Liquid Smoke Market size is estimated to reach $264.5 million by 2026, growing at a CAGR of 8.7% over 2021-2026. Liquid smoke helps to enhance the flavor of food which are mostly used in barbeque sauces, and marinades. Liquid smoke is produced by hardwood like hickory and oak etc. that helps to add smoky taste in food. Liquid smoke contains acidic and phenolic agent provides smoky texture in food products. Recently, liquid smoke is considered as modern method of providing flavors in food which are used in food and beverages sector to improve the quality and taste of food. Liquid smoke are used in main dishes, side dishes, desserts, sauces, and many more which helps to attract in food owing to its smoky flavor. With the help of spraying, dipping and atomizing process, the smoky flavor is easily entered in food. The use of liquid smoke is becoming increasingly in meat dishes that increases the need of liquid smoky flavor in food. Growing demand of new flavors in food and beverage industry and rising consumption of meat products is the major factor driving the growth of Liquid Smoke Market. Furthermore, the rising demand of purchasing smoky food products among population and growing developments in food and beverage industry is set to further enhance the overall market demand for Liquid Smoke Market for the period 2021-2026.
Liquid Smoke Segment Analysis – By Product
The Liquid Smoke Market based on Product can be further segmented into Hickory, Mesquite, Applewood, and Others. The Hickory segment is the major segment generating revenue in 2020. Hickory is considered as famous wood for smoking barbequed meats and anything cooked on the grill. Moreover, it provides sweet smoky flavor that attracts the taste among consumers and are consumed in a large quantity and thus driving the growth of hickory segment. The Mesquite segment is estimated to register the fastest CAGR of 9.1% for the period 2021-2026. Mesquites smoke is strongest among all wood smokers which provides over power on foods. It is mostly used in snack crackers, nuts, trail mix, baked beans, salad dressings, marinades, barbecue sauces, or gravies that rising the use of mesquite which in turn boosting the growth of Liquid Smoke Market.
Liquid Smoke Segment Analysis – By Application
The Liquid Smoke Market based on Application can be further segmented into Seafood and Meat, Bakery and Confectionery, Sauces, Dairy, Pet Foods, Others. The Seafood and Meat segment registers for the highest Liquid Smoke Market share in 2020. This is mainly owing to rising consumption of protein among health consciousness people that rising the needs of flavors in food. Moreover, various manfacturers are also focusing on improving smoky flavors in meat products that further boosting the market growth. The Bakery and Confectionery segment is forecasted to register the fastest CAGR of 10.2% over 2021-2026. This is mainly owing to rising trends of adopting attractive appearance and taste in various desserts as mostly consumers demand new trends in food which rising the need of liquid smoke in various sector and are thus propelling the growth of Liquid Smoke Market.
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Liquid Smoke Segment Analysis – By Geography
North America dominated the Liquid Smoke Market with major share of 45% in 2020. This is owing to growing trends of smoked flavor meat and other products. Moreover, growing innovation in variety of flavors of food and beverage industry rising the growth of Liquid Smoke Market. Furthermore, manufacturers are also developing new kind of flavors that helps to increase the flavour of variety of dishes which in turn driving the market growth.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.05% during the forecast period 2021-2026 owing to rising use of liquid smoke in various recipes. In India, large number of people are consuming smoky flavored dish that is further enhancing the market growth.
Liquid Smoke Market Drivers
Growing Demand of New Flavors in Food and Beverage Industry
Rising awareness towards liquid smoking products among consumers increasing the development of new flavors in food and beverage industry. Moreover, growing preference of barbeque sauces among population increases the use of smoky flavor and large number of manufacturers are focusing on developing new type of flavors that helps to increase the sales of food as consumers are attracted quickly in new kinds of flavors and therefore rising the growth of the Liquid Smoke Market over the period 2021-2026.
Rising Consumption of Meat Products
Rising trends of consuming protein among health consciousness people increasing the sales of meat product and growing demand of smoky flavored meat further driving the market growth. Recently, the demand of processed meat products increases among consumers that also contains smoky taste to enhance the taste so that the consumers are focusing on more regarding smoky food products which further boosting the growth of Liquid Smoke Market over the period 2021-2026.
COVID-19 pandemic had greatly impacted the growth of Liquid Smoke Market. During pandemic, there is a lockdown that created a disruption in the manufacturing industries. Owing to lockdown, the restaurants are also not able to open which created a huge loss. Moreover, production capacity also decreases among manufacturers and are negatively impacted the growth of Liquid Smoke Market.
Liquid Smoke Market Challenges
Rising Concerns Regarding Health
The factors that is set to impede the growth of the Liquid Smoke Market are rising health issue owing to consumption of excessive smoky flavoured food that is set to restrain the growth of Liquid Smoke Market.
Liquid Smoke Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Liquid Smoke Market. Liquid Smoketop 10 companies are Red Arrow International LLC; Glod Coast Ingredients; Azelis SA; B&G Foods Inc.; Ruteinberg Ingredients BV; Colgin; Kerry Groupe PLC; MSK Ingredients; Redbrook Ingredients Services Ltd.; and Besmoke Ltd.
In May 2020, Gold Coast Ingredients launched a new Smoked Gouda Flavor that provides an alternative for standard cheese flavors, including cheddar, white cheddar and nacho cheese.
In 2020, North America dominated the Liquid Smoke Market owing to rising trends of consuming smoked flavor meat and other products. Moreover, growing innovation in variety of flavors of food and beverage industry rising the growth of Liquid Smoke Market.
Growing demand of new flavors in food and beverage industry and rising consumption of meat products are enhancing the growth of the Liquid Smoke Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Liquid Smoke Market report.
Rising health issue owing to consumption of excessive smoky flavoured food is set to create hurdles for the Liquid Smoke Market.
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