New York, USA, April 05, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global liquid smoke market is estimated to rise at a stable CAGR of 6.7% and register a revenue of $1,14,266.2 thousand in the 2021-2028 timeframe. This comprehensive report presents a concise outlook of the present framework of the liquid smoke market including its essential features like drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also included in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Significant rise in the consumption of smoke flavored food and barbeque sauces among people is the prime factor expected to drive the growth of the global liquid smoke market during the forecast period. Additionally, increasing usage of smoke flavors in popular grilled meats like shrimps, ham, bacon, steaks, etc. is also predicted to boost the market growth by 2028. Moreover, strategic alliances by market players to attract more consumers is further uplifting the market growth.
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Opportunities: Growing inclination towards consuming packaged items and best quality foods is the major factor projected to offer abundant growth opportunities for the global liquid smoke market during the analysis timeframe. Furthermore, advancements in the innovation of packaged foods and availability of different flavors in the food and beverages industry is also anticipated to bolster the market growth during the 2021-2028 forecast period.
Restraints: Side effects of consuming liquid smoke is the prime factor estimated to hinder the liquid smoke market growth.
Covid-19 Impact on the Market
The onset of the corona virus pandemic has negatively impacted most businesses and industries, including the global liquid smoke market. Governments imposed strict lockdowns in countries that affected the manufacturing capacity of liquid smoke. Additionally, most of the restaurants were closed due to stringent social distancing norms that directly impacted the market growth and witnesses a declined demand for liquid smoke. Moreover, many don’t consider it as an essential ingredient for cooking that further affected the market revenue.
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Segments of the Market
The report has divided the liquid smoke market into certain segments based on type, application, and region.
Type: Hickory Sub-segment to be Most Dominant
The hickory sub-segment of the global liquid smoke market is estimated to have the fastest growth rate and garner maximum revenue of $48,607.1 thousand during the forecast period. This immense growth rate is attributed to the popularity of hickory type of liquid smoke and its wide utilization in grilled meats. Additionally, hickory type liquid smoke is highly preferable due to its strong aroma and flavor. Moreover, strategic collaborations initiated by key market players to offer the best type of liquid smoking is yet another factor expected to augment the sub-segment’s growth during the forecast timeframe.
Application: Meat sub-segment to be Highly Beneficial
The meat sub-segment is projected to have a dominant market share and gather a revenue of $49,910.1 thousand by 2028 due to the growing preference for meat by people in their daily diets. In addition, the rapid growth of fast food chains like Taco Bell, Burger King, Subway, McDonalds, etc. has influenced many people to buy affordable meal packages which has propelled the demand for smoky meat products. These factors are predicted to uplift the sub-segment’s growth during the 2021-2028 analysis period.
Region: Liquid Smoke Market in the Europe Region to Witness Better Growth Opportunities
By regional analysis, market in the Europe region is expected to surpass $43,764.0 thousand by 2028 due to high disposal income of people along with the existence of some leading brands. Moreover, the consumption of liquid smoke is quite high in fast food chains and is therefore produced on commercial basis. Additionally, the production of liquid smoke is regulated by the European government and greatly supports its utilization. These factors are anticipated to enhance the market growth in the Europe region during the analysis timeframe.
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Prominent Market Players:
Some of the prominent players of the liquid smoke market are
- Azelis SA.
- Redbrook Ingredient Services Ltd.
- Red Arrow International
- B&G Foods
- MSK Ingredients Ltd.
- Ruitenberg Ingredients
- Kerry Group
- Baumer Foods
- Colgin, Besmoke Ltd., among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market. – Inquire and Get Quick access to the Key Players Development Strategy Report
For instance, in September 2021, TMI Foods, a subsidiary of Dawn Farms and a leading back bacon supplier, announced its collaboration with Besmoke Ltd., a renowned manufacturer of natural smoke, grill and flavor enhancement products provider, to use the latest PureSmoke technology and infuse bacon products with clean wood smoke flavor.
Finally, the report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
Some Related Trending Topics:
- Global Liquid Smoke Market’s Growth to Boost with the Rising Trend of Smoked Foods
- Why is Liquid Smoke Considered as the Preferable Choice of Enhancing the Taste of the Food Items compared to Traditional Smoke?
- The Global Liquid Smoke Market is Anticipated To Generate A Revenue Of $1,14,266.2 Thousand, Growing At A CAGR Of 6.7% From 2021 To 2028
