The global meat extract market size was valued at around USD 1.63 billion in 2020. The market is projected to grow from USD 1.70 billion in 2021 to USD 2.41 billion in 2028 at 5.11% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has mentioned these insights in its latest research report titled, “Meat Extract Market, 2021-2028.”
According to the study, the trend for savory meat flavors will boost the business outlook amidst shifting dietary patterns. Besides, ready-to-cook meals have become sought-after across emerging and advanced economies.
COVID-19 Impact
Strong Demand for Ready-to-Eat Meals Boosts Growth Prospect
The COVID-19 outbreak had a mixed impact on the demand for meat extract products globally. For instance, ready-to-eat meals witnessed an unprecedented demand following the COVID-19 induced restrictions and lockdowns. However, the growing trend for vegetarian and vegan products during the pandemic did not bode well for the meat extract business outlook.
Segments
In terms of type, the market is segregated into chicken, beef, pork, and lamb.
With respect to application, the market is segmented into seasonings & coatings, ready-to-cook & ready-to-eat meals, infant foods, savory snacks, soups and broths, sauces & spreads, and others.
Based on region, the industry is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report is prepared rigorously through qualitative and quantitative analysis. The use of top-down and bottom-up approaches further validates the veracity of the research report. Included but not limited to, secondary and primary research has also been included to provide a birds-eye-view. We have deep-dived into annual reports, SEC filings, press releases, and government websites to bolster the authenticity of the report.
Drivers and Restraints
Surging Demand for Meaty Flavor in Processed Foods to Provide Lucrative Opportunities
The demand for meaty flavor has become pronounced globally with “umami” setting the trend among the end-users. Amidst the sedentary and hectic lifestyle, the market presence of ready-to-eat and ready-to-cook meals has provided an impetus to the industry growth. Moreover, the growth of the middle-class population across emerging economies has encouraged meat extract manufacturing companies to augment their production. According to the 2018 Global Economic Development Report at Brookings, the global middle-class in 2030 could have 5.41 billion people. Additionally, consumers have exhibited an inclination for animal meat products as a potential source of protein. Food Innovation Australia Ltd. (FIAL) claims India and China will contribute a 47% surge in global protein consumption by 2025.
The trend for plant-based substitutes, along with the high vegan population, could impede the market growth of meat extract.
Regional Insights
North America to Remain at the Helm with the Demand for Processed Foods
End-users in the U.S., Canada, and Mexico are likely to seek meat extract products on the heels of the trend for meaty flavors. The food & beverage companies have upped investments in meat stock to help boost the flavor in cooking. Prominently, meat consumption is poised to surge following the demand for red meat products. According to the U.S. Department of Agriculture (USDA), the total amount of meat consumed in the U.S. could touch 219 pounds per person by 2025.
The Asia Pacific meat extract market share will witness a commendable gain due to the presence of major food companies. Commercial food outlets have expanded their footfall across the emerging economies. Notable demand for ready-to-eat food will be pronounced across the region, thereby encouraging leading companies to augment their investments.
Industry participants are expected to inject funds into the Europe market in the wake of the demand for exotic flavoring ingredients. Prominently, the penetration of poultry meat has become palpable across the U.K., France, Germany, and Italy. According to the EU, poultry meat consumption could reach 24.6 kg per capita by 2030. Furthermore, the trend for umami flavor across the region has encouraged leading companies to bolster the Europe meat extract market growth.
Competitive Landscape
Prominent Companies Infuse Funds into Product Rollouts to Gain a Competitive Edge
The competitiveness of the market for meat extract indicates leading companies will focus on organic and inorganic strategies, product launches, including mergers & acquisitions, technological advancements, and innovations.
Key Industry Development
March 2021 – Essentia Protein Solutions launched an expanded product line that includes a variety of broths, stocks, and fats to include high-fat beef broth powder.
Source:
https://www.fortunebusinessinsights.com/meat-extract-market-103227
