Liquid Smoke Market

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LIQUID SMOKE MARKET ANALYSIS

• Liquid Smoke Market, By Application (Meat and
  Seafood, Sauces, Pet Food and Treats, Dairy,
  Others), and By Region (North America, Latin
  America, Europe, Asia-pacific, Middle East
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2019 - 2027

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• Liquid smoke is a flavor primarily used to add
  smoky fragrance across various cuisines and is
  mainly available in yellow and red colors. It is
  also used to enhance the shelf-life of the food
  items especially meat and seafood. It is
  water-soluble and generally produced by
  condensing the smoke from wood along with the
  additives. It is a natural by-product of burnt
  wood and is distilled into a concentrate followed
  by filtering its impurities. Liquid smoke is
  majorly used across food such as marinades,
  barbecue sauces, and "barbecue" flavored foods.
  It is taste like smoke and there are different
  type of smoke flavors are also available which
  includes mesquite, hickory, and pecan. Moreover,
  it is also used as a substitute for bacon food
  that uses cured pork for obtaining smoky taste.
• The global liquid smoke market is projected to
  surpass US 160 million by the end of 2027, in
  terms of revenue, growing at CAGR of 8.1 during
  the forecast period (2019 to 2027).
• Drivers
• Growth in the processed food industry is
  primarily fueling the market growth of liquid
  smoke. According to the Invest India, The
  Processed food market is expected to grow to US
  543 billion by 2020 from US 322 billion in 2016,
  at a CAGR of 14.6. Food processing industry
  includes Fruits Vegetables, Dairy, Fisheries,
  Poultry Meat processing, Food retail, etc.
  Therefore, the growing processed food industry is
  propelling the market growth.

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• Market Restraints
• Still few processed meat manufacturers prefer the
  conventional method of smoking meat products
  since it provides a strong flavor to meat
  products such as beef and pork. Moreover, the
  conventional method of smoking meat also provides
  a distinct texture. This factor is expected to
  limit the adoption of liquid smoke which in turn
  is hindering the market growth.
• Lack of awareness regarding liquid smoke products
  among consumers of developing countries is
  projected to hamper the market growth of liquid
  smoke. Moreover, few people are allergic to
  smoked products which are further expected to
  restrict the adoption of liquid smoke. This, in
  turn, hindering market growth over the forecast
  period.

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Figure 1. Global Liquid Smoke Market, Revenue
Share (), By Regions, 2018
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• Market Opportunities
• Rising adoption of liquid smoke equipment among
  major players in order to reduce the overall cost
  production is expected to offer enormous growth
  opportunity to the market of liquid smoke. The
  use of advanced equipment favor has less impact
  on the environment and is also cost-effective as
  compared to traditional smoking methods. Hence,
  this is expected to fuel market growth over the
  forecast timeframe.
• Rising adoption of liquid smoke in various cheese
  products will favor market growth over the
  forecast period. Various manufacturers of dairy
  products are using liquid flavor in cheese
  product such as provolone, mozzarella, and
  scamorza, for expanding their range of smoked
  cheese products. For instance, in November 2018,
  Norseland introduced Applewood Vegan smoked
  cheese.

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Figure 2. Global Liquid Smoke Market
Opportunity Analysis
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• Market Trends/Key Takeaways
• The rising trend of using liquid smoke in pet
  treat products is expected to augment the market
  growth of liquid smoke over the forecast period.
  For instance, in August 2018, Omaha Steaks, a
  retailer of steaks, seafood has introduced a new
  line of premium dog treats in response to the
  increasing demand for dog treats. This trend is
  expected to fuel the market growth of liquid
  smoke over the forecast period.
• Shifting preferences of consumers for liquid
  smoke in hot dogs is projected to accelerate the
  market growth of liquid smoke in the near future.
  For instance, in July 2019, Nolan Ryan Beef has
  announced that it has launched uncured beef
  franks, to expand its hot dog and frank
  portfolio. Hence, using liquid smoke in hot dogs
  is gaining popularity among consumer and this
  will favor the market growth.

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• Competitive Section
• Key players operating in the global liquid smoke
  market are Azelis, Besmoke, FRUTAROM Savory
  Solutions GmbH, Red Arrow International LLC,
  Redbrook Ingredient Services Ltd, MSK Specialist
  Ingredients, Kerry, Inc., Ruitenberg Ingredients,
  BG Foods, Inc. (Wrights), andBaumer Foods, Inc.
• Few Recent Developments
• Kerry Group Plc
• In 2015, it acquired U.K.-based Rollover Ltd. in
  January and France-based Dairygold Co-operatives
  food ingredient business in February. It has also
  initiated the process of acquiring Pinnacles
  lifestyle bakery business in Australia. It also
  announced plans to acquire U.S.-based Red Arrow
  Products, Island Oasis, and Biothera, Inc.s
  Wellmune businesses.

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