A new study by Transparency Market Research (TMR), titled “Smoke Ingredients for Food Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024,” offers a comprehensive assessment of this market, taking the key trends, opportunities, and limitations into consideration.
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The global market for smoke ingredients used in food can be evaluated on the basis of the form, application, and the geography. Smoke ingredients are mostly available in the form of powder, liquid, oil, concentrates, and emulsions across the world. Of these, liquid smoke ingredients are the most preferred products among consumers and are expected to remain so over the forecast period. The beneficial properties of liquid smoke ingredients, such as easy handling and high solubility in water, are the key driving forces behind the significant growth of this segment, notes the research study.
Smoke ingredients in powder and oil forms are also widely utilized all over the world. The augmenting usage of these ingredients in barbecue-flavored products has increased their demand in the food and beverages industry, which is reflecting positively on their sales. In addition to this, owing to their growing application on meat products, concentrated smoke ingredients are likely to gain substantial impetus in the coming years, states the market report.
Based on the application, the global market for smoke ingredients used in food products can be classified into dairy, bakery and confectionery, meat and seafood, snacks, and sauces. Among these, the meat and seafood segment has emerged as the leading application area of smoke ingredients. However, the bakery and confectionery segment is likely to witness a surge in the application of smoke ingredients due to the escalating demand for smoke-flavored candies, pastries, and other bakery and confectionery products, reports the study.
On the geographical basis, the worldwide market for smoke ingredients used in food products can be segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, the Middle East and Africa, and Japan. Europe, including Eastern and Western both, and North America have begun to mature, which points towards moderate growth of these markets. On the flip side, Asia Pacific is expected to present an opportunity-rich market to players on account of the fueling demand for ready-to-eat products in this region, notes the study.
The competitive landscape of the global market for smoke ingredients used in food has also been examined in this study. The key participants in this market are Azelis, Associated British Foods Plc, Dempsey Corp., Kerry Ingredients, Besmoke, FRUTAROM Savory Solutions GmbH, Red Arrow, Redbrook Ingredient Services, and WIBERG GmbH, states the research report.