USD 72.86 million
Liquid Smoke Market Size, Share, Growth Analysis, By Application(Meat Products, Sauces, Dairy Products, Pet Food), By Distribution Channel(Hypermarkets, Convenience Stores, E-Commerce, and others), By Product(Hickory, Mesquite, Applewood, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2228 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|Tables:
94
|Figures:
66
Liquid Smoke Market Insights
Liquid Smoke Market size was valued at USD 72.86 million in 2019 and is poised to grow from USD 108.83 million in 2023 to USD 122.05 million by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).
Rising awareness among people regarding liquid smoke that smoke products helps to improve the shelf life of food products without roasting or grilling, and also enhance their flavor, is key factor expected to drive the global liquid smoke market over the forecast period. Additionally, the rising purchasing power of people in the developing countries like India and China is also empowering the consumers to increase the spending on the liquid smoke products, resulted a positive impact on the growth of the market.
In the recent years, major processed food manufacturing companies across the globe are increasing expenditure on the incorporation of liquid smoke as a functional ingredient in the production of meat, poultry products, sauces, crackers, bread, and seasonings. As a result, the global demand for liquid smoke have increased in the last few years and expected to grow similarly in the near future. For instance, in May 2021, PS Seasoning introduced new BBQ sauces into the line of gourmet grilling sauces and marinades. These sauces are totally inspired by trending and regional flavours including, cheery, peach whiskey, and tangy Memphis.
The high quality of these liquid smoke products to bring smoky taste and aroma also in various types of recipes are making them a great choice for enhancing food products especially in the developed countries like Germany, United States, and U.K. Furthermore, advancements in technology and rapid growth in innovation to create more healthy and cost-effective products around the world is likely to have a positive impact on the global liquid smoke market over the forecast period.
US Liquid Smoke Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hypermarkets
Fastest Growth
Hypermarkets
Growth Rate
5.9% CAGR
Global Liquid Smoke Market ($ Bn)
Country Share for North America Region (%)
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Liquid Smoke Market Segmental Analysis
Global liquid smoke market is segmented on the basis of application, distribution channel, product, and region. By application, the market is sub-segmented into meat products, sauces, dairy products, pet food, and others. By distribution channel, the market is categorized into hypermarkets, convenience stores, e-commerce, and others. By product, the market, the market is segmented into hickory, mesquite, applewood, others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Liquid Smoke Market Analysis by Application
By application, the meat products segment dominated the market and accounted for more than 30% of market share in 2021. An extensive rise in the meat-processing industry, new process innovations, and growing use of liquid smoke solutions are the major factors expected to drive the segment growth during the forecast period. Furthermore, liquid smoke can be used in meat processing through several ways including atomization. In which, pressurized air is used to vaporize the liquid smoke to create a same environment as burning of an actual wood. According to our findings, in 2021, India exports about 1713,723 tons of meat products all over the world with a significant increase from 2020. This increase in demand for meat products across the world are expected to contribute to the growth of the liquid smoke market as well during the forecast period.
Liquid Smoke Market Analysis by Distribution Channel
By distribution channel, the hypermarkets segment held the largest market of over 40% in 2021, and is expected to maintain its dominance throughout the forecast period. The large product holding capacity, variety of products from different brands, and ease of availability of smoke products are the major factors driving the segments growth over the forecast period. In addition, increasing investments by large players for the expansion of on-ground reach and product portfolio across the globe are further expected to fuel the demand for the liquid smoke products in the coming years.
Global Liquid Smoke Market By Distribution Channel
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Liquid Smoke Market Regional Insights
North America dominated the global liquid smoke market with a contribution of over 37% of revenue share in 2021. Increasing demand for the smoky flavoured meat products, diary products, sauces, and pet foods because of the rising disposal income, changing in lifestyles, and new product launches are the major factors projected to drive the growth of the market in the region throughout the forecast period. Red Arrow International and Colgin are few major players and producers of liquid smoke in the region. In addition, North America has a total of around 40 processed meat plants that use liquid smoke in a very large quantity and it makes the region largest producer and consumer of these products across the globe.
Furthermore, Europe is expected to hold a significant market share with a strong CAGR during the forecast period. Increasing investments of the research & development sector and presence of large market players are the key factors projected to drive the market in the region in the coming years. Moreover, shift in consumer preferences and comparatively high spending power is also boosting the demand and growth of the region and anticipated to do so during the forecast period.
Global Liquid Smoke Market By Region
- Largest
- Fastest
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Liquid Smoke Market Dynamics
Liquid Smoke Market Drivers
- Continuous growth in the demand and introduction to new liquid smoke flavors across the globe are the key factors driving the growth of the global liquid smoke market during the forecast period. In the recent years, customers are getting more familiar with liquid smoke products in the processed food products that are creating lucrative growth opportunities for these products in restaurants and hotels also for preparing unique drinks as well as food products.
- The reduction in the cost of manufacturing process and the overall product is another factor anticipated to boost the demand and acceptance of liquid smoke across the world. And, since environmental conditions are constantly changing, so the conventional form for barbeque smoking is having less popularity. While by using liquid smoke, set up for barbeque is not needed, which reduces the overall cost as well.
Liquid Smoke Market Restraint
- Serious health effects of using liquid smoke since it contains many harmful chemical substances that can be dangerous for the human health and body is the major factor expected to hinder the global market over the forecast period. According to some reports, liquid smoke contains some cancer-causing chemicals, which is completely depend on the type of wood used in production and over usage of these products may caused for cancer issues and many other health related problems also.
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Liquid Smoke Market Competitive Landscape
The global liquid smoke market is fairly fragmented in nature due to the presence of several domestic and international players across the globe such as Kerry Group, Azelis Company, and Besmoke Ltd. Major key players are implementing on several business strategies for the expansion of their product portfolio and geographical presence like product innovations, technological advancements, partnerships, and collaboration.
Top Players in the Global Liquid Smoke Market
- Azelis Holdings S.A.
- B&G Foods Inc.
- International Flavors and Fragrances Inc.
- McCormick & Company Inc.
- PS Seasoning
- Baumer Foods Inc.
- Kerry Group PLC
- MSK Ingredients Limited
- Colgin Inc.
- Red Arrow International LLC
Liquid Smoke Market Recent Developments
- In February 2021, Azelis announced about its new opening of smoke production facility in Denmark for its geographical footprint expansion. The plant’s design is basically based on the Azelis’s proprietary technology and all major operations related to distillation & extraction are wholly automatic.
- In March 2021, PS Seasoning unveiled its new gourmet seasonings for springs. This new type of pre-mixed seasoning blends consists Bacon Bomb Jalapeno Hickory, Elote Loco Street Corn Blend, Citrus Smash Lemon Pepper Grinder, and The Tailgater Ballpark Burger. This line of seasoning is specially created and innovated for springs.
Liquid Smoke Key Market Trends
- With the changing lifestyles, consumer preferences, and increasing popularity of healthier food rather than oily foods, many consumers are shifting for traditional methods of cooking as well, like roasting, grill, etc., due to their believe that the traditional method is more healthy and imparts a rich aroma with a woody flavor to the final consumer products. As a result, the demand of liquid smoke products is expected to have a boom in the demand in the next few years.
Liquid Smoke Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global liquid smoke market is witnessing a significant growth during the forecast period owing to the move towards the traditional cooking forms, increased per capita income, and increasing demand in developed countries. Furthermore, numerous numbers of flavours available in the market along with the lowering cost are also expected to boost the market over the forecast period. However, increasing awareness among people regarding health issues associated with smoky products are likely to hamper the growth of the global liquid smoke market throughout the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 72.86 million |
| Market size value in 2031 | USD 122.05 million |
| Growth Rate | 5.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Liquid Smoke Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Liquid Smoke Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Liquid Smoke Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Liquid Smoke Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Liquid Smoke Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Liquid Smoke Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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