Valuation of Liquid Smoke Market to reach US$ 65 Mn in 2015
According to the latest market report published by Future Market Insights titled ‘Liquid Smoke Market - Global Industry Analysis and Opportunity Assessment, 2015 – 2025’, the global liquid smoke market was valued at over US$ 65 Mn in 2015. It is expected to expand at a CAGR of 8.1% over the forecast period (2015–2025). Growth of the liquid smoke market is primarily driven by rising disposable income, growing pet ownership, increasing consumption of meat products and lowered total production cost.
Smoke ingredients are used in food industry to add smoke characteristics to food with or without grilling or roasting the food. Liquid smoke is widely utilised in meat and seafood industry to add flavour and colour through methods such as atomising, spraying and dipping.
On the basis of application, the liquid smoke market is segmented into meat and seafood, sauces, dairy, pet food and treats and others (snacks and bakery and confectionery); among these, meat and seafood is the most dominant segment.
Growing pet ownership and consumer preference for barbeque sauces and related flavours across certain regions such as North America and Western Europe is expected to drive segments such as pet food and treats and sauces segments during the forecast period.
North America market was the largest market for liquid smoke and valued at US$ 13.5 Mn in 2014. This is mainly attributed to increasing number of processed food plants and rising consumer preference for smoke food products in the region.
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The APEJ market was valued at US$ 6.8 Mn in 2014and is expected to expand at a CAGR of 9.9 % during the forecast period. The market in the region is expected to be driven by increasing adoption of liquid smoke products in countries such as India, China, South Korea, Singapore and Philippines. Also, several leading players are setting up their offices in this region in order to capitalize on the lucrative untapped market in the region. Increasing meat and seafood consumption and lowered total cost of utilising liquid smoke as compared to conventional methods for smoking processed foods are expected to create significant growth opportunities during the forecast period.
Key players identified in global liquid smoke market include Red Arrow International LLC now a Kerry Group Plc entity, MSK Ingredients Ltd., Besmoke Ltd., Baumer Food Inc., B&G Foods Inc., Redbrook Ingredient Services Ltd., Frutarom Savory Solutions Gmbh, Ruitenberg Ingredients BV and Azelis SA.
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Major liquid smoke manufacturers in the market are focusing on strengthening partnerships with processed food manufacturers and distributors across various regions. Manufacturers are also focusing on providing a broad and customised range of liquid smoke products to cater to varying customer demands.