The global Meat Extract market size is expected to be worth around US$ 21.80 billion by 2030, according to a new report by Vision Research Reports.
The global Meat Extract market size was valued at US$ 14.57 billion in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2030.
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Growth Factors
The increasing health consciousness among consumers coupled with growing awareness about the importance of protein-rich diets is expected to propel the product demand over the forecast period.
The R&D initiatives undertaken by industry players leading to market development powered by economic growth in the developing countries will support market growth. Meat extracts have various applications in the food industry including, sauces, soup powders, coatings, and seasoning; these applications are increasing both in number and volume as the food industry is introducing new products and expanding into emerging markets.
The beef, chicken, and pork type segments accounted for more than 88% of the global volume share in 2020 and are expected to retain similar market capitalization over the forecast period. This growth is credited to the high acceptance and consumption of meats by consumers across the globe. The demand for beef extracts is expected to increase due to the increasing use of the meat to enhance the nutritional value of the products, as it contains nucleotides, minerals & vitamins, organic acids, and amino acids & peptides.
North America was the dominant region in 2020 and is expected to retain its position over the forecast period on account of increased consumption of convenience & Ready-To-Eat (RTE) meals. Asia Pacific is expected to be the fastest-growing regional market over the forecast period as a result of the westernization of diets, rising disposable income levels, and rapid urbanization in emerging economies, such as India and China. The rising focus on leading a healthy and active lifestyle is boosting the sales of products that include meat extracts, which is also boosting the regional market growth.
Report Highlights
In terms of volume, the chicken type segment led the market and accounted for a share of more than 42% in 2020. The increasing demand for poultry and poultry products due to the easy availability and affordable rates has contributed to the large volume share of the global chicken meat extracts market. Chicken has gained increased popularity among fitness-savvy consumers as it has high protein content compared to most other common meat products. The low cost of these products and their manufacturing has made chicken an effective choice for manufacturers and consumers.
The pork extracts segment is anticipated to observe a significant growth rate over the forecast period on account of an increase in demand for protein-rich and RTE foods. The rise in demand for pork extracts owing to better taste and high nutritional value is expected to positively influence the segment growth over the forecast period.
Beef is the culinary name for meat obtained from bovine animals and is the second most-consumed meat after chicken. The demand for beef extracts is increasing as there is a high demand for fresh meat without equivalent supply caused by political and environmental factors. Other factors contributing to increased consumption of beef extracts are food safety issues including pathogen detection and chemical residues in other meats, such as poultry and pork.
The powder form led the market in 2020 with a revenue share of more than 52%. Meat extract powder is a potent and rich form of meat stock, which is obtained from chicken, beef, pork, and fish, and is used to make broth for soups and liquid-based foods. The product is insoluble in alcohol while being highly soluble in water and has a distinctly characterized aroma that gives food products the aroma of meaty flavor. The powdered products are rich in nutrients, such as organic acids, vitamins, minerals, nucleotides, polypeptides, amino acids, creatinine, and creatine. The segment is expected to show high growth prospects over the forecast period due to its increased use in food products as a flavor & nutrient enhancer.
Meat extract pastes are derived from mutton, fish, chicken, beef, and pork and are widely used in the manufacturing of baked & puffed goods, instant noodles, gravies, bouillons & bouillon cubes, canned meat items, pot pies, casseroles, stews, sauces, and soups. The meat extracts-based paste adds aroma and enhances the flavors of food products. Rising consumer preference for healthy foods that are prepared using natural additives or flavorings will support segment growth. Companies, such as Nikken Foods Co. Ltd., Carnad A/S, and BRF, focus on R&D activities on varied formulations of meat extracts that adhere to the aforementioned concerns of consumers.
In North America, especially in the U.S., the consumer demand for RTE soups is increasing with the products being an essential part of the American household. In addition, low substitution prospects are likely to result in stable product sales over the forecast period. The industry is anticipated to witness significant growth in demand for concentrates-based meat extracts and stock/broth due to various factors, such as decreasing average household size and increasing number of working individuals.
The industrial application segment dominated the global market in 2020 and accounted for a revenue share of over 80%. Meat extracts obtained from sources, such as pork, beef, lamb, fish, and chicken, are used for manufacturing various products including sauces, soups, soup powders, seasonings, coatings, bouillon cubes, nuggets, and stock powder.
The consumption of instant food items, such as Ready-To-Eat (RTE) foods, is expected to witness high growth over the coming years due to the increasing number of working professionals globally.
Meat extracts in their distinguished form, such as powder, paste, and liquid, have shown potential as raw materials that can be used for artificially growing microorganisms, primarily for bacterial fermentation and culture. The manufacturers are producing their products from fresh meat by hydrolysis, autolysis, concentration, and separation among other high-tech microbiological refined soluble paste products for biopharmaceutical fermentation.
The commercial applications include full-service and fast-food restaurants. Commercial eateries and full-service restaurants are either independently owned or owned by chain restaurants. Apart from the dining experience, these places also consider their services and food quality. Therefore, fast-food and full-service restaurants are consumer-dependent and companies in these industries opt for creative offerings to grow their business, such as offering limited-time menus and regional specialties.
In addition, Quick Service Restaurants (QSRs) account for a major share in the commercial segment as numerous chain restaurants, such as McDonald’s and Taco Bell, have realized the time scarcity of the working population and are striving to provide timely delivery of food. As the concept of heavy breakfast has become extremely popular, the chain restaurants are increasingly including meat extracts in their breakfast menu, driving the market growth in the commercial application segment.
North America was the most dominant regional market in 2020 and accounted for a revenue share of over 37%. North America is expected to show steady growth over the forecast period owing to the rising consumption of animal-rich protein sources. In addition, the U.S. was one of the leading producers of beef and is expected to maintain its position over the forecast years. Growing consumption of red meat-based products in Mexico is expected to drive the regional market.
Product traceability is a major drift that exhibits the demand for meat extracts in North America. A rise in the demand for and consumption of canned foods, increasing population, and new technological improvements are some major factors anticipated to contribute to the regional market growth over the forecast period.
Factors, such as increasing demand for convenience food, changing lifestyles, and rise in consumer disposable income, are contributing to the market development in Europe. The consumption of beef extracts is expected to increase with the improving economic conditions and due to lower prices of these products.
Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to the rising consumption of processed and conventional chicken products in emerging countries, such as Japan, China, and India. Other factors driving the regional market include increasing economic growth, rising consumer preference for healthy food, and growing disposable income levels. Moreover, Asia Pacific is considered the largest consumer base for chicken powder. However, consumers are now increasingly shifting their preferences towards other variants, such as pork and fish meat extracts.
Key Players
Market Segmentation
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