Liquid Smoke Market Outlook - 2030
The global liquid smoke market size was $68,823.6 thousand in 2020, and is projected to reach $125,718.5 thousand by 2030, registering a CAGR of 5.9% from 2021 to 2030. The hickory segment was the highest contributor to the liquid smoke market, with $22,765.4 thousand in 2020, and is estimated to reach $43,796.6 thousand by 2030, at a CAGR of 6.5% during the forecast period. U.S. was the most prominent country in 2020 and is expected to continue this trend throughout the forecast period. Liquid smoke is a water soluble substance used to add or maintain the taste of a food stuff. Liquid smoke is derived from burnt woods/chips of trees and is extensively used in seafood, meat, sauces, and dairy products to add flavor and color through different processes like spraying, dipping, and atomizing.
Liquid smokeis included in the category of products that is consumed occasionally. Hence, the demand for such products has remained quite consistent among consumers. The outbreak of the novel coronavirus has negatively affected the growth of the market worldwide. There has been a decrease in sales of liquid smoke due to slowdown in production due to the worldwide lockdown. Furthermore, the disruption of supply chain has also affected the supply of the product to the global market.
The global liquid smoke market is expected to garner notable growth during the forecast period. The growth for this market can be attributed to rise in consumption of processed meat and vegetables. Moreover, the surge in popularity of smoked food due to rise in interaction/exchange of food culture through social media and travel drive the market growth. Furthermore, changes in food consumption patterns bought upon by the pandemic has encouraged people all around the world to experiment with different food and flavors, leading to market growth. Improvement in the retail infrastructure has increased the availability of packaged goods such as sauces, condiments, and flavorant. The surge in ease of acquiring food stuff combined with options of free home delivery and different promotional offers has led to the growth of global liquid smoke market. However, the rise in perception of smoked food being bad for health hinders the market growth and acts as the major restraint for the liquid smoke market. Conversely, rise in adoption of smoked vegan food is expected to improve the odds of growth of industry in the coming years leading to steady liquid smoke market growth.
By Type
Hickory was the fastest growing segment
The liquid smoke market is segmented on the basis of type, application, distribution channel, and region. By type, the market is classified into hickory, mesquite, applewood, and others (oak & pecan). By application, the market is categorized into meat, seafood, sauces/marinades, bakery/confectionery, and others (cheese, & packaged dried fruits). By distribution channel, the market is divided into hypermarkets/supermarkets, convenience stores, e-commerce, and others (grocery stores, & departmental stores). By region, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
By Application
Sauces/Marinades was the fastest growing segment
Based on liquid smoke market forecast by type, the hickory segment was the highest contributor to the market, with $22,765.4 thousand in 2020, and is estimated to reach $43,796.6 thousand by 2030, at a CAGR of 6.5% during the forecast period. The hickory segment was also the fastest growing segment throughout the forecast period. The growth of this segment can be attributed to hickory being more versatile than other forms of liquid smoke as it can be applied to red meats, fish, and even vegetables.
By Distribution Channel
E Commerce was the fastest growing segment.
Based on the liquid smoke market analysis by application, the meat segment was the highest contributor to the market in 2020, and is estimated to reach $58,325.8 thousand by 2030, growing at a CAGR of 6.3% during the forecast period. The growth of this segment is attributed to rise in consumption of meat products among the consumers. However, the sauces & marinades segment is expected to exhibit the fastest growth rate throughout the forecast period.
By Distribution Channel
E Commerce was the fastest growing segment.
Based on distribution channel, the hypermarkets/supermarkets segment in the liquid smoke market was the highest contributor to the market, with majority of the share in 2020, and is estimated to reach $44,973.0 thousand by 2030, growing at a CAGR of 5.8% during the forecast period. However, the e-commerce segment is expected to exhibit the fastest growth rate throughout the forecast period.
By Region
Asia-Pacific was the fastest growing segment.
Region wise, Europe was the largest market, in terms of revenue generation. North America is further expected to expand at notable growth rate while dominating the market with the highest share throughout the forecast period. On the contrary, Asia-Pacific and LAMEA are expected to garner the high growth rate. The growth in these regions can be attributed to changes in the lifestyle and food habits.
Region wise, Europe was the largest market, in terms of revenue generation. North America is further expected to expand at notable growth rate while dominating the market with the highest share throughout the forecast period. On the contrary, Asia-Pacific and LAMEA are expected to garner the high growth rate. The growth in these regions can be attributed to changes in the lifestyle and food habits.
The liquid smoke market is for the most part an organized market which is dominated by few players. The key players in the liquid smoke industry relies on strategies such as product launch and acquisition to stay relevant in the global liquid smoke market share. The key players profiled in the report are Azelis S.A., B&G Foods, Inc. Colgin, Inc, Kerry Group, Plc, McCormick & Company, Inc, Msk Ingredient Ltd, Ps Seasoning, Ruitenberg Ingredients B.V., Smoked Flavours Pty Ltd, And Urban Platter.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current liquid smokemarket trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists to determine the prevailing liquid smokemarket opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Liquid Smoke Market Report Highlights
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 By DISTRIBUTION CHANNEL |
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Analyst Review
The liquid smoke market holds a substantial scope for the global growth. According to the CXO’s, the rapid urbanization and globalization along with rise in disposable income play a major role in changing the dietary preferences across the globe, which in turn fuel the demand for unique cuisines among consumers. Rise in interaction between different cultures owing to social media and the internet coupled with the westernization of diets in developing countries boost the demand for food items such as barbecued meat, smoked meat, and more, which drives the market growth of flavors and ingredients worldwide. Innovation of enhanced flavors and consistent improvement in the technology fuels the growth of the liquid smoke market. However, perception of consumers about liquid smoke being bad for health restraints the market growth.
The global liquid smoke market size was $68,823.6 thousand in 2020, and is projected to reach $125,718.5 thousand by 2030
The global Liquid Smoke market is projected to grow at a compound annual growth rate of 5.9% from 2021 to 2030 $125,718.5 thousand by 2030
The key players profiled in the report are Azelis S.A., B&G Foods, Inc. Colgin, Inc, Kerry Group, Plc, McCormick & Company, Inc, Msk Ingredient Ltd, Ps Seasoning, Ruitenberg Ingredients B.V., Smoked Flavours Pty Ltd, And Urban Platter.
Region wise, Europe was the largest market
Expansion of the retail market and the F&B industry drive the growth of the global liquid smoke market.
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