Meat-based Flavor Market Worth $6.0 Billion by 2031 at 5.8% CAGR : Allied Market Research

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May 22, 2023, 06:18 ET

The global meat-based flavor market is driven by factors like the rising demand for natural and clean-label ingredients and plant-based meat alternatives.

PORTLAND, Ore., May 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Meat-Based Flavors Market by Type (Natural Meat Flavor, Artificial Meat Flavor), By Flavor (Chicken, Beef, Pork, Turkey, Fish and Seafood, Others), By Application (Baked Goods, Soups and Sauces, Savory, Ready Meals, Processed Meat, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global meat-based flavor market generated $3.4 billion in 2021 and is anticipated to generate $6.0 billion by 2031, witnessing a CAGR of 5.8% from 2022 to 2031.

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Prime determinants of growth-

The global meat-based flavor market is driven by factors like the rising demand for natural and clean-label ingredients and plant-based meat alternatives. However, lack of knowledge about the flavor of meat and regulations, as well as increased competition from plant-based substitutes impede the growth to some extent. Moreover, the market for meat-based flavors is expanding due to technological advancements, new flavors, and innovation in the production of meat substitutes.

Report coverage & details-

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$3.4 Billion
Market Size in 2031	$6.0 Billion
CAGR	5.8 %
No. of Pages in Report	442
Segments Covered	Type, Flavor, Application, and Region
Drivers	The rising demand for natural and clean-label ingredients
Drivers	Plant-based meat alternatives
Opportunities	Technological advancements, new flavors, and innovation in the production of meat substitutes
Restraints	Lack of knowledge about the flavor of meat
Restraints	An increased competition from plant-based substitutes

COVID-19 Scenario-

The COVID-19 pandemic had a negative impact on the meat-based flavors market. Due to the COVID-19 outbreak, the governments of various countries imposed a lockdown to reduce the spread of the virus, which led to some difficulties for the market for meat-based flavors.
However, it has also opened new business opportunities for organizations that can adjust to shifting market dynamics and consumer preferences. Companies that offer high-quality products made with natural, own-brand ingredients and that have strong e-commerce capabilities have sustained in the post-pandemic market.

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The natural meat flavor segment to maintain its leadership status throughout the forecast period-

Based on type, the natural meat flavor segment held the highest market share in 2021, accounting for more than three-fifths of the global meat-based flavor market revenue, and is estimated to maintain its leadership status throughout the forecast period. Consumers are increasingly looking for authentic and natural flavors in their food products, including meat products. However, the artificial meat flavor segment is projected to manifest the highest CAGR of 6.1% from 2022 to 2031. This is due to the trend in the rise of plant-based and lab-grown meat, which has created a need for seasonings that replicate the taste & aroma of real meat.

The beef segment to maintain its leadership status throughout the forecast period-

Based on flavor, the beef segment held the highest market share in 2021, accounting for more than one-fourth of the global meat-based flavor market revenue, and is estimated to maintain its leadership status throughout the forecast period. The beef flavor is used in specialty beef flavors, such as grass-fed or Wagyu flavors, to provide a better and more unique taste. These special beef flavors are generally aimed at consumers who are willing to pay more for high quality and a unique taste. However, the chicken segment is projected to display the highest CAGR of 6.2% from 2022 to 2031. Due to its well-known unique flavor, it is a popular option for meat substitutes, including plant-based chicken substitutes.

North America to maintain its dominance by 2031-

Based on region, North America held the highest market share in terms of revenue in 2021, contributed to more than one-third of the global meat-based flavor market revenue, and is expected to maintain its dominance by 2031. Owing to the increase in demand for plant-based and vegetarian alternatives in North America surge the demand for the meat-based flavor in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.1% from 2022 to 2031. The taste for fast food & beverages has constantly changed in Asia-Pacific due to westernization and changes in eating habits. People prefer convenience food or ready-to-eat meals to save time.

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Leading Market Players: -

Essentia Protein Solutions
Firmenich SA
H.E. Stringer Flavours Limited
Fooding Group Limited
Givaudan SA
Symrise AG
T. Hasegawa Co. Ltd.
Kerry Group plc
International Flavors & Fragrances Inc.
Koninklijke DSM N.V.
Calaf Nuances S.L.
P.A. Aromatics Flavors S.r.l.
Archer-Daniels-Midland Company
Nikken Foods Co.Ltd.
Sensient Technologies Corporation.

The report provides a detailed analysis of these key players in the global meat-based flavor market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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