Market Dynamics: Drivers and Restraints in the Meat Extract Sector...

Market Dynamics: Drivers and Restraints in the Meat Extract Sector

Posted 2024-08-06 17:34:54

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The global meat extract market is poised for significant growth, with an estimated valuation of US$ 1.4 billion in 2022 projected to reach US$ 2.9 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 8.3% from 2023 to 2031. Key drivers behind this expansion include the rising popularity of protein-rich diets, increased consumer spending on packaged foods, and a growing demand for natural ingredients.

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Analyst Viewpoint

The surge in health-conscious consumer behavior is a pivotal factor driving the demand for meat extracts sourced from organic or grass-fed livestock. As consumers become more aware of their dietary choices, the preference for high-quality, nutritious ingredients is shaping market dynamics. In response, leading companies in the meat extract sector are investing heavily in capacity expansions and adopting innovative technologies aimed at sustainability. This includes initiatives focused on reducing carbon footprints, conserving water and energy, and ensuring worker safety.

Market Introduction

Meat extract is produced by simmering meat, notably beef or chicken, in water for several hours to extract essential nutrients, flavors, and aromas. While the primary ingredient is meat, formulations may also include salt, water, and various flavor enhancers. The manufacturing process often involves controlled enzymatic hydrolysis, ensuring low fat and sinew content, which enhances the extract’s flavor profile.

Meat extract serves as a crucial ingredient in preparing culture media designed to cultivate a diverse range of fastidious microorganisms, including lactic acid bacteria and anaerobes. Its applications extend beyond microbiology, finding roles in culinary enhancements, where it contributes rich umami flavors to soups, sauces, gravies, and other dishes.

Market Drivers

Increase in Popularity of Protein-Rich Diets

The rising trend of protein-rich diets, such as paleo, keto, and carnivore diets, is significantly boosting the meat extract market. As consumers seek to incorporate more protein into their diets, the demand for meat extracts and related products is surging. These extracts not only provide nutritional benefits but also serve as potent flavor enhancers, making them highly desirable in various culinary applications.

Surge in Demand for Packaged Meat Products

Global meat consumption is on an upward trajectory, leading to an increased demand for packaged meat products. The nutritional content of meat and poultry has driven this growth, and it is expected to continue throughout the forecast period. Rising per capita consumer spending on packaged foods directly correlates with the demand for meat extracts. In 2020, the per capita meat consumption of poultry in the U.S. reached approximately 58 kg (around 128 lbs), reflecting a growing market for meat-based products.

Regional Outlook

North America: Leading the Market

North America holds the largest share of the meat extract market, driven by rising meat consumption trends. According to data from the Food and Agriculture Organization (FAO), the U.S. and Portugal are among the highest per capita meat consumers, with averages around 149 kg (327.8 lbs) per person annually. The increasing demand for convenience foods and the growing preference for clean-label ingredients further enhance the meat extract market's growth in the U.S.

In Europe and other developed regions, similar trends can be observed, where health-conscious consumers are gravitating towards natural and minimally processed food options.

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Key Players in the Meat Extract Industry

Several key players dominate the meat extract landscape, including:

Carnad A/S
Colin Ingredients
JBS Global (UK)
NH Foods Australia
Essentia Protein Solutions
ARIAKE Japan Co., Ltd.
Meioh Bussan Co., Ltd.
Nikken Foods Co., Ltd.
Griffith Foods
Crescent Biotech
Givaudan
Neogen Corporation
A. Costantino & C. spa
Kerry Group plc

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