Beef Extract Market Size, Share & Industry Analysis, By Type (Beef Extract Powder, Beef Extract Paste, Beef Extract Liquid), By Application (Food and Beverage [Ready-to-Cook and Ready-to-Eat Meals, Soups & Broths, Savoury Snacks, Nuggets & Stuffing Cubes] Microbiological Culture, Animal Feed) And Regional Forecast, 2024-2032

The beef extract is a highly concentrated beef stock that is widely used as a flavouring agent in cooking, for making soups, broths, and other processed foods. According to National Centre for Biotechnology Information (NCBI), consumption of beef extract such as hydrolysed-powder beef protein enhances physical endurance. In addition, the surging demand for convenience and ready-to-eat and cook products has influenced the manufacturers to utilize beef extracts in the food products.

The beef extract is also widely used in animal feed industry due to its strong peroxide forming capabilities and providing an excellent protein source. It has a high concentration of haem and myoglobin that helps the formation of peroxides in feed products, thus surging its demand from the end-use application industries.

The increasing consumer’s awareness among the consumers towards their health has influenced the demand for nutritious food products, which is the main factor driving the market growth. Beef extracts are rich in nutrients such as amino acids, proteins, and vitamins which aid in the proper functioning of the body. Along with this, the popularity of umami and meaty flavours are growing among the consumers that have led to their wide incorporation in various processed foods by the manufacturers; thereby, contributing in the market growth.

According to World Health Organization (WHO) in 2015 and the International Agency for Research on Cancer (IARC), the consumption of red meat can cause colorectal cancer. Beef and its derived products are classified as ‘probable’ cause of cancer by WHO. The carcinogenic effects and cardiovascular risks associated with red meat consumption is majorly hampering market growth.

Key Players Covered:

The key companies operating in the global beef extract market are, Alpha Biosciences, Inc., Abbexa Ltd., BD Biosciences, Bio Basic Inc., Carnad A/S, Hardy Diagnostics, BRF S.A., Meioh Bussan Co., Ltd., JBS Global Ltd., and Colin Ingrédients.

The beef extract paste segment is likely to account for the major share in the market as it gives a homogenous texture and is easier to spread and higher solubility. The wide incorporation of extract paste in soups, stock-powder, broths, bouillon, and canned foods as it enhances the nutrient content as well as a taste of the products, it is expected to positively impact in the market growth.

The animal feed application segment is anticipated to hold a larger share in the market due to the wide utilization to improve the feed quality. The incorporation of beef extract in animal diet is a cost-effective way to increase the protein levels. Along with that, it also improves the dietary protein quality in animals, which is expected to propel the market growth.

Regional Analysis:

North America is expected to witness robust growth due to the extensive consumption of beef and its derived products in countries such as the U.S. and Canada. According to the United States Department of Agriculture (USDA) in 2019, nearly 27.2 billion pounds of beef was produced in the U.S., which ensures the abundant availability of raw material for manufacturing the finished products. In addition, the growing popularity of meaty flavours among the consumers in various food preparations have increased the demand for beef extract. Further, the rising consumers demand convenience foods owing to their hectic lifestyles and rising working population is expected to boost the regional market growth.

The marketers in the Asia Pacific are focusing on manufacturing high protein-based food products, which is likely to boost regional market growth. The large consumer base in countries such as China and India and their rising disposable incomes has shifted their preferences towards such red meat extracts. Further, countries like Pakistan, Vietnam, and Thailand have widely started consuming beef, which aids in boosting the demand for beef extract from the food processing industry.

Segmentation

Key Industry Developments

• In August 2020, LonoLife launched a line of beef bone broth noodle soup in the U.S. which is free-from artificial flavours and colours and enriched with collagen. The product line was introduced by the company to meet the consumers increasing demand for nutritious convenience foods.


• In November 2019, Barebones Ventures, LLC launched a new line of Bone Broth Instant Beverage Mix, a ready-to-use bone broth made from bones of beef, chicken, and turkey. The product was launched by the company in the U.S. to provide consumers with nutrient-rich and convenient food products.