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The Global Meat Extract Market size is expected to reach $20.8 billion by 2027, rising at a market growth of 6.3% CAGR during the forecast period. Meat extract is prepared from meat with low-fat content and it is a regular flavoring additive for canned meat items, sauces, stews, pot pies, soups, and gravies. Due to the flavor of meat extract, it is utilized in various products as a useful additive. The quantity of meat extract utilized for flavoring is based on the kind of food to which it is included. The useful flavor and aroma of meat extract enhance the flavor of few items even at lower concentrations.
Determinants like a surge in consumption of ready-to-eat food items and meals, increasing consumption of protein items, and a wide range of applications in the food manufacturing sector would present attractive growth opportunities for the meat extract market. Though, the growth of the market is likely to hamper due to the strict government norms regarding the production process and approvals. On the other hand, the global meat extracts market would witness bright prospects due to the large-scale distribution channel.
Due to the outbreak of the COVId-19 pandemic, various governments around the world have imposed stringent lockdown measures and other restrictions in order to contain the spread of the virus. COVID-19 can affect the world’s economy in three major ways: by directly affecting production process and demand, by making disruptions in supply chain and market and by its financial effect on firms and financial markets. As a result, the production of meat extract has witnessed a huge disruption due to closedown of manufacturing and production units. Moreover, travel ban is also one of the factors that hampered the growth of the meat extract market.
Based on Application, the market is segmented into Industrial and Commercial. In 2020, the industrial application segment procured the maximum revenue share of the global meat extracts market. Meat extracts extracted from sources, like a lamb, pork, fish, beef, and chicken, are utilized for manufacturing several products such as nuggets, soup powders, ready meals, soups, snacks, coatings, bouillon cubes, sauces, seasonings, and stock powder.
Based on Form, the market is segmented into Powder, Paste, Liquid and Granules. In 2020, the market was dominated by the powder form segment. Meat extract powder is a beneficial and rich form of meat stock, which is extracted from beef, chicken, pork, and fish, and is utilized to make broth for soups and liquid-based foods. The product is considered to be insoluble in alcohol while still being highly soluble in water and has a unique aroma that provides food items the aroma of meaty flavor.
Based on Type, the market is segmented into Beef, Chicken, Fish, Turkey, Pork and Others. The growing demand for poultry and poultry items owing to the simple accessibility and economical costs has helped the global meat extracts market to expand further. Chicken has achieved massive traction among fitness enthusiasts’ consumers as it contains high protein in comparison to the most other common meat items. The low price of these items and their manufacturing has made chicken an ideal option for makers and consumers.
|Market size value in 2020
|USD 13.7 Billion
|Market size forecast in 2027
|USD 20.8 Billion
|2017 to 2019
|2021 to 2027
|Revenue Growth Rate
|CAGR of 6.3% from 2021 to 2027
|Number of Pages
|Number of Tables
|Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
|Application, Form, Type, Region
|US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the leading region in the global meat extract market by garnering a major revenue share. North America would display a higher growth rate during the forecast years due to the increasing consumption of animal-rich protein sources.
Free Valuable Insights: Global Meat Extract Market size to reach USD 20.8 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Givaudan S.A., Symrise AG (Diana Group), Haco Holding AG, JBS USA Holdings, Inc. (JBS S.A), WH Group Limited (Smithfield Foods, Inc.), NH Foods Ltd., Titan Biotech Ltd., Carnad Natural Taste, Chimab S.p.A, and Inthaco Co., Ltd.
The meat extract market size is projected to reach USD 20.8 billion by 2027.
Rising demand for meat extract in food & feed biological research labs are driving the market in coming years, however, COVID-19 is likely to hamper the market growth have limited the growth of the market.
Givaudan S.A., Symrise AG (Diana Group), Haco Holding AG, JBS USA Holdings, Inc. (JBS S.A), WH Group Limited (Smithfield Foods, Inc.), NH Foods Ltd., Titan Biotech Ltd., Carnad Natural Taste, Chimab S.p.A, and Inthaco Co., Ltd.
The expected CAGR of the meat extract market is 6.3% from 2021 to 2027.
The North America market dominated the Global Meat Extract Market by Region in 2020, growing at a CAGR of 5.6 % during the forecast period.
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