Liquid Smokes Market Development and Growth Opportunities by Forecast 2032

The global liquid smoke market is expected to reach a market valuation of US$ 103 million in 2023, accelerating at a CAGR of 11.7% throughout the forecast period. By 2033, the overall market size is projected to reach US$ 252 million.

Liquid smoke is a common flavour ingredient in commercial barbecue sauces and marinades. It's also used on hot dogs, meats, and various types of cheese for a smoky flavour. It is a condensation product obtained from the destructive distillation of wood. Liquid smoke production further obtained and concentrates wood smoke, which is derived from hardwood trees such as hickory and oak. The collected condensate is then filtered to remove contaminants in the form of soot and ash, producing liquid smoke. The acid and phenolic content of liquid smoke influences the flavour and texture of food. Additionally, liquid smoke is used in the hospitality industry as a colour preservative, browning agent, and antimicrobial agent.

Growing consumer knowledge of liquid smoke solutions that extend product shelf life without grilling, roasting or flavouring is having a positive impact on the growth of the liquid smoke market. Moreover, the growing purchasing power of the working class in developing countries is pushing customers to spend more money on liquid smoke products, boosting the growth of the liquid smoke market during the forecast period. Moreover, growing demand for smoked flavoured meat products and increasing trend of protein consumption among health conscious consumers contribute to the expansion of the liquid smoke market. According to TheWorldCounts, global meat production is expected to reach 276 million tons in 2022. By 2050, a staggering 460 to 570 million tonnes of meat are expected to be consumed worldwide. The recent increase in flavour has led consumers to pay more attention to smoked foods, further accelerating the expansion of the liquid smoke market.

The growth continues to influence consumer spending on the incorporation of liquid smoke as a functional ingredient in meat, poultry, seafood, sauces, condiments, crackers and bread formulations by processed food manufacturers. The development of new flavours in the food and beverage industry is driven by growing consumer awareness of liquid smoke products. Additionally, the popularity of barbecue sauces among consumers has led to an increase in the use of smoked flavours and many manufacturers are focusing on developing new flavours as consumers quickly gravitate toward them. For example, according to IBISWorld, the market size of the BBQ sauce manufacturing industry in the United States has grown faster than the overall consumer goods and services sector. The market size of the barbecue sauce manufacturing industry in terms of sales in 2023 is USD 1.9 billion. The US barbecue sauce manufacturing industry market size will grow at a CAGR of 1.5% from 2018 to 2023. This led to a huge growth in the liquid smoke market.

Type Insights
The hickory segment of the global liquid smoke market is estimated to exhibit the fastest growth rate during the forecast period. This tremendous growth rate is attributed to the popularity of liquid hickory smoke and its widespread use in grilling meat. Also, hickory-type liquid smoke is highly preferred due to its strong aroma and flavour. Moreover, strategic collaborations initiated by key market players to offer the best types of liquid smoking is another factor likely to boost the growth of the segment over the forecast period.

Application Insights
The meat segment is expected to have a dominant market share as people increasingly prefer meat in their daily diet. Additionally, the rapid growth of fast food chains such as Taco Bell, Burger King, Subway, and McDonalds has led more people to buy affordable meal packages, increasing demand for smoked meat products. These factors are expected to drive the growth of the sub-segment over the analysis period of 2021-2028.

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Regional Insights
The Asia Pacific market is expected to register the highest CAGR of 10.2% in revenue from 2022 to 2030. Asia-Pacific led the market, accounting for over 39.0% of global sales in 2021. Countries such as China, Indonesia, and Japan are expected to become major producers of food and beverages in the coming years. Favourable trends in the Asia-Pacific food and beverage industry are estimated to boost the demand for liquid smoke in the forecast year. Consumers, therefore, are looking for nutritious and healthy products, especially in times of COVID-19, when food intake has become a priority for many, while making food-related choices that can contribute to market growth.

Key Companies Insights
The liquid smoke market is largely an organized market, dominated by a few number of players. A major player in the Liquid Smoke industry relies on strategies such as new product launches and acquisitions to remain relevant with liquid smoke market share in the global market. Due to changing consumer trends, many companies are expanding their product portfolios to gain a competitive edge in the market. Additionally, manufacturers are increasingly involved in research and development activities related to products used in the production of liquid smoke. The companies are expanding their production capacity to meet the growing demand for liquid smoke from the application industry. For instance, In September 2020, Batory Foods entered into an agreement with BioHarvest Sciences Inc., a developer of proprietary, patented bioagricultural technology.

Some prominent players in the global liquid smokes market include:
• Azelis S.A.
• B&G Foods, Inc
• Baumer Foods
• Besmoke Ltd.
• Colgin, Inc
• Kerry Group, Plc
• McCormick & Company, Inc
• Msk Ingredient Ltd
• Ps Seasoning
• Red Arrow International
• Redbrook Ingredient Services Ltd.
• Ruitenberg Ingredients B.V.
• Smoked Flavours Pty Ltd
• Urban Platter
• Other Players

Segments
By Type
• Hickory
• Mesquite
• Applewood
• Others

By Application
• Meat Products
• Sauces
• Seafood
• Dairy Products
• Bakery/Confectionery
• Pet Food
• Others

By Distribution Channel
• Hypermarkets/Supermarkets
• Convenience Stores
• E-Commerce
• Others

By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt

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