Future Market Insights presents useful insights and a revised forecast of the global liquid smoke market in its published report titled “Liquid Smoke Market: Global Industry Analysis and Opportunity Assessment 2022-2032.” In terms of revenue, the global liquid smoke market is estimated to exhibit a CAGR of 8% over the forecast period, owing to numerous factors, about which Future Market Insights offers thorough insights and forecasts in this report. The liquid smoke market is valued at nearly US$ 70 million in 2021. During 2022-2032 and reach US$ 151 million in revenues.
Global Liquid Smoke Market: Segmentation and Forecast
The market is segmented based on application, distribution channel, and region. Based on application the segmentation includes, meat and seafood, sauces, pet food and treats, dairy, and others. Amongst all the applications, meat and seafood segment is expected to account for the highest market share, followed by sauces segment over the forecast period. The meat and seafood segment is expected to register a significant CAGR of 7.4% during the forecast period in terms of value. The sauces segment is projected to register highest CAGR of 9.6% over the forecast period in terms of value.
Rising purchasing power in certain countries in regions such as North America, Western Europe, and Eastern Europe, is driving spending on processed food such as smoked products. This in turn is expected to increase uptake of liquid smoke products required in processing food products. A rise in the trend of pet humanization, wherein pet owners treat their pets like family members, is driving spending on premium pet care and pet food products. This trend, especially prevalent in North America and Europe is expected to boost demand for premium pet food. This, in turn, is anticipated to boost the growth of the pet food and treats segment in the global liquid smoke market.
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Global Liquid Smoke Market: Regional Forecast
This report assesses the trends driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to liquid smoke manufacturers looking to enter the market. In this report, the global liquid smoke market has been segmented into seven major regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East & Africa (MEA). This report assesses trends driving the growth of each segment on the global level and offers potential takeaways that could prove substantially useful to liquid smoke manufacturers looking to enter the market. North American market has been estimated to dominate the liquid smoke market, accounting for a maximum revenue share of the market by 2017 end. Among the emerging markets, APEJ is estimated to exhibit the highest CAGR of 9.1% over the forecast period.
Latin America’s liquid smoke market was estimated to be valued at nearly US$ 11 Mn in 2017 and is slated to reach a valuation of nearly US$ 25 Mn in 2027, exhibiting a CAGR of 8.7% during the period of assessment. The Japan liquid smoke market was estimated to be valued at nearly US$ 7 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 14 Mn in 2027, exhibiting a CAGR of 7.5% during the period of forecast.
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Global Liquid Smoke Market: Competitive Landscape
Some of the key players in the global liquid smoke market include Red Arrow International LLC, Baumer Foods, Inc., Azelis SA, B&G Foods, Inc., Ruitenberg Ingredients BV, Kerry Group PLC, MSK Ingredients Ltd., Redbrook Ingredient Services Ltd., Besmoke Ltd. Frutarom Savory Solutions GmbH, and others. In this report, Future Market Insights has discussed individual strategies followed by these companies in terms of enhancing their product portfolio, creating new marketing techniques, product offerings, mergers, and acquisitions. The ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and company share collectively.
By Application:
- Meat and seafood
- Sauces
- Pet Food and Treats
- Dairy
- Others (Snacks, Bakery & Confectionary)
By Sales Channel:
- Hypermarket/supermarket
- Convenience Store
- Discount Stores
- Food & Drink Specialty Store
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East & Africa