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The liquid smoke market size is estimated to grow at a CAGR of 5.68% between 2022 and 2027. The market size is forecast to increase by USD 23.4 million.
This liquid smoke market report extensively covers market segmentation by distribution channel (offline and online), type (hickory, applewood, mesquite, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The increasing number of organized retail outlets is driving growth in the liquid smoke market. Globally, organized retailers are expanding, led by the establishment of supermarkets, drugstores, convenience stores, hypermarkets, and specialty stores. Large, organized retailers are the primary purchasers of liquid smoke. With an increase in population, there is a growing demand for supermarkets. In India, the growth rate of supermarkets and hypermarkets has been high recently, which can be attributed to growing urbanization and rising disposable income. Such factors will positively impact the growth of the global liquid smoke market during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Online retailing is a key trend in the liquid smoke market. Business-to-business (B2B) and business-to-consumer (B2C) operations are the main support for online and e-commerce. Suppliers have the capacity to improve their profitability as more and more people around the globe are buying products online.
Moreover, online shopping portals help consumers avoid the time-consuming journey to retail stores and billing queues. Online shopping sites have included enhanced security features for efficient customer service as well as safe payment options, in addition to the customer's friendly website design that provides increased product visibility. Online retailing will positively impact the growth of the global liquid smoke market during the forecast period.
The distribution challenges are a major challenge faced by the liquid smoke market. For manufacturers and distributors of liquid smoke, retail outlets such as supermarkets, hypermarkets, convenience stores, and discount stores are important distribution channels. The manufacturers face various challenges, such as pressure regarding the prices and margins as retail stores operate at low-profit margins
In addition, rising demand from retailers for frequent and small product deliveries to reduce warehousing costs. Increasing retailers' expectations of introducing innovative promotional units, such as movable shelves that can be rolled when fully stocked, to reduce the replenishment cost of the store. Such factors will negatively impact the growth of the global liquid smoke market during the forecast period
The hickory segment held the largest revenue in the global liquid smoke market in 2022. Hickory Liquid Smoke is a concentrated flavor of hickory smoke. It is made by condensing hickory smoke in a controlled environment and then diluting it with water. In the food industry, Hickory smoke has commonly been used because of its robust and unique smoked smell that creates depth and complexity in food. It is majorly used in meat products such as ham, bacon, and sausages, as well as in dips, marinades, and sauces. Furthermore, the growing demand for healthy food, driven by a rapidly growing population and rising literacy and food services, is meeting high expectations because of product innovation, which in turn is expected to drive the growth of the market.
The market share growth by the offline segment will be significant during the forecast period. The offline distribution channel generates revenue from the sales of products through hypermarkets, supermarkets, clubhouse stores, department stores, and independent retailers. As consumers become more and more used to buying online, revenue generation has decreased in this segment.
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The offline segment was valued at USD 45.51 million in 2017 and continued to grow until 2021. Retailers are introducing new business and retail strategies, such as better pricing strategies and more comprehensive assortments, owing to the declining preference for offline shopping and the need to survive in a competitive market. In the course of their strategy for marketing and offline sales, resellers display impressive graphics in order to sell strongly.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. The increasing health consciousness among consumers and the healthy living trend in Europe have increased the demand for liquid smoke in this region. Moreover, the increasing number of organized retail outlets in Europe offering liquid smoke and the rising demand for liquid smoke among European consumers due to its health benefits, such as low-fat content, will drive the regional liquid smoke market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The liquid smoke market report also includes detailed analyses of the competitive landscape of the market and information about 11 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Liquid Smoke Market Customer Landscape
The liquid smoke market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Liquid Smoke Market Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.68% |
Market growth 2023-2027 |
USD 23.4 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
5.25 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Azelis SA, B and G Foods Inc., Baumer Foods Inc., Besmoke Ltd., Colgin Inc., Istore Direct Trading Pvt. Ltd., Kerry Group Plc, MSK Ingredients Ltd., Ruitenberg Ingredients B.V., Superb Formulations Pvt Ltd, and United Group of Food Consultants |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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