According to a report, “ Meat Extract Market Size, Share & Trends Analysis Report by Type (Chicken, Pork, Beef, Fish), By Form (Powder, Paste, Oil), By Application (Industrial, Commercial), By Region, And Segment Forecasts, 2019 - 2025 ”, published by Grand View Research, Inc.,The global meat extracts market size is projected to reach USD 27.7 billion by 2025, denoting a CAGR of 3.5% over the forecast period, according to a new report by Grand View Research, Inc. Factors such as population expansion in developing economies and double-income families are expected to contribute to the rising preference for packaged ready-to-eat meat products, which is further anticipated to boost the demand for meat extracts over the forecast period.
Growing demand for meat products as a key source of protein in China and increasing disposable incomes are anticipated to drive the consumption of meat extract oils over the forecast period. In addition, favorable government initiatives pertaining to the food industry are expected to remain an important driving factor in the near future.
Consumers are focusing on food products that are sustainable, healthy, and are not prepared using synthetic flavorings or additives. Keeping this in mind, companies, such as BRF Ingredients; Carnad A/S; and Nikken Foods Co., Ltd., through their intensive and ongoing research & development activities, have introduced variable formulations to address the aforementioned concerns of consumers. Aforementioned trends are anticipated to boost the demand for meat extracts market in the near future.
The market in Asia Pacific is anticipated to witness the fastest growth rate over the forecast period. Urbanization, westernization of diets, population expansion, and growing middle-class with high disposable incomes, increasing frequency of exercise, and rising focus on leading an active & healthy lifestyle in the emerging economies including China and India are expected to drive the demand for meat extracts. The demand for the extracts in various forms is rising in Japan owing to rapid westernization and increasing consumer demand for ready-to-eat as well as convenience food products.
The market is highly competitive and is driven by product offerings and consumer demand. Companies engaged in manufacturing meat extracts are also opting for backward integration across the value chain to ensure and enhance the quality of the raw materials. Givaudan, Haco Holding AG; International Dehydrated Foods, Inc.; Carnad Natural Taste; Titan Biotech; and Bhagwati Chemicals are the major manufacturers of meat extracts in the market.
Further key findings from the report suggest:
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Chicken extracts segment held 39.7% of the volume share in 2018 and is anticipated to grow at a CAGR of 3.0% over the forecast period owing to its reasonably higher protein content as compared to other meat products
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Industrial application segment dominated the demand in the market, both in terms of volume and value, in 2018, and the segment is anticipated to grow at a rate of 3.8%, in terms of revenue, over the forecast period
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Powder segment is expected to account for 39.0% of the overall market revenue share by 2025 owing to the rising demand for meat extracts in powder form for use in stuffing, stock powder, nuggets, bouillon cubes, coatings, seasonings, soup powders, soups, sauces, snacks, and ready-to-eat meals
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In spite of a decline in population, the market in Japan is projected to grow at a CAGR of 3.3%, in terms of value, over the forecast period
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Givaudan; IDF; Essentia Protein Solutions; Haco Holding AG; and CHIMAB S.p.A. were the major players in meat extracts industry in 2018.
Application Insights
Meat extracts majorly find use in industrial and commercial application segments. Commercial application segment is expected to witness considerable growth in the coming years. This is mainly on account of increasing fast-food chains including McDonald’s and Taco Bell and quick service restaurants in countries such as India, China, and Brazil, wherein the demand for meat extracts in various forms including paste is high.
Industrial application segment dominates the product demand in terms of volume as well as revenue. The segment is also projected to witness the same trend and grow at the fastest rate over the forecast period. In industrial application, meat extracts are used in soups, sauces, stews, canned meat items, gravies, and puffed & baked foods, among other products. Microbiological culture media is another aspect of the industrial application of the product.
Regional Insights
The U.S. is poised to increase its market share in the beef extracts market globally in the coming years. The country is one of the major producers and exporters of beef products worldwide. One of the major challenges faced by the country is the recent trade war with China. South Korea, Australia, and Japan, which are the major competitors to the U.S. meat products in Asia, are struggling with climate-related production impacts, leading to lesser exportable supplies.
The consumption of pork and chicken extracts in South Korea is expected to grow over the long-term on account of aging demography, slow population growth, and changing consumer preferences, wherein consumers are now focusing on healthy and premium-quality products. On the other hand, increasing demand for protein source in the country is expected to drive the demand for beef extracts and, in turn, its market growth. However, rising product prices are likely to restrain the market growth.
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Germany was the leading supplier of pork in China after overtaking Spain in 2018. However, China’s overall food market is heavily dependent on imports to meet its growing customer demands. Russia was the top importer of Brazilian beef in 2014. This was mainly due to Russia banning almost all food imports from the U.S. and the European Union. Hong Kong is the second-largest importer of Brazilian meat not for its internal consumption but to re-export to other Asian countries.
The U.K. is among the top four producers of chicken meat extracts in the European Union. Since the country accounts for around 14% of the poultry meat production in Europe, it also ranks second in the region in terms of broiler meat production.
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Grand View Research has segmented the global meat extracts market on the basis of type, form, application, and region.
Type Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
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Chicken
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Pork
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Beef
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Fish
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Others
Form Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
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Powder
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Paste
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Oil
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Others
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
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Industrial
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Commercial
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
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North America
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U.S.
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Europe
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Germany
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France
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U.K.
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Spain
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Portugal
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Asia Pacific
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Hong Kong
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Singapore
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Japan
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South Korea
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Vietnam
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Malaysia
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Philippines
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China
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Central & South America
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Brazil
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Chile
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Middle East & Africa
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