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Meat Extract Market Size Worth US$ 2,477.03Mn, Globally, by 2028 at 5.2% CAGR - Exclusive Report by The Insight Partners

07-08-2022 05:03 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

Meat Extract Market is projected to reach US$ 2,477.03 million by 2028 from US$ 1,738.27 million in 2021. It is estimated to grow at a CAGR of 5.2% from 2022 to 2028.

Meat extract is rich in proteins, thereby increasing the nutritional value of the final products. Beef, chicken, and pork are mainly used to make different types of meat extracts that add an authentic flavor to the products. Further, meat extract is also used to prepare culture media to provide proteins, amino acids, peptones, and nucleotides essential for the growth of various microorganisms.

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Report Coverage Details

Market Size Value in US$ 1,738.27 Million in 2021
Market Size Value by US$ 2,477.03 Million by 2028
Growth rate CAGR of 5.2% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 161
No. Tables 86
No. of Charts & Figures 82
Historical data available Yes
Segments covered Type, Form, and Application
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Meat Extract Market: Competitive Landscape and Key Developments

The key players operating in the meat extract market include Colin Ingredients; Carnad Natural Taste; Diana Group; PT Foodex Inti Ingredients; Givaudan S.A.; JBS SA.; Maverick Biosciences Pty Ltd; Nippon Ham Group; Titan Biotech Limited; and Proliant Biologicals, LLC. These companies provide a wide range of product portfolios for the meat extract market. These companies have a widespread global presence, which provides a lucrative opportunity for the market to serve a large set of customers and increase the market size.

The North America meat extract market held the largest market share in 2020. The US is the world's largest poultry meat exporter and a major egg producer. Growing consumer preference for leaner meat options with changing dietary patterns boosts the demand for chicken-based meat in the region. Moreover, consumers in countries such as the US and Canada have started opting for meat-based products, including bacon, over other breakfast options, such as pancakes, due to the willingness to try new products. Meat extract is also used in culture media preparation.
For instance, Hardy Diagnostics is an American company that manufactures and sells bacteriological culture media. They prepare beef extract powder and standardize it for use in microbiological culture media, where it is generally used to replace meat infusions. For many years, beef extract media have been recommended as a standard for use in the routine bacteriological examination of water, milk, and other materials. Thus, the rising demand for poultry meat and growing applications of meat extract in preparation of culture media are the key factors driving the growth of the meat extract market across North America.

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Growing Preference for High-Protein Snacks to Drive the Market Growth

Nowadays, consumers seek functional benefits from all the food products they consume. Consumers' snacking habits have also evolved significantly, with many choosing healthy and junk-free products. The demand for high-protein snacks that can be consumed on the go is increasing rapidly. High-protein meat snacks are gaining huge traction among consumers as they help meet daily nutritional requirements. Meat extracts are employed as flavor enhancers and fortification ingredients in several meat snacks such as jerky, sausages, nuggets, and bites. Further, they are used in ready meals, soup blends, and instant snacks. Moreover, meat extracts minimize the requirement of salt in processed food. The addition of meat extract increases the protein content of the products, making them nutritious and tasty. Thus, the surging demand for high-protein meat snacks is expected to drive the growth of the meat extract market over the forecast period.

Meat Extract Market: Segmental Overview

Based on type, the meat extract market is segmented into beef, pork, chicken, and others. The beef segment held the largest market share in 2020, whereas the chicken segment is expected to grow at the highest CAGR over the forecast period. Chicken is one of the sources of meat extract obtained from poultry animals. It is used during the manufacturing of various meat-based products. Due to the easy availability and affordable rates, the demand for chicken extract is increasing to enhance texture and aroma in food products such as sauces and soups. The popularity of chicken has increased among health-conscious consumers as it has high protein content compared to other meat products. The low product and manufacturing costs have made chicken an effective choice for manufacturers, consumers, and people who are more inclined toward chicken. This factor is expected to drive the segment's growth in the coming years.

Based on form, the meat extract market is segmented into liquid, powder, and others. The liquid segment is expected to register the highest CAGR during the forecast period. The preference for meat extract in the liquid form will increase among consumers. Liquid meat extract is a flavoring additive for soups, sauces, snacks, savory products, canned meat items, and other meat-based products where meat flavoring improves the product's quality. These factors are expected to fuel the growth of the liquid segment during the forecast period. However, the market penetration of powdered meat extract is high compared to liquid meat extract, as powdered meat extract is easy to use and convenient to package and transport.

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Based on application, the meat extract market is segmented into RTE & RTC meals, sweet & savory snacks, soups & sauces, and others. The other applications segment held the largest market share in 2020. The other applications of meat extract majorly include spice blends & seasonings, baby food, and culture media preparation. Meat extract powder can be easily employed in dry spice blends and seasonings to enhance the overall flavor of the products. Moreover, meat extract is used in baby food. A baby's food must be nutrient-focused and include healthy fats, quality meats, and vegetables. Fat is vital for nutrient absorption, brain development, hormone regulation, and building the immune system. Meat extracts fortify the baby food products by increasing their nutritional value and adding a characteristic flavor.
Furthermore, meat extract is used to prepare culture media as it is rich in proteins, amino acids, vitamins & minerals, peptones, and nucleotides, which favor the growth and reproduction of various micro-organisms.

Based on type, the meat extract market is segmented into beef, pork, chicken, and others. The beef segment held the largest share in the meat extract market in 2020; however, the chicken segment is projected to register the fastest CAGR during the forecast period. The rising demand for poultry meat due to its low-fat content compared to beef and pork is expected to drive the growth of the chicken extract segment. Moreover, after the COVID-19 outbreak, the demand for poultry meat increased as consumers became health-conscious. Poultry meat is an affordable, lean, and rich source of protein; its demand increased in various countries such as the US, China, Japan, and Brazil. This factor is also anticipated to fuel the segment's growth in the coming years.

The increasing demand for clean label and organic meat extracts is expected to provide lucrative growth opportunities to the global meat extract market over the forecast period.
Based on the application, others segment accounted for the largest revenue share it mainly includes applications such as culture media, pharmaceuticals, baby food, seasonings, fillings, and food coating. Thus, the increasing demand for meat extract for various applications is expected to boost the growth of the meat extract market during the forecast period.

North America accounted for the largest share of the global meat extract market due to due to the increasing consumption of meat-based products as healthy and protein-rich food.
Over the past few years, the demand for protein has increased significantly, with many consumers focusing on health and wellness. Consumers cannot achieve their daily dietary requirements owing to a hectic lifestyle and prolonged work schedules. Therefore, they choose functional products containing high proteins, vitamins, minerals, and good carbs. Nowadays, consumers seek functional benefits from all the food products they consume. Consumers' snacking habits have also evolved significantly, with many consumers choosing healthy and junk-free products.

The demand for high-protein snacks that can be consumed on the go is increasing rapidly. High-protein meat snacks are gaining huge traction among consumers as they help meet daily nutritional requirements. Meat extracts are employed as flavor enhancers and fortification ingredients in several meat snacks such as jerky, sausages, nuggets, and bites. Further, they are used in ready meals, soup blends, and instant snacks. Moreover, meat extracts minimize the requirement of salt in processed food. The addition of meat extract increases the protein content of the products, making them nutritious and tasty. For instance, Symrise beef bone broth and extracts have 90% protein, whereas the beef meat powder has ~70% protein expressed in dry matter which can be added to a wide range of meat products including soups, meals, sauces & dressings, seasonings, and snacks to increase the protein content and add characteristic flavor.

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Impact of COVID-19 Pandemic on Meat Extract Market

The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel restrictions, and business shutdowns. The food & beverages industry was one of the major sectors that suffered severe disruptions, such as breaks in supply chains and shutdowns of production plants. During the initial phases of the COVID-19 pandemic, various companies announced possible delays in product deliveries and a slump in future sales of their products. However, the demand for frozen meat increased amid the crisis due to panic buying by consumers to stock up their pantries.

Moreover, the shutdown of schools and corporate workplaces led to an increase in at-home food consumption, which boosted the retail sales of processed meat and seafood. This had a positive impact on the meat extract market. However, the dietary preferences of consumers changed significantly due to the outbreak. Consumers in countries such as the UK, the US, and Canada dramatically shifted to a plant-based diet. According to research by the Vegan Society, one in every five British people reduced their meat consumption since the onset of the pandemic. This factor hampered the meat extract market. Thus, the overall impact of the COVID-19 pandemic on the meat extract market is mixed.

By Geography

North America
• US
• Canada
• Mexico
Europe
• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe
Asia Pacific (APAC)
• China
• India
• Australia
• South Korea
• Japan
• Rest of APAC
Middle East and Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
South America
• Brazil
• Argentina
• Rest of SAM

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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