B&G Foods, Inc. 18.3. International Flavors & Fragrances, Inc. 18.4. McCormick & Company, Inc. 18.5. Kerry Group PLC 18.6. Colgin, Inc. 18.7. MSK Ingredients Limited 18.8. PS Seasoning, and Baumer Foods 18.9. Aminola 18.10. Sacchetto SpA 19. Assumptions & Acronyms Used 20. Research Methodology
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Liquid Smoke Market
