A water soluble red or yellow colored liquid known as liquid smoke is a flavoring agent used as an alternative to wood smoke while cooking. Use of liquid smoke does not affect flavor of ingredients in a cooked food. It is widely used to add flavor to almost all types of vegetables and meat. Liquid smoke is made from concentrated smoke from woods and certain food additives. According to Future Market Insights report, the global liquid smoke market is estimated to witness robust growth during the forecast period. The market expected to register a healthy CAGR of 7.8% over the forecast period 2017 – 2027.
According to your exhaustive analysis on liquid smoke market, what are the dynamic factors responsible for surging demand for liquid smoke?
The ever increasing global population coupled with the changing lifestyle and food habits, demand for liquid smoke is expected to witness tremendous rise in demand in the near future. Increased consumption of processed meat items is highly likely to boost demand for liquid smoke for its property to impart flavor and its preservation. In addition, manufacturers involved in production of processed food are focusing to increase investment in strategic production capacity expansion of existing production facilities for seafood and meat products. As a result, application of liquid smoke in processed food is also likely to increase in the near future.
What trend do you observe in application of liquid smoke especially in developed regions?
Pet humanization is the latest trend observed across developed regions such as North America and Europe. Several pet owner provide their pet with a luxury alike family members. Thereby, increasing disposable income of an individual is likely to increase spendings on pet food and pet care products. This in turn is expected to boost demand for premium pet food and eventually requirement of liquid smoke in its production.
What is the presumptive scenario for liquid smoke market among regions?
Based on the regional analysis of liquid smoke market, North American market players are expected to witness substantial growth during the forecast period with an expanding CAGR. The liquid smoke producers are anticipated to hold majority of value share in liquid smoke market. Followed by North America, the Asia Pacific excluding Japan (APEJ) is expected to register a CAGR of 9.1% and expected to witness fast growth during the forecast period.
What future scope do you see for liquid smoke market in emerging economies?
Moreover, emerging economies such as Latin America and Japan are likely to present significant opportunities in liquid smoke market. The sales of liquid smoke in Latin America is expected to exceed a value of US$ 25.0 Mn in 2027 from US$ 11 Mn in 2017. The market is expected to register a CAGR of 8.7% over the forecast period. Whereas, Japanese market players are likely to reach an estimated valuation of US$ 14 Mn by the end of 2027 at an expanding CAGR of 7.5% during the forecast period.
Where do you foresee potential opportunities for liquid smoke producers among various applications?
Liquid smoke finds various application in flavoring food items such as meat & seafood, sauces, dairy and pet food & treats. Among these, increasing consumption of meat & seafood is highly likely to increase application of liquid smoke during the forecast period. The application of liquid smoke in this category is expected to register a CAGR of 7.45 through 2027. Whereas, rising production of sauces is highly likely to surge demand for liquid smoke with an expanding CAGR of 9.6% in term of value.
Who are the leading manufacturers to account for valuable share in liquid smoke market?
Several liquid smoke producers are focusing to establish long term relationships with distribution channels on domestic as well as international platform in order to attain market gains in business expansion and continue supply of liquid smoke. Moreover, market players are aiming to fortify their distribution base in order to strengthen their market position globally. Most of the companies operating in Europe such as Ruitenberg Ingredients BV, Kerry Group PLC, MSK Ingredients Ltd, Redbrook Ingredient Services Ltd., Besmoke Ltd and Frutarom Savory Solutions GmbH are expected to account for potential value share in liquid smoke market. Other companies located at North America such as Red Arrow International LLC, Baumer Foods, Inc. and Azelis SA, B&G Foods, Inc. are expected to contribute towards revenue growth of liquid smoke market during the forecast period.
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