The global meat extract market size is expected to reach USD 21.72 billion by 2028, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. The increasing health consciousness among consumers coupled with growing awareness about the importance of protein-rich diets is expected to propel the product demand over the forecast period.
The R&D initiatives undertaken by industry players leading to market development powered by economic growth in the developing countries will support market growth. Meat extracts have various applications in the food industry including ready meals, soups, sauces, soup powders, coatings, and seasoning; these applications are increasing both in number and volume as the food industry is introducing new products and expanding into emerging markets.
The beef, chicken, and pork type segments accounted for more than 88% of the global volume share in 2020 and are expected to retain similar market capitalization over the forecast period. This growth is credited to the high acceptance and consumption of meats by consumers across the globe. The demand for beef extracts is expected to increase due to the increasing use of the meat to enhance the nutritional value of the products, as it contains nucleotides, minerals & vitamins, organic acids, and amino acids & peptides.
North America was the dominant region in 2020 and is expected to retain its position over the forecast period on account of increased consumption of convenience & Ready-To-Eat (RTE) meals. Asia Pacific is expected to be the fastest-growing regional market over the forecast period as a result of the westernization of diets, rising disposable income levels, and rapid urbanization in emerging economies, such as India and China. The rising focus on leading a healthy and active lifestyle is boosting the sales of products that include meat extracts, which is also boosting the regional market growth.
The market participants are both backward and forward integrated, with involvement in the value chain from buying the meat to manufacturing extracts and utilizing them in various food products. For instance, the Knorr brand owned by Unilever sells beef extracts, as well as utilizes the same in its food products including meal mixes and dehydrated soups.
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Meat Extract Market Report Highlights
- The chicken type segment led the market, in terms of volume, in 2020 due to its easy availability and low cost of production
- However, beef ranked the highest, in terms of revenue, in 2020 due to increased global demand
- Based on form, the market is segmented into powder, paste, liquid, and granules. The paste segment is estimated to register the fastest CAGR from 2021 to 2028
- This is due to its rising use in various food products, such as pot pies, casseroles, sauces, and stews. Moreover, it is also widely used in commercial food chain restaurants and therefore is expected to have a consistently high demand without any major fluctuations
- The industrial application segment, which includes the product usage as flavor and nutrition additive during the production of processed foods, and also in microbial culture as growth promotor, accounted for more than 80% of the overall revenue share in 2020
- Asia Pacific is expected to be the fastest-growing regional market over the forecast period
- Central & South America is estimated to register the second-fastest CAGR during the forecast years due to high meat consumption coupled with large-scale beef production and exports in the region
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Meat Extract Market Segmentation
Grand View Research has segmented the global meat extract market on the basis of type, form, application, and region:
Meat Extract Type Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)
- Chicken
- Pork
- Beef
- Fish
- Turkey
- Others
Meat Extract Form Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)
- Powder
- Paste
- Liquid
- Granules
Meat Extract Application Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)
- Industrial
- Commercial
Meat Extract Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- Central & South America (CSA)
- Brazil
- Middle East & Africa (MEA)
List of Key Players of Meat Extract Market
- 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.
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