Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Meat Extract market.
Trusted Business Insights presents an updated and Latest Study on Meat Extract Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Meat Extract market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Meat Extract Market
The global meat extract market size was valued at USD 21.6 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2027. Factors including population growth in emerging economies and double-income families are projected to contribute to the growing preference for packaged ready-to-eat meat products, which is further anticipated to promote the market over the forecast period 2021-2027.
Rising demand for meat products as a significant source of protein in countries such as China, India, and Brazil and increasing disposable incomes are likely to drive the consumption of meat extracts in the coming years. Additionally, favorable government initiatives pertaining to the food industry are projected to remain a significant driving factor over the forecast period.
In U.S., the market for chicken meat extract is projected to witness steady growth over the forecast period on account of the changing lifestyle of consumers. The growth of urbanization is affecting the consumers consumption patterns. The affordable price and high protein content in the chicken extract have positively influenced the consumption as compared to other meat extracts such as beef and pork.
The demand for protein is witnessing strong gains owing to rising consumer awareness concerning the consumption of high nutritional food. Tyson Foods estimates that the global consumption of protein was 257.0 billion tons in 2013 and is likely to reach 298.0 billion tons in 2020. A growing number of buyers in Asia Pacific are opting for animal-related products as a viable source of protein. This is likely to boost the demand for meat extracts in the near future.
As per the USDA statistics, the global per capita meat consumption is expected to increase at a decent growth rate by 2027. Processed meat manufacturers are coming up with novel products and also adding novel flavors to the existing range of products. Innovative launches such as meat straws by Bennys Original in distinguished verities such as pork and beef are expected to propel market growth.
In order to attract consumers, meat extract manufacturers such as Kerry Foods and Tillamook Country Smoker are coming up with gender-specific meat products such as barbecue flavored meatballs for adult males and pineapple and cranberry flavored turkey jerky targeting female consumers respectively.
Type Insights: Global Meat Extract Market
The pork segment lead the market and accounted for more than 26.8% share of the global revenue in 2019. The segment is expected to observe significant growth over the forecast period on account of an increase in the demand for protein-rich foods and ready-to-eat products. The rise in the demand for pork extract due to better taste and high nutritional value is anticipated to influence the overall market growth over the forecast period.
The chicken meat extract segment is expected to witness a high growth rate over the forecast period due to ascending product demand for its reasonably high protein content compared to other meat products. Low product and production costs have made chicken a compelling choice for consumers as well as producers in emerging economies.
Fish extracts are likely to witness a growth in demand from industrial applications over the forecast period on account of rapid absorption functionality, which promotes lean muscle mass. Furthermore, fish extracts are projected to exhibit an increased demand on account of their capacity to diminish the effect of hypertension.
Beef accounted for the largest consumed forms of meat across the globe in terms of volume consumption. Factors contributing to the increase in beef extracts consumption comprise certain food safety such as chemical residue and pathogen-related to other meat products like pork and poultry. The beef market has shown slight growth over the last few years owing to increasing consumption in emerging economies such as China, Brazil, and Argentina.
Form Insights: Global Meat Extract Market
Paste led the market and accounted for more than 44.2% of the global revenue share in 2019. The paste segment also lead the meat extract market in terms of volume in 2019 and is projected to sustain its dominance over the forecast period on account of its high solubility and ease of use. The growing application scope of the extracts in paste form in stock powder, stuffing, bouillon cubes, seasoning, and ready meals is projected to have a favorable impact on the expansion of the industry in the near future.
Meat extract paste is a flavoring additive derived from the meat of pork, beef, chicken fish, or mutton and is used in the manufacturing of soups, sauces, stews, pot pies, casseroles, bouillon and bouillon cubes, and baked goods. Meat extract powder is a concentrated and potent form of meat stocks, which is obtained from beef, pork, and chicken and is majorly used to make liquid-based food and broths for soups. The product has a characteristic aroma but not putrescent and is highly soluble in water but insoluble in alcohol. Meat extract powder is rich in creatinine, amino acids, polypeptides, nucleotides, vitamins, and organic acids.
Growing demand for meat products as a critical protein source in China, coupled with increasing disposable income, is likely to drive the consumption of meat extract oils in the near future. Moreover, favorable government initiatives pertaining to the food industry are likely to remain a significant driving factor. In February 2019, the government of China exempted fourteen Brazil-based companies, including BRF Ingredients, from anti-dumping tariffs on the import of chicken products.
Application Insights: Global Meat Extract Market
Industrial led the market and accounted for more than 80.0% of the global revenue share in 2019. The segment is expected to witness the huge gains over the forecast period on account of widely being utilized in several food applications such as sauces, soups, canned meat items, stews, gravies, and puffed and baked foods. Additionally, microbiological culture media is another aspect of the industrial application of the product.
The commercial application segment is projected to witness significant growth over the forecast period. This is mainly because of growing fast-food chains, including Taco Bell and McDonalds and quick service restaurants in emerging countries such as China, Brazil, and India, wherein the demand for meat extracts in paste form is high.
Commercial applications of meat extract include full service and fast-food restaurants. These places are considered as not only the dining experience but also the food quality and service. Thus, restaurants and fast-food eateries are consumer dependent, and companies in the industry choose creative offering to expand their business, such as offering regional specialty and limited-time menus to lure consumers.
Additionally, quick service restaurants account for the markets maximum share on account of numerous restaurant chains like McDonalds have realized that consumers are in a morning rush. Furthermore, increasing health awareness among consumers coupled with rising protein consumption to maintain fitness is expected to drive growth. Such initiatives by the fast-food restaurants are likely to spur the consumption of meat extracts in the commercial application segment.
Regional Insights: Global Meat Extract Market
North America lead the market and accounted for over 37.2% share of global revenue in 2019. The region is expected to witness strong gains on account of the growing consumption rate of the meat-based products due to their seasonings and flavoring in food products in the country, such as the U.S., Canada, and Mexico.
Additionally, the U.S. was one of the leading producers of beef extracts in 2019 and is expected to sustain its dominant position in the coming years. One of the significant challenges faced by the country is the recent trade war with China. Australia, Japan, and South Korea, which are the main competitor to the U.S. meat and meat-based products in the Asia Pacific, are struggling with climate-related manufacturing impacts, leading to less significant exportable supplies.
Germany is measured as one of Europes biggest markets on account of the highest income level across the globe. The meat extract in Germany has faced a challenging market situation in 2017, according to the Meat Product Industry Federation of Germany. The significant difficulties were the product of a combination of factors such as low pork extract demand, a downward trend in the meat products exports to other countries, and reduced livestock supply.
The global beef production forecast for 2020 is modified marginally lower from the prior estimates as global economic disruptions related to COVID-19 restrain beef demand and lead manufacturers to adjust their manufacturing plans. Global beef production in 2020 is likely to decline to some extent year-over-year with lesser production caused by herd rebuilding in Australia, mostly offset by growth in China, U.S., Canada, and Brazil.
Key Companies & Market Share Insights: Global Meat Extract Market
The industry for meat extracts is highly competitive with the presence of well-established and prominent players jointly holding a larger share of revenues in the market in 2019. The industry offers limited opportunities for new entrants to enter. The growing demand for packaged food has been encouraging the entry of new players despite the presence of dominant market players.
Innovation in areas such as biotransformation and new methods based on culinary techniques has helped companies to expand their product offerings. In recent times, consumers are also looking for novel sensory experiences and open to exploring unique solutions and products to stay healthy. Some of the prominent players in the meat extract market include:
Key companies Profiled: Global Meat Extract Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global meat extract market on the basis of type, form, application, and region:
Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Form Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
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