Rising Demand for Meat Extracts as Flavor Enhancers Drive the Market
According to our latest market study on "Meat Extract Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Form, and Application", the market is expected to grow from US$ 1,738.27 million in 2021 to US$ 2,477.03 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028.
Meat extract is made from chicken, beef, or pork meat. It enhances the meaty flavor in food products such as soups, sauces, dressings, meat snacks, and ready meals. Generally, meat is minced into smaller pieces and is cooked in water to prepare concentrated liquid meat extract. This can be added to soups, sauces, and ready meals. Powdered meat extract can be used in seasoning, spice mix, and dry soup blends. The rising demand for meat products with enhanced natural flavors is driving the growth of the meat extract market.
Over the past few years, meat production and consumption have increased significantly with the rise in global population, increase in the number of mid-income families, and rising demand for high-protein and affordable food. Poultry meat is one of the major drivers of the meat industry as it is an affordable source of protein and is considered healthier than other meats such as beef and pork. People progressively adopt healthier lifestyles but refuse to compromise on taste. Meat extracts are a healthier alternative to synthetic flavoring agents. They enhance the flavor of meat products and increase their protein value. Thus, the growth of the meat industry and the rising demand for meat extracts as flavor enhancers in several meat products, including savoring snacks, soups, and sauces, are the key factors driving the growth of the meat extract market
The key players operating in the global meat extract market include Colin Ingredients; Carnad Natural Taste; Diana Group; PT Foodex Inti Ingredients; Givaudan S.A.; JBS SA.; Maverick Biosciences Pty Ltd; Nippon Ham Group; Titan Biotech Limited; and Proliant Biologicals, LLC. These companies have a diverse geographic presence and offer an extensive portfolio of products to cater to different consumer trends in the meat extract market
Impact of COVID-19 Pandemic on Meat Extract Market
The COVID-19 pandemic brought unprecedented challenges for many industries, including the food & beverages industry. The manufacturers of meat extract faced significant challenges due to supply chain constraints caused by lockdowns, trade bans, and travel restrictions. For instance, according to the National Center for Biotechnology Information, in 2020, the US meat processing industry witnessed massive losses due to plant closures, with a 25% loss in production for the beef slaughter plants, 43% loss for pork, and 15% loss for chicken slaughter facilities across the country. The supply chain disruptions created a shortage of raw materials, leading to increased meat prices. Beef, pork, and chicken are the key raw materials for manufacturing meat extract. Thus, the shortage of raw materials and increase in raw material prices affected the growth of the meat extract market in 2020. However, in 2021, various economies resumed operations as governments announced relaxation in the previously imposed restrictions, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gaps and other repercussions. As large percentages of citizens of many countries were fully vaccinated by the end of 2021, the manufacturers of meat extract focused on increasing their production to revive their businesses. Thus, the COVID-19 pandemic had a mixed impact on the meat extract market.
Meat Extract Market Breakdown – by Region
Meat Extract Market Size Report | Forecast & Trends by 2028
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Meat Extract Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Beef, Pork, Chicken, and Others), Form (Powder, Liquid, and Others), and Application (RTE & RTC Meals, Sweet & Savory Snacks, Soups & Sauces, and Others)
Meat Extract Market Size Report | Forecast & Trends by 2028
Download Free SampleMeat Extract Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Beef, Pork, Chicken, and Others), Form (Powder, Liquid, and Others), and Application (RTE & RTC Meals, Sweet & Savory Snacks, Soups & Sauces, and Others)
The report segments the meat extract market as follows:
Based on type, the meat extract market is segmented into beef, pork, chicken, and others. Based on form, the market is segmented into powder, liquid, and others. Based on distribution channel, the meat extract market is segmented into RTE & RTC meals, sweet & savory snacks, soups & sauces, and others. Based on geography, the meat extract market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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