Global Meat Extract Market Report 2024: Market to Surpass $9 Billion in 2028 - Long-term Forecast to 2033

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Jan 12, 2024, 19:45 ET

DUBLIN, Jan. 12, 2024 /PRNewswire/ -- The "Meat Extract Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The meat extract market size has grown strongly in recent years. It will grow from $6.59 in 2023 to $7 in 2024 at a compound annual growth rate (CAGR) of 6.2%. The meat extract market size is expected to see strong growth in the next few years. It will grow to $9.01 in 2028 at a compound annual growth rate (CAGR) of 6.5%.

The expansion observed in the historical period can be attributed to several factors, including an increased demand for ready-to-eat foods, the growing popularity of meaty flavors in various culinary preparations, a rise in the demand for protein-rich food products, the increase in processed foods due to fast-paced lifestyles, and the heightened utilization of meat extract in culinary traditions. These factors collectively contributed to the growth of the meat extract industry during this period.

The projected growth in the forecast period can be attributed to several factors, including the increasing demand for natural and clean label products, a rising interest in protein supplements, a growing market for natural food products, an expanding demand for meat extract in the pharmaceutical industry, and an increased utilization of meat extract in pet food products.

Key trends expected in this period include the development of plant-based meat extracts, a focus on clean and transparent labeling, the rise of online retail and direct-to-consumer sales, the adoption of innovative packaging solutions, and a growing interest in gourmet and artisanal meat extract products. These trends reflect evolving consumer preferences and the industry's efforts to cater to changing market demands.

The meat extract market is anticipated to experience growth due to the increasing demand for protein-rich food products and beverages. Protein-rich foods, derived from both plants and animals, serve as sources providing essential amino acids to the body. Meat extract, offering a protein source, is utilized in various processed meals to reduce salt levels while enhancing flavor and nutritional value. A study conducted by Kerry Group in November 2021 revealed that 75% of global consumers expressed willingness to pay more for protein-fortified foods and beverages, highlighting the rising consumer demand that propels the meat extract market's growth.

The upward trend in meat consumption is expected to contribute to the expansion of the meat extract market. As a primary source of protein in human diets, meat consumption, including beef, pork, lamb, poultry, and game meats, has seen a substantial increase. The heightened demand for meat and meat-based products has led to a corresponding increase in the usage of flavor enhancers like meat extracts.

Notably, the combined production of various meats, as reported by the North American Renderers Association in November 2021, experienced a significant year-on-year increase of 22.4%, with mutton, beef, and poultry meat production rising by 5.3%, 3.9%, and 3.8%, respectively. This surge in meat consumption is a key driver behind the meat extract market's growth.

A prominent trend in the meat extract market is the focus on product innovations by major companies in the sector. These innovations involve the development of new methods and procedures for producing meat extract, expanding its applications. For instance, Essentia Protein Solutions introduced C3307 Chicken Flavour in June 2021, offering a higher protein content, lower carbohydrates, and no added salt. This innovation caters to low-sodium applications, providing a robust chicken flavor without compromising on taste.

Companies in the meat extract market are also launching new products such as meat stick flavors to cater to diverse customer preferences, increase sales, and drive revenue growth. Meat stick flavors refer to distinct taste profiles and seasoning combinations designed to enhance the appeal of meat sticks.

Chomps, a US-based meat snack company, introduced two new flavors, Taco Beef and Habanero Beef, in March 2023. Notably, the Habanero Beef stick stands out as the spiciest offering to date, delivering an intense fusion of flavor and heat through a blend of habanero peppers, red pepper, and coriander. These meat sticks are made from grass-fed and finished beef, containing 10 grams of protein, 100 calories, and no sugar.

North America was the largest region in the meat extract market in 2023. The regions covered in the global meat extract market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key Topics Covered:

1. Executive Summary

2. Meat Extract Market Characteristics

3. Meat Extract Market Trends And Strategies

4. Meat Extract Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Meat Extract Market Size and Growth
5.1. Global Meat Extract Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Meat Extract Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Meat Extract Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Meat Extract Market Segmentation
6.1. Global Meat Extract Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Powder
Liquid
Granules
Paste

6.2. Global Meat Extract Market, Segmentation By Meat, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Beef
Chicken
Pork
Lamb
Other Meats

6.3. Global Meat Extract Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Industrial
Commercial

7. Meat Extract Market Regional And Country Analysis
7.1. Global Meat Extract Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Meat Extract Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

A selection of companies mentioned in this report includes

Givaudan SA
Haco Holding AG
International Dehydrated Foods Inc.
Carnad A/S
Titan Biotech Ltd.
Bhagwati Chemicals
Nikken Foods Co Ltd.
Colin Ingredients SAS
NH Foods Limited
Inthaco Co Ltd.
Activ International SA
Maverick Biosciences Pty Ltd.
Nippon Ham Group
ARIAKE Japan Co Ltd.
Meioh Bussan Co Ltd.
Kanegrade Limited.
BRF S.A.
Cargill Incorporated
Clemens Food Group
Conagra Brands Inc.
Hormel Foods Corporation
Joesley Batista Sobrinho S.A.
Minerva Foods SA
Tyson Foods Inc.
Smithfield Foods Inc.
Sanderson Farms Inc.
Perdue Farms Inc.
Pilgrim's Pride Corporation
OSI Group LLC
Marfrig Global Foods S.A.
Danish Crown A/S
Tonnies Holding GmbH & Co. KG
Vion Food Group
Westfleisch SCE mbH
H. J. Heinz Company
Nestle S.A.
Unilever Group
Kerry Group
Tate & Lyle PLC
Symrise AG
Firmenich SA
International Flavors & Fragrances Inc.
Mane SA

For more information about this report visit https://www.researchandmarkets.com/r/tn3za

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