Non-Meat Ingredients Market worth $46.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 1, 2022 /PRNewswire/ -- According to MarketsandMarkets™, the "Non-Meat Ingredients Market by Ingredient (Binders, Extenders, Fillers, Coloring & Flavoring Agents, Salts & Preservatives), Type (Beef, Pork, Mutton, Poultry), Product, Source (plant, chemical, animal) & Region - Forecast to 2027", is estimated to be valued at USD 36.6 billion in 2021. It is projected to reach USD 46.7 billion by 2027, recording a CAGR of 4.2% during the forecast period.
Functional non-meat ingredients provide unique product effects and/or contribute in their own way to the uniqueness and enhanced properties of processed meat products. The product properties that result from adding non-meat ingredients are likely to be altered if these ingredients are reduced or eliminated. Most functional non-meat ingredients have more than one role in processed meat; minute changes in their quantities can alter the properties of the products, making them an essential part of most processed meats.
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Meat processing plants prefer the usage of functional non-meat ingredients during processing
The intensive distribution of processed meat products has made them easily available to consumers. Their ease of use and hassle-free preparation have added to their growing popularity and demand. To satisfy the ever-increasing demand for processed meat products, processing plants are adopting various ways to increase production. One such method is the use of functional non-meat ingredients during meat processing. Meat processing plants are recognizing the importance of functional non-meat ingredients and their effects on end products. Functional non-meat ingredients such as binders, fillers, extenders, coloring agents, texturing agents, flavoring agents, preservatives, and salts are used to enhance the quality of processed meat products
Rising vegetarian and vegan population is a major factor limiting the market growth
The growing number of vegetarians and the vegan population is a limiting factor for non-meat ingredients. Veganism is growing in popularity and visibility, especially in countries like the US, Canada, the UK, and Australia. People love meat products, and dietary changes can be challenging. Switching to a vegan diet is not always easy, given that cultural and socio-economic factors can affect plant-based food accessibility.
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Asia-Pacific accounted for the largest market share of 36.9% in 2021
In 2021, Asia Pacific is expected to account for the largest share of the non-meat ingredients market in 2021, and this trend is expected to continue during the forecast period. The large share of this region is attributed to the large-scale meat production and consumption of non-meat ingredients in meat products and various other food applications.
The key players in this market include Kerry Group (Ireland), Dow (US), Associated British Foods plc (UK), Wiberg GmbH (Austria), Essentia Protein Solutions (US), Advanced Food Systems (US), Ingredion (US), and ADM (US).
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