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Report: Savory Ingredients Market Worth $13,295 Million by 2019
Posted: August 4, 2014
The savory ingredients market is projected to grow at a compound annual growth rate (CAGR) of 5.7% between 2014 - 2019 reaching $13,295 million by 2019, according to a recent MarketsandMarket research report.
According to market research report "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," monosodium glutamate holds the majority of market share in the savory ingredients market. The report said monosodium glutamate is getting replaced by yeast extracts due to the increasing demand for natural ingredients and perceived health concerns. "In general, yeast extract has a good image and is the preferred choice for clean-label products," according to the report.
The report highlights Asia-Pacific region as the largest market for savory ingredients and also the fastest-growing market with India and China dominating the region. Asia-Pacific’s savory ingredients market is projected to grow at a CAGR of 6.4% from 2014 to 2019.