The global meat extract market size is expected to reach USD 24.1 billion by 2030, according to this report. The market is expected to expand at a CAGR of 5.3% from 2023 to 2030. The global meat extracts market is being primarily driven by several factors that contribute to its growth and increasing demand. One of the key drivers is the rising preference for natural and organic food products among consumers. Meat extracts, derived from various sources such as beef, chicken, and pork, are perceived as natural ingredients and are sought after by individuals who prioritize clean labels and natural flavors in their food choices.
Additionally, the growing awareness regarding the nutritional benefits of meat extracts is fueling market expansion. These extracts are rich in essential amino acids, proteins, vitamins, and minerals, making them a valuable source of nutrition. With an increasing emphasis on health and wellness, consumers are incorporating meat extracts into their diets as a means of supplementing their nutritional intake.
Another significant driver is the expanding food and beverage industry, which extensively utilizes meat extracts in various applications. The food industry employs meat extracts in the formulation of soups, sauces, seasonings, ready-to-eat meals, and processed meats, among others. Similarly, the beverage industry utilizes meat extracts for flavoring purposes in products like broths, stocks, and savory beverages. The versatility of meat extracts in enhancing taste profiles and providing a rich umami flavor is propelling their demand across these sectors.
Moreover, the rapid urbanization and changing lifestyles of consumers worldwide are leading to an increased reliance on convenience foods. Meat extracts serve as a convenient solution for manufacturers, enabling them to incorporate authentic meat flavors into their products without the need for extensive cooking or long preparation times. This convenience factor, combined with the rising demand for ready-to-eat and processed foods, is positively influencing the market growth of meat extracts.
In June 2021, Kerry Group, a leading company in the food industry, has made an agreement to acquire Niacet from private investment firm SK Capital. Niacet is known for its expertise in developing clean-label, low-sodium preservatives. The deal, valued at approximately $1 billion, is significant as it will strengthen Kerry's presence in the fast-growing market for food protection and preservation. This strategic move allows Kerry Group to expand its capabilities and tap into the increasing demand for advanced solutions in the industry.
Additionally, the growing awareness regarding the nutritional benefits of meat extracts is fueling market expansion. These extracts are rich in essential amino acids, proteins, vitamins, and minerals, making them a valuable source of nutrition. With an increasing emphasis on health and wellness, consumers are incorporating meat extracts into their diets as a means of supplementing their nutritional intake.
Another significant driver is the expanding food and beverage industry, which extensively utilizes meat extracts in various applications. The food industry employs meat extracts in the formulation of soups, sauces, seasonings, ready-to-eat meals, and processed meats, among others. Similarly, the beverage industry utilizes meat extracts for flavoring purposes in products like broths, stocks, and savory beverages. The versatility of meat extracts in enhancing taste profiles and providing a rich umami flavor is propelling their demand across these sectors.
Moreover, the rapid urbanization and changing lifestyles of consumers worldwide are leading to an increased reliance on convenience foods. Meat extracts serve as a convenient solution for manufacturers, enabling them to incorporate authentic meat flavors into their products without the need for extensive cooking or long preparation times. This convenience factor, combined with the rising demand for ready-to-eat and processed foods, is positively influencing the market growth of meat extracts.
In June 2021, Kerry Group, a leading company in the food industry, has made an agreement to acquire Niacet from private investment firm SK Capital. Niacet is known for its expertise in developing clean-label, low-sodium preservatives. The deal, valued at approximately $1 billion, is significant as it will strengthen Kerry's presence in the fast-growing market for food protection and preservation. This strategic move allows Kerry Group to expand its capabilities and tap into the increasing demand for advanced solutions in the industry.
Meat Extract Market Report Highlights
- In terms of volume, the chicken type segment led the market and accounted for a share of more than 43.14% in 2022. 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
- The powder form led the market in 2022 with a revenue share of more than 46.18%. The segment is expected to show high growth prospects over the forecast period due to its increased use in food products as a flavor & nutrient enhancer
- By application, the ready meals dominated the market in 2022 with 33.40% revenue share. The increasing awareness about health and nutrition is influencing the market for ready meals with meat extracts
- Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to the rising consumption of processed and conventional chicken products in emerging countries, such as Japan, China, and India
Table of Contents
Chapter 1. Methodology and Scope
Chapter 3. Electric Vehicle Industry Outlook
Chapter 4. Meat Extracts Market: Type Outlook
Chapter 5. Meat Extracts Market: Form Outlook
Chapter 6. Meat Extracts Market: Application Outlook
Chapter 7. Meat Extracts Market: Regional Outlook
Chapter 8. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Givaudan
- Nikken Foods
- Essentia Protein Solutions
- IDF
- Haco Holding AG
- CHIMAB S.p.A.
- Foodex Inti Ingredients, PT
- Titan Biotech Ltd.
- Carnad A/S
- JBS S.A.
- Henan Yong Da Foods
- Diana Group
- Maverick Biosciences
- Idf (International Dehydrated Foods, Inc.)
- Activ International
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | June 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 15.97 Billion |
| Forecasted Market Value ( USD | $ 24.1 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
