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Chicken Powder Market Size, Share, Comprehensive Analysis, Opportunity Assessment by 2030
According to the new research study on "Chicken Powder Market Forecast to 2030 - COVID-19 Impact and Global Analysis - by Type and Application," the market is expected to grow from US$ 452.98 million in 2022 to US$ 701.23 million by 2030; it is expected to record a CAGR of 5.6% from 2022 to 2030.
The application industries of the chicken powder market across the world invest significantly in strategic development initiatives such as product innovation to attract consumers and enhance their market position. In July 2019, Hormel Foods Corporation introduced two new flavors to its snacking portfolio - Mediterranean-style chicken with bruschetta jack cheese and chipotle chicken with queso quesadilla cheese and flaxseed corn chips. An innovative product-level innovation approach initiated by the company aims to offer a convenient way for people to consume snacks. Thus, increasing innovations in end products ultimately boost the demand for chicken powder. Also, the rising demand for chicken-based snack products from consumers generates the need for chicken powder among snack manufacturers.
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Impact of COVID-19 Pandemic on Chicken Powder Market
The COVID-19 pandemic adversely affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hindered the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and various essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020.
The report segments the chicken powder market as follows:
The chicken powder market is segmented on the basis of type and application. Based on type, the market is bifurcated into low-fat and conventional.Based on application, the chicken powder market is segmented into food & beverages, dietary supplements, pet food, and animal feed. The market for the food & beverages segment is sub segmented into RTE and RTC meals; soups, sauces, and dressings; savory snacks; noodles and pastas; and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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About The Insight Partners
The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialists in industries such as technology, media, food & beverages, chemicals & materials, and telecommunication.
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