Market Share of Smoke Ingredients Industry
The market studied is competitive in nature due to the presence of domestic and international players. Some of the major payers in this industry are Kerry Group, International Fragrances and Flavors ( IFF), Besmoke Ltd, Azelis Company, and Essentia Protein Solutions. Key players are majorly focusing on product developments and product innovations to meet the consumers' needs by offering a variety of tastes and the products' quality to maintain premiumization. Some of the major players use mergers and acquisitions as their key strategy, as this will enable them to sustain a dominant position and will be beneficial in business expansion. For instance, In April 2021, Azelis India acquired Spectrum Chemicals and Nortons Exim. These acquired companies are specialized in chemical production and have strong distribution channels. The strategy behind the acquisition is to innovate new products using the expertise given by Spectrum Chemicals and Nortons Exim, and eventually, the company will expand its distribution channel, which will be beneficial for it as it can reach a large number of consumers.
Smoke Ingredients Market Leaders
Besmoke Ltd
Kerry Group
Azelis Holdings
International Flavors & Fragrances, Inc.
Essentia Protein Solutions
*Disclaimer: Major Players sorted in no particular order
