Description
The Meat Extract Market was valued at USD 16.85 billion in 2023 and is estimated to increase at a CAGR of 5.5% from 2023 to 2030, reaching USD 24.51 billion by 2030.
Market Overview
Meat extract, usually made from beef or chicken, is a highly concentrated meat stock. It is consumed in food to enhance the taste of food, mainly meat and for preparation of soup or body fluids for liquid food. There are many sectors within the food processing business especially the meat sector which is of great significance though when we dive further we find out that the animal and livestock industries also contribute towards the food processing business. Meatpacking is a term that denotes the production of meat. The meatpacking industry refers to the slaughtering, packing, and movement of the animal. The core business of the meat industry is provisioning meat as food. The leading choice in meat for Indians is chicken and it is also accepted in large scale in the region.
Meat extract describes the addition of various meat dishes to add specific flavors and tastes to the meals. Also, it is an effective way of getting proteins, vitamins, and minerals that are essential for proper nutrition and general health conditions. The demand for convenience food like ready-made meals, soups sauces, pre-cooked and processed meat has pushed the need for meat extract needs higher and higher.
The COVID-19 pandemic and subsequent lockdowns disrupted the meat processing industry, causing shortages in raw materials for meat extract production. Labor shortages and movement restrictions reduced processing plant capacity, leading to supply chain disruptions. This resulted in temporary shortages of meat extract products and potentially increased production costs due to heightened demand and limited supplies, emphasizing the need for supply chain resilience.
Global Meat Extract Market: Growth Drivers
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Rising Demand for Protein-Rich Foods:
The rapid increase in the sale of protein rich food especially in the developing World will therefore increase the demand for meat extract. It adds protein content in food and at the same time it makes any sort of food tastier.
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Product Innovation:
Companies are creating new and fresh meat extract products to meet a wide range of consumer interests. This includes low-sodium alternatives, organic variations, and even meat extract developed expressly for vegetarian or vegan foods that want to imitate meat flavours.
Global Meat Extract Market: Restraining Factors
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Fluctuating raw material prices impacting production costs
Fluctuating market prices for raw material commodities force the meat extract production companies and manufacturers to continuously gauge costs and profitability and which in turn creates uncertainties for them. It causes price changes and controls expenses in an enterprise since the posed environment is non-deterministic and controlled by events coming from outside the enterprise or by supply-demand relationships. Market risk can cause difficulties to an investor contributing to loss of money to an investor; diversification and hedging are thus useful strategies to address this.
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Health Concerns:
Health active consumers may doubt the consumption of meat extract product with high proteins demand as it may contain excessive sodium or additives and thus can put a limit on the growth market potential.
Global Meat Extract Market: Opportunity Factors
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E-commerce Growth:
The growing trend of online retail gives meat extract suppliers the opportunity to increase their scope and tap a new market segment.
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Expansion in food processing and culinary applications:
Meat extracts are ideal ingredients for foodstuff; some of these include soups, sauces, gravies, herbs and spices, marinade, etc. It will also open the space for the development of new culinary methods and products based on new consumer trends and demands.
Global Meat Extract Market: Challenges
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Environmental Considerations:
Consumer preferences for plant-based alternatives may be affected by worries about the environmental effects of meat production and processing, which might decrease the market for items made from meat extract.
Global Meat Extract Market: Segmentation
Based On Form: The market is segmented into Powder, Liquid, and Paste. Among these, Powder form dominates major revenue contributors.
Based On Type: The market is divided into Beef, Chicken, Pork, and Lamb. In terms of volume, the chicken type segment led the market and accounted for a share.
Based On Region: Based on Region, the market is segmented into five key geographical regions namely – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Meat Extract Market: Regional Insights
North America’s prominence in the global meat extract market stems from its robust meat processing industry and a strong cultural preference for meat-centric cuisine, notably exemplified by the United States’ well-established culinary traditions. Meat extract conveniently enhances the savory flavors in beloved meat-based dishes, aligning with consumer preferences. However, with rising incomes and a flourishing processed food sector, Asia Pacific emerges as a prospective contender. The region’s increasing urbanization and demand for convenient food products signal substantial growth potential. Nonetheless, the burgeoning popularity of plant-based alternatives poses a potential challenge in certain markets. Latin American developing nations also demonstrate a significant appetite for meat-extract-based products, prized for their taste and nutritional benefits. Market players like BRF and JBS actively drive innovation, further stimulating regional market growth.
Global Meat Extract Market: Competitive Analysis
Bovogen Biologicals Pty Ltd, Colfiorito SRL, Essentia Protein Solutions, Givaudan S.A, International Dehydrated Foods, Inc. Kerry Group plc, Koninklijke DSM N.V., Nestle S.A., NH Foods Ltd., Proliant Meat Ingredients, Titan Biotech Limited.
Global Meat Extract Market: Recent Developments
- Kerry Group plc: On June 15, 2023, Kerry introduced Biobake EgR Egg Reduction Enzyme, a cost-effective and sustainable baking solution.
