The global meat extract market size was valued at USD 25.3 billion in 2020 and is expected to grow at USD 35.9 billion by 2027 at a compound annual growth rate (CAGR) of 5.2 % from 2020 to 2027. Factors including population growth in emerging economies and double-income families are projected to contribute to the growing preference for packaged ready-to-eat meat products, which is further anticipated to promote the market over the forecast period.
Rising demand for meat products as a significant source of protein in countries such as China, India, and Brazil and increasing disposable incomes are likely to drive the consumption of meat extracts in the coming years. Additionally, favorable government initiatives pertaining to the food industry are projected to remain a significant driving factor over the forecast period.
The pork segment dominated the market and accounted for more than 26.8% share of the global revenue in 2019. The segment is expected to observe significant growth over the forecast period on account of an increase in the demand for protein-rich foods and ready-to-eat products. The rise in the demand for pork extract due to better taste and high nutritional value is anticipated to influence the overall market growth over the forecast period.
Paste led the market and accounted for more than 44.2% of the global revenue share in 2019. The paste segment also dominated the meat extract market in terms of volume in 2019 and is projected to sustain its dominance over the forecast period on account of its high solubility and ease of use. The growing application scope of the extracts in paste form in stock powder, stuffing, bouillon cubes, seasoning, and ready meals is projected to have a favorable impact on the expansion of the industry in the near future.
Industrial led the market and accounted for more than 80.0% of the global revenue share in 2019. The segment is expected to witness the huge gains over the forecast period on account of widely being utilized in several food applications such as sauces, soups, canned meat items, stews, gravies, and puffed and baked foods. Additionally, microbiological culture media is another aspect of the industrial application of the product.
The Meat extract market is segmented on the basis of types, form, application and region. On the basis of types the market is segmented into Chicken, Pork, Beef, Fish, Others. On the basis of form the market is segmented into Powder, Paste, Oil, Others. On the basis of application, the market is segmented into Industrial, Commercial.
North America dominated the market and accounted for over 37.2% share of global revenue in 2019. The region is expected to witness strong gains on account of the growing consumption rate of the meat-based products due to their seasonings and flavouring in food products in the country, such as the U.S., Canada, and Mexico.
Additionally, the U.S. was one of the leading producers of beef extracts in 2019 and is expected to sustain its dominant position in the coming years. One of the significant challenges faced by the country is the recent trade war with China. Australia, Japan, and South Korea, which are the main competitor to the U.S. meat and meat-based products in the Asia Pacific, are struggling with climate-related manufacturing impacts, leading to less significant exportable supplies.
Key players are: Givaudan; IDF; Essentia Protein Solutions; Haco Holding AG; CHIMAB S.p.A.
Report : Meat Extract Market - By Type (Chicken, Pork, Beef, Fish, Others) By Form (Powder, Paste, Oil, Others) By Application (Industrial, Commercial) By Regional (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) - Industry Analysis, opportunity and Forecast 2020 To 2027.