Liquid Smoke Market Expected to Reach$125,718.5 thousand by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Liquid Smoke Market by Type, Application, Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”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 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.

The growth for liquid smoke market is attributed to rise in consumption of processed meat, and vegetables. Furthermore, changes in food consumption patterns among consumers all around the world drives the market growth. The rise 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 surge in perception of smoked food being bad for health hinders the market growth and act as the major restraint for the liquid smoke market. Conversely, surge in adoption of smoked vegan food is expected to improve the odds associated with the liquid smoke market growth.

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.

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

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.

Based on distribution channel, the hypermarkets/supermarkets segment 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.

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.

Key Findings Of The Study

• On the basis of type, the hickory segment is projected to witness the highest CAGR of 6.5%, in revenue terms, during the forecast period.
• On the basis of application, the meat segment is expected to dominate the market from 2021 to 2030.
• On the basis of distribution channel, the hypermarkets/supermarkets segment is expected to grow at a significant CAGR during the forecast period.
• On the basis of region, U.S. was the largest country, in terms of revenue generation for Liquid smoke market in 2020.
• On the basis of region, Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.1% from 2021 to 2030

Key players in the liquid smoke market have relied on strategies such as product launch and business expansion to expand their stance in the global market and to stay relevant in the global liquid smoke market share. The key players in the liquid smoke industry profiled in the report 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