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Pork Extract Market Trends, Top Companies, Share, Growth And Forecast 2033
Pork Extract Market
As per the report, the pork extract market size has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The pork extract market size is expected to see strong growth in the next few years. It will grow to $5.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
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Growing Popularity Of Meat Products Fuels Expansion Of The Pork Extract Market
The rise in the popularity of meat products is expected to propel the growth of the pork extract market going forward. Meat products encompass a variety of food items sourced from the flesh of animals, including beef, pork, poultry, and fish. The increasing demand for meat products is due to several factors, such as health and nutrition, convenience and accessibility, and demographic shifts. Pork extract offers a natural substitute for monosodium glutamate (MSG) in meat products, imparting a robust pork flavor without the perceived health risks associated with MSG. For instance, in March 2023, according to Farm Credit Canada (FCC), a Canada-based agriculture finance company, the meat product manufacturers increased by 2.5% in 2023. Additionally, in 2022, meat product manufacturing sales saw a year-over-year increase of over 9%, driven primarily by a 12% growth in domestic sales, led by expansion in the food service sector. Therefore, the rise in the popularity of meat products drives the pork extract market.
Pork Industry Giants Invest $500 Million To Boost Efficiency And Farmer Margins
Major companies operating in the pork extract market are investing in developing pork extract to address sector-wide challenges and improve margins for farmers. The investment underlines Lidl's commitment to British producers, animal welfare, and the environment, and its responsibility to drive positive change in the pork industry. For instance, in April 2024, Lidl, a Germany-based food manufacturing company that produces pork extract, invested $533.07 million( £500 million) into the British pork sector to support the industry and ensure the continued production of high-quality British pork at affordable prices for customers. Lidl has moved pork producers to an open-book model that includes the on-farm cost of production and guarantees minimum producer volumes with a fixed farmer margin.
The pork extract market covered in this report is segmented -
1) By Type: Powder, Soup, Oil, Concentrate, Liquid
2) By Distribution Channel: Offline, Online
3) By Application: Household, Catering Service Industry, Food Processing, Pharmaceutical Industry, Pet Food, Other Applications
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Major companies operating in the pork extract market are WH Group Limited (Smithfield Foods Inc.), Smithfield Foods, JBS S.A., Kerry Group Plc, Givaudan, The Tonnies Group, Vion Food Group Ltd., Triumph Foods, Activ International, Robertet Group, Naturex S.A., ARIAKE Japan Co.Ltd, Haco Holding AG, Essentia Protein Solutions, Proliant Biologicals, Kanegrade Ltd., Titan Biotech Ltd., Maverick Biosciences , Chimab S.p.A , Nikken Foods , Carnad A/S , Colin Ingredients, A.Costantino &C.spa, Blue California, Mane SA
Contents of the report:
1. Executive Summary
2. Pork Extract Market Report Structure
3. Pork Extract Market Trends And Strategies
4. Pork Extract Market - Macro Economic Scenario
5. Pork Extract Market Size And Growth
…..
27. Pork Extract Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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