Meat Extract Market is Flourishing With Healthy CAGR by 2028

Meat Extract Industry Overview

The global meat extract market size was valued at USD 14.47 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. 

The market is anticipated to be driven by changing global diet trends, market developments, and R&D initiatives taken by major companies in the food sector leading to economic growth in the industry. Increasing consumption of a protein-rich diet and rising health consciousness is anticipated to drive the product demand over the next few years. In addition, the growing popularity of beef due to its various certifications, such as halal and kosher, will contribute to the market growth. According to the Organization for Economic Co-operation and Development (OECD), the total poultry and livestock production in the U.S. is expected to grow at a high rate with increased production of pork, beef, and broiler in 2019.

The country also accounted for some of the highest expansions in export volumes in 2019. This factor, in turn, is likely to augment the production of pork extracts tracing the growth of meat production in the country. As per the USDA Statistics, global per capita meat consumption is expected to rise at a decent rate by 2025. Processed meat manufacturers are coming up with new products and also adding new flavors to the existing range of products. Innovative launches, such as meat straws by Benny’s Original in different varieties like beef and pork straws, are expected to propel market growth.

Gather more insights about the market drivers, restrains and growth of the Global Meat Extract Market

As per the data published by the Food and Agriculture Organization (FAO), the total meat production in the world is expected to reach nearly 366 million tons by 2029. Of the total additional output, 76% will be predominantly contributed by the developing countries. Improved genetics, low feed costs, as well as growing demand for meat are anticipated to result in high production values. Subsequently, the market is expected to benefit from the rise in the production of meat over the forecast years.

Companies including Tillamook Country Smoker and Kerry Foods have come up with new branding methods and innovative products, such as cranberry & pineapple flavored turkey jerky and barbecue flavored meatballs. The novel product segments are expected to result in higher market penetration for the meat extract market over the forecast period.

The growing purchasing power of consumers will also support market growth. There is an increased shift from conventional meat to packaged meat products due to fast-tracked life in both developing as well as developed countries, resulting in an increased demand for meat extracts. Moreover, with the growing consumer awareness regarding the consumption of high-nutrition food, the demand for protein is increasing all over the world, thereby augmenting the market growth.

The estimates by Tyson Foods, Inc. suggest that the global consumption of protein increased from 257 billion tons in 2013 to 298 billion tons in 2020. The increasing number of consumers in the Asia Pacific region are opting for animal and animal products as a feasible source of protein. This is expected to propel the product demand over the forecast period.

Browse through Grand View Research’s Nutraceuticals & Functional Foods Industry Research Reports.

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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
• Europe
• Asia Pacific
• Central & South America (CSA)
• Middle East & Africa (MEA

 

Market Share Insights

• March 2021 – Essentia Protein Solutions launched an expanded product line that includes a variety of broths, stocks, and fats to include high-fat beef broth powder.

Key Companies profiled:

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.

 

Order a free sample PDF of the Meat Extract Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.