Dublin, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Liquid Smoke Market By Application, By Type, By Distribution Channel, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Liquid Smoke Market size is expected to reach $109.43 million by 2027, rising at a market growth of 9.70% CAGR during the forecast period.
Liquid smoke is a red to yellow colored liquid, which is a flavoured water-soluble alternative for cooking food with wood smoke. It is a natural byproduct of burning wood. When a wood is burnt, it produces smoke, steam, and water vapour, which is condensed through coiled tubing to capture the smoke. This liquid is then processed & purified into a thick liquid to eliminate its impurities like ash and soot. Further, it can also be used to flavour meats and vegetables.
Liquid smoke is produced on commercial basis for the US and European meat sector and is also regulated by the governments of the respective countries. Another name for liquid smoke is wood vinegar and it is produced domestically in Indonesia, Malaysia, Japan, Brazil, Southeast Asia and China.
There are many companies like Wright's liquid smoke, which are introducing new innovations in liquid smoke to maintain the interest of customers in using liquid smoke. In additions, there are many food joints and restaurants, which are using liquid smoke in their dishes to add a smoky flavor to it. There is a rise in the consumption of liquid smoke in the households of various developed nations due to the customer inclinations towards smoked food items.
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on the growth of the Liquid Smoke Market. Whilst the pandemic, lockdowns were announced that hindered the manufacturing industries. The restaurants were also not able to open their outlet, which leads to a loss in demand as well as revenue. As a consequence, production capacity took a hit and decreased which detrimentally impacted the development of the Liquid Smoke Market.
The sudden lockdowns, hoarding exercises and budget cuts have negatively impacted the consumption of Liquid Smoke since it was not in the priority for most households. Restaurants were shut down and many went out of business, which negatively impacted the demand for the condensate product. Cooking for comfort became a luxury when the world was trying to have balanced meals to boost their immunity. Liquid Smoke remained as a backburner for chefs and dilettantes, but other than that most of its consumers focused on more essential products, which caused a great dip in the consumption of liquid smoke.
Market Growth Factors:
Cost Efficiency and Environment Friendly
The reduction in the cost of production that is caused by the increasing acceptance of liquid smoke equipment within leading players is estimated to provide lucrative opportunities to the liquid smoke market players. Since environmental conditions are constantly changing, the conventional form of barbeque for smoking is becoming less popular. By using liquid smoke, customers don't need to set up barbeque in their garden, which reduces their overall cost.
Growing demand and introduction of new flavors in the market
Customers are getting familiar with liquid smoking products that are leading to the expansion of flavor palette in the food and beverage industry. Several food restaurants are widely using liquid smoke to prepare some unique drinks as well as food products. Furthermore, several manufacturers are highly investing in the research and development activities to make new flavors of liquid smoke that can attract more customers.
Market Restraining Factor:
Health effects of using liquid smoke
Smoke in any form is a controversial ingredient since it contains various chemical compounds that can be very dangerous for the human health. Some studies suggested that liquid smoke contain cancer-causing chemicals, which is totally depend on the type of wood used in making the liquid as well as the condition of processing it. Several food safety organizations across different parts of the world are issuing guidelines to the liquid smoke manufacturers to label their products describing their composition.
Application Outlook
Based on application the market is divided into Meat, seafood, sauces, marinades, bakery/confectionery and others. The Meat segment acquired the maximum revenue share in 2020 and is estimated to witness a promising growth rate over the forecast period. The growth is a result of a surge in the population of non-vegetarian customers across the globe. Meat is one of the most consumed non-vegetarian items that go perfectly with liquid smoke.
Type Outlook
Based on type, the liquid smoke market is segmented into Hickory, Mesquite, Applewood and others. The Hickory segment dominated the liquid smoke market with the highest revenue share in 2020 and is estimated to display a promising growth rate over the forecast period. It is due to the versatility of Hickory as compared to other forms of liquid smoke as it can be used with fish, red meats and even vegetables.
Distribution Channel Outlook
Based on distribution channels, the market is fragmented into hypermarkets/supermarkets, convenience stores, e-commerce and others. The hypermarkets/supermarkets segment dominated the market with the highest market share in 2020 and is projected to showcase a substantial growth rate during the forecast timeframe. The blend of a grocery supermarket and department store results in what we call a Hypermarket.
Regional Outlook
By region, the market is analyzed across North America, Europe, Asia Pacific and LAMEA. Europe emerged as the leading region in the liquid smoke market with the largest revenue share in 2020. The most commonly food preparation process across different nations of the region is barbeque, the smoky flavor of different food products is always on the top of food list of the consumers. Due to this, the adoption of liquid smoke flavor is expected to witness a rise over the forecast period.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Azelis Holdings S.A., B&G Foods, Inc., International Flavors & Fragrances, Inc., McCormick & Company, Inc., Kerry Group PLC, Colgin, Inc., MSK Ingredients Limited, PS Seasoning, and Baumer Foods, Inc.
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Liquid Smoke Market by Application
3.1 Global Meat Market by Region
3.2 Global Sauces/ marinades Market by Region
3.3 Global Seafood Market by Region
3.4 Global Bakery/ Confectionery Market by Region
3.5 Global Other Applications Market by Region
Chapter 4. Global Liquid Smoke Market by Type
4.1 Global Hickory Market by Region
4.2 Global Applewood Market by Region
4.3 Global Mesquite Market by Region
4.4 Global Other Types Market by Region
Chapter 5. Global Liquid Smoke Market by Distribution Channel
5.1 Global Hypermarkets/ Supermarkets Market by Region
5.2 Global Convenience Stores Market by Region
5.3 Global E-commerce Market by Region
5.4 Global Other Distribution Channel Market by Region
Chapter 6. Global Liquid Smoke Market by Region
Chapter 7. Company Profiles
7.1 Azelis Holdings S.A.
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.1 Recent strategies and developments:
7.1.1.1 Geographical Expansions:
7.2 B&G Foods, Inc.
7.2.1 Company Overview
7.2.2 Financial Analysis
7.3 International Flavors & Fragrances, Inc.
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 Recent strategies and developments:
7.3.5.1 Partnerships, Collaborations, and Agreements:
7.4 McCormick & Company, Inc.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental and Regional Analysis
7.4.4 Research & Development Expense
7.4.5 Recent strategies and developments:
7.4.5.1 Acquisitions and Mergers:
7.5 Kerry Group PLC
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expense
7.5.5 Recent strategies and developments:
7.5.5.1 Acquisitions and Mergers:
7.6 Colgin, Inc.
7.6.1 Company Overview
7.7 MSK Ingredients Limited
7.7.1 Company Overview
7.8 PS Seasoning
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
7.8.2.1 Product Launches and Product Expansions:
7.9 Baumer Foods, Inc.
7.9.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/26nlgi
