Smoke Ingredients Market Growth, Trends (2022-27) | Industry Forecast

 

Market Overview

The smoke ingredients market is projected to register a CAGR of 5.19% during the forecast period of 2022–2027.

The COVID-19 crisis has significantly affected the market. Due to the majority of closures of several quick-service restaurants, hotels, and other food services, the sales of smoke ingredients declined substantially. Manufacturing was drastically affected because of certain government rules and regulations, which resulted in the slow production of the products and affected companies’ inventories. As a result, the companies were not able to manufacture the products, adversely affecting different companies’ revenues. For example, International Flavor and Fragrances ( IFF), which is one of the major players in this segment, estimated the deceleration of sales by 14% in fiscal 2021.

Many consumers like the taste of traditional cooking because of the natural smoky aroma it produces, but they cannot opt for traditional cooking because of their fast-paced and changing lifestyles, which is one of the major factors driving the market.

The growing interest of consumers in ethenic foods due to the taste of these foods is attracting the per capita spending toward the market.

Scope of the Report

Smoke ingredients are food elements added to foods to flavor meat or vegetables. They are generally made by condensing the smoke from wood without any food additives. The smoke ingredients market is segmented by foam into liquid, powder, and other foams. The market is further bifurcated into application types, which include dairy, bakery and confectionery, meat and seafood, and snacks and sauces. The market is also segmented by geography into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million). Read Full Report