- Consumers' preference for protein outside conventional sources has encouraged manufacturers treat meat extract as a key ingredient for wide range of applications
- As the trend of 'on-the-go' meal continues to rise, customers leading a highly demanding lifestyle will look for instant meals and pre-cooked products, thus driving the global meat extract market
ALBANY, New York, Feb. 12, 2020 /PRNewswire/ -- A newest research report published by Transparency Market Research projects a healthy rate of growth of the global meat extract market. The report predicts that the global market ~8% over the course of the given forecast period of 2019 to 2029. In 2019, the revenue recorded in the global market was around US$1.2 bn. With this give rate of growth, the global market for meat extract is expected to reach a new valuation worth US$2.5 bn by the fall of 2029.
Key Learnings from the Research Report
The global meat extract market is segmented in terms of meat, end-use, form, and region. Based on end-use, the market is further classified into lab testing and food processing.
Based on meat type, the global market is further segmented into beef, chicken, lamb, and pork. The sub-segment of chicken and beef are expected to experience solid demand over the course of the given forecast period.
Based on form, the market is segmented into powder, liquid, granules, and paste. Of these different forms of meat extract, the global market is expected to be dominated by the powder form. In 2019, the sub-segment accounted for nearly 60% of the overall market share.
"Higher concentration of meat extract, ability to mix with any substance, longer shelf life are some of the factors that are driving the segment of powdered meat extracts. However, it is expected that in the near future, preference towards liquid form of meat extract will rise", observes TMR analysts.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Meat Extract Market by Meat: Beef, Chicken, Pork, Lamb; End Use: Food Processing, Lab testing; Form: Powder, Liquid, Granules, Paste, Forecast, 2019 – 2029 at https://www.transparencymarketresearch.com/meat-extract-market.html
Global Meat Extract Market – Key Driving Factors
One of the biggest driving factors for the development of the global meat extract market is the nutrient value it offers. It has high protein content along with rich in minerals such as iron, amino acids, and several others. Such high levels of nutrient content is a big attracting factor for people who conscious about their health and also for those who are always on the run and cannot consume proper diets. Thus, the market is experiencing a solid demand from both ends of the spectrum of consumers.
Another important factor for the market development has been growing applications of the meat extracts. These meat extract are now finding applications in wide range of products in food processing industry such as in snack, nuggets, stock powder, sauces, soup powders, coatings, soups, seasoning, bouillon cubes, and ready meals among others. Such wide ranging applications are thus having a positive impact on the overall development of the global meat extract market.
Furthermore, the companies operating in the global market are heavily invested in research and development activities to develop more innovative meat extract based products that will ultimately help in the overall growth of the global market.
Global Meat Extract Market – Key Restraining Factors
Even though the market is developing at a great pace, there are some factors that might impede the growth of the global market in coming years and stop it from reaching its full potential. Some of the important restraining factors for the market are given below:
One of the key restraining factor for the market has been the stringent security checks issued for the food and beverages industry due to the growing demand for kosher-certified and halal-certified products.
Another huge restraining factor concerning growth of the market, particularly the beef segment, is the religious sentiment attached to cattle in India. India is one of the leading exporters of beef across the globe. With laws upholding religious sentiments of people and banning slaughter of cows, oxen, bulls, mulches, and bullocks among others is expected to hamper the growth of the market.
Conventionally, the global market for meat extracts has been dominated by the regional segment of North America. This is because of the large pool of customers and increasing preference to ready-to-go meals and diets. Moreover, a strong presence of leading market players in the region is also expected to drive the growth of the region. The current valuation of the North America market is around US$370 million.
However, the regional segment of Asia Pacific excluding Japan is expected to show a high growth rate in the coming years of the forecast period. Currently the market is valued at US$160 million and is expected to grow at a 13% CAGR over the course of the given projection period between 2019 and 2029.
Increasing demand from countries such as India, South Korea, and China are all expected to drive the growth of the meat extract market in Asia Pacific excluding Japan segment.
Analyze meat extract market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Meat Extract Market – Competitive Landscape
The vendor landscape of the global meat extract market is fragmented. The market players are focusing on developing innovative products that will cater to the evolving needs of the modern day consumers. Some of the key names in the meat extract market are Innova Flavors (Griffith Foods Inc.), Nikken Foods Co. Ltd., Meioh Bussan Co. Ltd., Carnad A/S, and Colin Ingredients among others.
Global Meat Extract Market: Classification
Meat Extract Market by Meat
Meat Extract Market by End Use
Meat Extract Market by Form
Meat Extract Market by Region
Asia Pacific excluding Japan (APEJ)
Middle East & Africa
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