Meat Extract Industry Overview
The global meat extract market size is expected to reach USD 21.72 billion by 2028, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. 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.
Meat Extract Market Segmentation
Grand View Research has segmented the global meat extract market on the basis of type, form, application, and region:
Based on the Type Insights, the market is segmented into Chicken, Pork, Beef, Fish, Turkey, Others.
- 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 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.
- 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.
Based on the Form Insights, the market is segmented into Powder, Paste, Liquid, Granules.
- 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.
- 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.
- 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.
Based on the Application Insights, the market is segmented into Industrial, Commercial.
- 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 ready meals, snacks, 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 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.
Meat Extract Regional Outlook
- North America
- Asia Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The companies market their products with customization services. The change in the type of product category, such as seafood, beef, and pork, coupled with the change in taste preference of consumers is likely to increase customization of the products. Moreover, local players cater to the local market providing highly customized products with a variety of recipes. Product convenience and its ease-of-use are also important factors in driving their popularity among consumers.
Some prominent players in the global meat extract market include
- Nikken Foods
- Essentia Protein Solutions
- Haco Holding AG
- CHIMAB S.p.A.
- Foodex Inti Ingredients, PT
- Titan Biotech Ltd.
- Carnad A/S
- JBS S.A.
Order a free sample PDF of the Meat Extract Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519