The liquid smoke market is valued at nearly US$ 70 million in 2021. During 2022-2032, it will grow at a CAGR of 8% and reach US$ 151 million in revenues.
The US is the largest market for liquid smoke, accounting for nearly 40% of all revenues in 2021.
The UK, Germany, France, Italy, Spain, China, India, Aus-New Zealand are other key markets for liquid smoke. During 2017-2021, liquid smoke grew at a CAGR of 5%. Growth would have been higher, but sudden setback to supply chain during 2020 COVID outbreak led to market fluctuations.
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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 2012-2016 and Opportunity Assessment 2017-2027.” In terms of revenue, the global liquid smoke market is estimated to exhibit a CAGR of 7.8% over the forecast period, owing to numerous factors, about which Future Market Insights offers thorough insights and forecasts in this report.
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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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.
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.
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Key Questions Answered in the Report
• What is the liquid smoke market size?
• Which are the largest markets for liquid smoke?
• How big is the Germany liquid smoke market?
• What is the outlook on liquid smoke flavored meat?
• Which are the key liquid smoke market companies?