Chicken Extract Market Growth Drivers and Forecast by 2030

[Research Report] The chicken extract market is expected to grow from US$ 3,015.62 million in 2022 to US$ 4,091.01 million by 2030; it is expected to record a CAGR of 3.9% from 2022 to 2030.

Market Insights and Analyst View:

Chicken extract serves as a versatile culinary ingredient and is primarily used to add savory and umami flavors to various dishes, including soups, sauces, gravies, and others. Chicken extracts are available in various types, including powder, broth and stock, and paste. The key ingredients of these products are chicken meat, bone, skin, and chicken fat, either in fresh or dried form. Market size indicates retail sales of chicken powder, chicken-based broth and stocks, and chicken paste. The increasing demand for flavor enhancers in home cooking, coupled with the rising trend of international flavor, has contributed to the market growth.

Growth Drivers and Challenges:

The proliferation of the E-commerce industry offers an opportunity for the global chicken extract market growth. In recent years, the organized retail sector has undergone a massive transformation. The acceptance of e-commerce has increased considerably due to its ability to transform customers' shopping experience. Further, easy access to emerging technologies, increasing purchasing power of people, rising penetration of the internet and smartphones, and the convenience of shopping from anywhere at any time via online retail platforms are among the key factors propelling the growth of e-commerce. As per the US Department of Commerce Retail Indicator Division, sales through e-commerce in the country were valued at US$ 870 billion in 2021, recording a rise of 14.2% compared to sales in 2020. As per the European Commission, in 2021, 74% of internet users in the European Union shopped online. Thus, with the rising penetration of e-commerce platforms in several regions, the sale of various food and beverages, such as chicken extract, is increasing through these platforms.

People prefer online retail platforms to buy these products owing to the availability of various brands at affordable prices, detailed product descriptions, consumer ratings and reviews, and home delivery services. Moreover, chicken extract manufacturers prefer e-commerce platforms to sell their products to large customers as it requires minimal investments. Chicken extract manufacturers are taking initiatives through collaboration and partnership to launch their products on online platforms. For instance, in August 2022, Tabatchnick Fine Foods announced the launch of their products on the Amazon Store. The launch was aimed at catering to e-commerce consumers. Thus, the proliferation of e-commerce platforms provides a lucrative opportunity for chicken extract manufacturers to expand their consumer base and geographical reach.

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Chicken Extract Market: Strategic Insights

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Report Segmentation and Scope:

The "Global Chicken Extract Market" is segmented on the basis of product type, category, distribution channel, and geography. Based on product type, the market is segmented into chicken powder, broth and stock, and chicken paste. Based on category, the market is bifurcated into organic and conventional. Based on distribution channel, the chicken extract market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The chicken extract market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Chile, and the Rest of South & Central America).

Segmental Analysis:

Based on product type, the chicken extract market is segmented into chicken powder, broth and stock, and chicken paste. The broth and stock segment held the largest share of the chicken extract market in 2022. The chicken powder segment is expected to register a significant growth rate during the forecast period. Chicken powder is a versatile ingredient made either by dehydrating the chicken meat, bone, cartilage, viscera, and other parts and grinding them into fine powder or by making the concentrated extract of chicken and chicken parts in water and spray drying the liquid extract. In addition, chicken powder often contains glutamate, which contributes to the umami or savory taste. Thus, the rising demand for chicken powder as a flavor enhancer in various dishes is expected to favor the market for the segment.

Regional Analysis:

Based on geography, the chicken extract market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. The global chicken extract market was dominated by North America and was estimated to be ~US$ 1,000 million in 2022. The North America chicken extract market growth is attributed to the changing consumer preferences toward healthier and more natural food products. Chicken extracts are perceived as a source of clean and protein-rich ingredients, aligning with the growing trend of health-conscious eating. With an increasing emphasis on protein-based diets, these extracts have gained popularity as an easy and versatile way to incorporate protein into various dishes.

The rising popularity of convenience foods has also contributed to the growth of the chicken extract market. Consumers are seeking easy-to-use, time-saving ingredients to enhance the flavor of their meals. Chicken extracts, available in liquid or powdered forms, offer a convenient solution for enhancing the taste of soups, sauces, gravies, and various other dishes, making them a favored choice for busy households.

The COVID-19 pandemic further played a significant role in boosting the chicken extract market in North America. With lockdowns and restrictions limiting dining out, more people turned to cooking at home. Chicken extracts, being a versatile ingredient, became a staple in many home kitchens, as they could elevate the taste of homemade meals. This surge in home cooking further fueled the demand for chicken extracts and related products.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the chicken extract market are listed below:

1. In March 2023, Z Natural Foods announced the launch of a new instant bone broth soup base powder. The launch was aimed to cater to the growing demand for protein-rich food products.
2. In April 2023, Borough Broth Company, in partnership with Planet Organic, announced the launch of four products—Organic Chicken Bone Broth, Organic Chicken and Ginger Bone Broth, Organic Super Greens Soups, and Organic Butternut and Coconut Soup. The launch was aimed to cater to the increasing consumer demand for healthy and sustainable food.
3. In August 2022, Del Monte Foods announced the purchase of Kitchen Basics, a line of ready-to-use stocks and broths, from McCormick & Co. This purchase was aimed at expanding its product portfolio and its geographical reach.
4. In August 2022, Tabatchnick Fine Foods announced the launch of its products on the Amazon Store. The launch was aimed at catering to e-commerce consumers.

Chicken Extract Market Regional Insights

The regional trends and factors influencing the Chicken Extract Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Chicken Extract Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Chicken Extract Market Report Scope

Chicken Extract Market Players Density: Understanding Its Impact on Business Dynamics

The Chicken Extract Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

COVID-19 Impact:

Increasing demand for chicken extract as a flavor enhancer and surging demand for protein-rich food drove the demand for chicken extract before the onset of the pandemic. In addition, increasing awareness about healthy food options and the introduction of a variety of products by key market players further contributed to the market growth. However, the food & beverages industry experienced adverse impacts of the pandemic during the first quarter of 2020. Many industries had to slow down their operations due to value chain disruptions caused by the shutdown of national and international boundaries. The pandemic led to social distancing norms and severe negative economic impact, hindering chicken extract manufacturing and distribution. The COVID-19 pandemic also led to an economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers. 

Many businesses recovered as the governments of various countries eased the restrictions after the initial months of lockdown in 2020. The COVID-19 vaccine offered further relief from the distressing pandemic, leading to increased business activities. The reopening of operations in the manufacturing units positively impacted the chicken extract market and led to its production recovery. Manufacturers overcame the demand and supply gap as they were permitted to operate at total capacity.

Competitive Landscape and Key Companies:

Campbell Soup Co, The Kraft Heinz Co, Ajinomoto Philippines Corp, Lee Kum Kee Co Ltd, Nutra Organics Pty Ltd, Huegli Cenovis GmbH, Princes Ltd, Unilever Plc, Hormel Foods LLC, and Kettle & Fire Inc are among the prominent players operating in the global chicken extract market. These chicken extract manufacturers offer cutting-edge extract solutions with innovative features to deliver a superior experience to consumers.