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The global meat extract market size was USD 1.63 billion in 2020 andt is projected to grow from USD 1.70 billion in 2021 to USD 2.41 billion in 2028 at a CAGR of 5.11% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a steady growth of 6.06% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over.
The global market is expanding rapidly, owing to the growing popularity of savory meat flavors. Meat extracts are widely used to impart meaty flavors in various processed and packaged foods. They are made from concentrated meat stock and are commonly used in sauces, soups, meat-based dishes, savory snacks, coatings, and seasonings. The changing dietary patterns prompted by today's hectic lifestyles are driving the demand for ready-to-eat and ready-to-cook meals, which contributes to the landscape's expansion.
Positive Market Growth of Meat Extract Owing to Increase in Demand for Ready-to-cook Meals amid the COVID-19 Outbreak
During the COVID-19 pandemic, restaurants restricting takeout and concerns about the growing number of coronavirus cases forced people to cook at home, increasing consumption of ready-to-eat products. The ready-to-eat food segment is experiencing rapid growth as COVID-19 restrictions have allowed people to expand their culinary involvement and bring the joy of eating at home. Consumers bought ready meals due to their convenience and their higher shelf life. Thus, the rise in consumption of ready-to-eat meals boosted the demand for these extracts.
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Increasing Demand for Protein-rich Food Among Fitness Conscious Consumers to Foster Industry Growth
Rising consumer awareness of health and fitness is boosting the demand for protein-enriched products across the global market. With the growing demand, manufacturers are incorporating meat extract as a primary ingredient into their products. Meat extracted from various sources, such as chicken, pork, and others, are rich in protein content and supply all the essential amino acids that a body needs for good health. According to the Food and Agriculture Organization (FAO), meat products provide 34% of protein and 16% of the energy consumed in human diets. Meat is high in minerals and proteins, such as iron and zinc, that help cells and tissues function properly. In addition, several companies are investing in research and development to offer innovative meat extract products, which is expected to positively affect the meat extract market growth over the forecast period.
Rising Popularity of Meaty Flavor in Processed Foods to Bolster Growth Potentials
The recently recognized taste of umami has rapidly gained popularity across the globe. Meat flavors are now increasingly utilized in industrial and commercial processed foods to impart a savory taste to the product. The growing popularity of meaty flavors in various processed foods is primarily driving the growth of the market. This type of extract composition provides a desirable taste and flavor to the product. The hectic lifestyle is surging the demand for ready-to-cook and ready-to-eat meals that utilize meat extracts as flavor enhancers and shelf-stable alternatives.
Expanding Middle-class Population to Escalate the Demand for Meat Extract Containing Products
The increasing population of middle-class households and growing demand for exotic flavors are predicted to positively influence meat extracts-based foods worldwide. Consumers' purchasing power continues to increase, and they are more willing to pay appropriate costs for food. Meat extract products have gradually gained significance in emerging countries, as over the years, consumers in these economies have improved their income statements. According to the 2018 Global Economic Development Report at Brookings, the global middle-class population was recorded at 3.03 billion in 2015 and is expected to reach 5.41 billion by 2030.
In emerging economies of Asia Pacific, consumers are increasingly choosing animal meat and derived products as a possible source of protein. According to Food Innovation Australia Ltd. (FIAL), China and India are expected to contribute to a 47% increase in global protein consumption by 2025. The growing affluence of the middle-class populace in the region is expected to drive the demand for animal protein, which will eventually boost meat extract sales.
Increasing Availability of Plant-based Substitutes for Meat Extract to Challenge Stakeholders
The rising popularity of veganism and vegetarianism has prompted food processing companies to create innovative plant-based products that replace meat-based products. The key challenge that the industry is facing is that meat-free diets are becoming a positive choice among consumers in line with being fun, healthy and trendy. In addition, the rising concerns about animal welfare have rapidly shifted consumer preferences from animal products to plant-based products. The major companies, such as Haco holding A.G. and Titan Biotech, are investing in developing plant-based meat extract substitutes that offer a similar savory flavor to the product. The increasing availability of such plant-based extract substitutes is acting as the key restraint for the market's growth.
Wide Application of Beef Extract in Different Processed Food to Support the Segment's Growth
On the basis of type, the market is segmented into beef, chicken, pork, and lamb. Beef extracts category is expected to dominate the market owing to its strong savory flavor. The increasing utilization of beef flavors in various seasonings and coatings, sauces, and marinades is a positive aspect for the segment's growth. Beef extract is also used as a flavor enhancer and food additive in processed foods. The demand for beef extract in fortified beverages is growing as they increase the nutritional value of ordinary bottled beverages. Furthermore, the emerging trend for clean-label products is driving the development of organic and additive-free beef extracts by prominent manufacturers, such as Carnad Natural Taste.
The chicken segment is also witnessing significant growth, owing to its high protein content. The poultry products demand continues to increase due to easy availability and low prices. Chicken is more popular among health-conscious consumers due to its high protein content. The chicken extract cost is lower than other meat extract products, which makes it an effective choice among food manufacturers. The pork segment is predicted to witness considerable growth owing to the growing demand for pork flavor. Moreover, high protein, vitamin A, copper, vitamin B, and iron content in pork powder/extract is predicted to boost the market growth.
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Ready-to-cook & Ready-to-eat Meals to be the Dominant Application Areas
The ready-to-cook and ready-to-eat meals segment is expected to exhibit significant growth. Meat extract obtained from sources, such as chicken, pork, beef, and lamb, are used by manufacturing industries in various ready-to-eat food products, including stews, canned foods, nuggets, and others. The increasing population leading hectic lifestyles is driving the demand for convenience foods which is expected to boost the segment's growth.
The wide use of a variety of meat extract products as common flavoring additives for soups & broths is aiding the growth of this application segment. The growing popularity of umami taste in soups is also contributing to the segment's growth. With the rise in demand for ready-to-eat soups and meat extract broth in North America and Europe, the demand is also increasing.
Meat extract powder is used in seasonings & coatings as its desirable flavor and aroma enhances the flavors of products at even lower concentrations. Thus, the manufacturers are increasingly incorporating meat extract ingredients into seasonings & coatings. Food producers use meat extract paste in sauces & spread to add meat flavor in foods to make them even more delicious. The aromatic taste of meat extract products in sauces perfectly complements and enriches the overall taste of various sauces & gravies. Furthermore, the strong demand for savory snacks in different parts of the globe is expected to present meat snack manufacturers an opportunity to add high-quality meat extracts in their snack products.
North America Meat Extract Market Size, 2020 (USD Million)
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North America Market to Rise Significantly with the Growing Demand for Processed Foods
The North American market stood at USD 686.8 million in 2020 and dominated the global market. The growing demand for ready-to-eat and processed foods due to the fast-paced lifestyles is driving the regional market growth. The growing popularity of meaty flavor in various food preparations has increased the product demand. The major key players are launching innovative products to capitalize on the growing popularity of meat flavors. For example, in August 2019, the U.S.-based Bell Flavors and Fragrances launched a range of natural chicken flavors tapping into a growing global market of meat.
Furthermore, meat consumption in the U.S. is increasing at a higher pace. According to the U.S. Department of Agriculture (USDA), the total amount of meat consumed per person is projected to reach nearly 219 pounds by 2025 in the U.S. The increase in consumption of red meat products in other countries, such as Mexico, is also expected to stimulate the regional market.
The robust growth of meat extract products in Europe is attributed to the rising demand for exotic flavoring ingredients. The popularity of umami taste in processed foods, such as soups and noodles, surges the product demand in the Europe market. In addition, consumer's demand for products that benefit the environment, their country, and their communities is rising in E.U. According to the European Union, poultry meat consumption is expected to reach 24.6 kg per capita by 2030, as consumers view poultry meat as a cheap, healthy, and sustainable product. Meat extract produced from such sustainable livestock and kept under natural conditions are projected to boost the demand for this type of extract.
Asia Pacific is projected to witness promising growth owing to the flourishing food industry. The expansion of commercial food outlets, such as Burger King and KFC, in the region is driving the regional market growth. The increasing popularity of Western diets is fueling the demand for meat-based products. The rising demand for ready-to-eat, ready-to-cook products in emerging countries, such as China and India, further contributes to the market's growth.
South America is expected to witness fastest growth due to the increasing consumption of meat-based products. In developing countries of Latin America, meat-extract-based products are the desired food for taste and nutritional value. They provide a range of essential micronutrients to the human body such as vitamins and iron. Moreover, the active participation of market players, such as BRF and JBS, to innovate new products is anticipated to fuel the regional market growth.
Innovation and Development by Companies to Significantly Aid Market Growth
The market is moderately consolidated due to the existence of prominent global players. The increasing popularity of processed food products and the rising demand for meat products have significantly led to pouring demand for meat extract. Market players are focusing on collaboration, innovative product development, merger and acquisition activities to aid their product portfolio and address the requirements of a wider consumer base. For instance, in 2018, Essentia Protein Solutions announced the expansion of its ingredient portfolio to include USDA-certified organic beef broth products. The new beef products will join the NAE poultry (no antibiotics ever) to significantly expand Essentia's own line of branded protein solutions.
An Infographic Representation of Meat Extract Market
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The global meat extract market report provides quantitative and qualitative insights into the market. It also offers a thorough analysis of the meat extract market share and growth rate for all possible segments. Companies profiled under this report are Essentia Protein Solutions, BRF S.A., and others. The market is segmented into type, application, and region. Along with this, the report provides detailed analysis of the competitive landscape and market dynamics. Several key insights presented in the report are an overview of relevant markets, recent industry developments such as the regulatory scenario in critical countries, mergers & acquisitions, and key industry trends.
Value (USD Million)
Fortune Business Insights says that the value of the market was USD 1.63 billion in 2020 and is projected to reach USD 2.41 billion by 2028.
The market is projected to grow at a CAGR of 5.11% during the forecast period (2021-2028).
The beef segment is expected to hold a prominent share based on type in the global market during the forecast period.
Rising popularity of meaty flavor in processed foods is the key factor driving the market growth.
Essentia Protein Solutions, BRF S.A., and Carnad Natural Taste are some of the prominent players in the market.
North America is anticipated to hold the highest market share in the global market.
The demand for the product in the ready-to-cook and ready-to-eat meals segment is expected to remain high in the global market.
Increasing demand for protein-rich foods among fitness-conscious consumers is the key market trend.
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