Liquid Smoke Market Is Anticipated To Grow At A CAGR of 7.2% By 2025
The global liquid smoke market size is expected to reach USD 92.3 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.2% over the forecast period. Growing popularity of liquid smoke as functional ingredients in manufacturing processed foods on account of its easy handling characteristics and high water solubility is expected to remain a key driving factor in the market. Furthermore, increasing consumption of barbeque dishes among working class population of developing economies including China and India is expected to open new avenues for the industry over the next few years.
North America generated a revenue of more than USD 18.0 million in 2018. This region is expected to foresee gains due to shifting preference for liquid smoke as browning agents, color stabilizers, and antimicrobial additives in the meat and sauce industry of U.S. and Canada. Furthermore, strong brand foothold of key liquid smoke industry participants including Red Arrow International LLC and Colgin through their well-established distribution networks in U.S. is projected to remain a favorable trend in the near future.
Asia Pacific is projected to account for a share of 20.5% by the end of 2025. This revenue growth is attributed to the positive outlook towards the food processing industry in the countries including China and India, wherein the governments are framing favorable laws and investments are increasing by multi-national companies. These policies are expected to expand the scope of liquid smoke as functional ingredients in manufacturing various processed foods produced in the aforementioned countries.
Meat products are expected to generate a revenue of USD 28.8 million by the end of 2025. Meat products have been the largest application segment for this product, wherein the primary purpose behind its use is to give a smoky taste to the meat products, such as barbeque sausages and salmon.
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Further key findings from the study suggest:
- By application, pet foods are projected to exceed a revenue of USD 10.0 million by 2025. Sauces accounted for 24.5% share of the overall revenue in the year 2018
- Europe is expected to account for 31.3% share of global revenue by 2025
- Key industry participants include Red Arrow International LLC; Baumer Foods Inc.; Azelis SA; B&G Foods Inc.; Ruteinberg Ingredients BV; Kerry Groupe PLC; MSK Ingredients; Redbrook Ingredients Services Ltd.; and Besmoke Ltd.
Grand View Research has segmented the global liquid smoke market on the basis of application and region:
Liquid Smoke Application Outlook (Revenue, USD Million, 2015 – 2025)
- Meat Products
- Dairy Products
- Pet Food
Liquid Smoke Regional Outlook (Revenue, USD Million, 2015 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
For More Information: www.grandviewresearch.com