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The savoury ingredients industry is driven by the growing utilisation of these ingredients to prepare frozen food products. Frozen foods with savoury ingredients not only taste good but also have increased shelf life. Thus, the increasing inclination of people towards convenience foods with longer shelf life has been aiding the market growth. Additionally, the demand for savoury ingredients is expected to increase due to the easy availability of convenience food through online platforms such as Amazon.com, Inc. (NASDAQ: AMZN). In terms of region, the Asia Pacific is likely to account for a significant share of the market and is anticipated to witness a considerable growth in the forecast period. The market is expected to be driven by the growing food industry and the rising middle-class population in the region.
The key industry players are focusing on mergers and acquisitions to expand their global footprint. In October 2021, Royal DSM (AMS: DSM) announced the complete acquisition of First Choice Ingredients, a leading supplier of dairy-based savoury flavourings. The acquisition is expected to aid both the companies with their comprehensive know-how, further allowing DSM to accelerate the growth of First Choice Ingredients outside the United States by extending latter’s portfolio to its broad global customer base. Such developments are expected to positively impact the market growth in the forecast period.
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The major players in the global savoury ingredients market are Associated British Foods plc, Ajinomoto Co., Inc., Givaudan SA, Koninklijke DSM N.V., and Symrise AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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