What is the global market size of Liquid Smoke Market?

Global Liquid Smoke Market size was valued at USD 72.86 million in 2021 and is poised to grow from USD 108.83 million in 2022 to USD 122.05 million by 2030, growing at a CAGR of 5.9% in the forecast period (2023-2030).

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 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.

Liquid Smoke Market Report Snapshots

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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).

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. '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'

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.

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.

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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

Liquid Smoke Market Regional Insights

Liquid Smoke Market Report Snapshots

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