Meat Extract Market Size & Trends | Global Growth Report 2024-2029
Global Meat Extract Market Size (2024 to 2029)
The global meat extract market share value is expected to grow at a CAGR of 5.11% during the forecast period 2024 to 2029 to reach USD 22.63 billion by 2029 from USD 17.64 billion in 2024.
MARKET DRIVERS
The escalating desire for delicious and wholesome food items drives the growth of the meat extract market. The main propellent includes the demand for organic and less synthetic flavour raw material for food and beverages industries, and complying with legal requirements. In addition, because of their high protein profile, these extracts are popularly utilized as a natural source to enhance the meaty content in snacks and processed foodstuffs, spanning from noodles, instant bouillons, and much more. Furthermore, market growth is also aided by the inclination to eat nutrition-packed foods. About 50 percent of the customers consider healthy eating a first preference; at the same time, the rest of the people prioritize convenience food. To meet the demand, meat breeders require innovation, which is surging market growth.
MARKET RESTRAINTS
The high food inflation hinders the meat extract market growth. The projection foresees downward pressure on the rise of meat demand due to high and increasing customer expenditure and lower income growth. According to The Hindu, rural inflation climbed from 5.3 per cent to 5.6 per cent in June 2024, and urban customers encountered a price increase of 4.4 per cent against 4.2 per cent in May 2024.
SEGMENTAL ANALYSIS
Global Meat Extract Market By Type
· Beef
· Chicken
· Pork
· Lamb
Chicken is the most popular segment among others in the meat extract market. The rising intake of poultry and poultry items because of the easy accessibility and cheap prices has essentially elevated its market. Moreover, it has gained widespread recognition among health-aware customers as it has a higher protein content than most other frequently consumed meat items. On the other hand, the pork segment is estimated to grow considerably in the future.
Global Meat Extract Market By Application
· Ready-to-cook & Ready-to-eat Meals
· Seasonings & Coatings
· Soups & Broths
· Sauces & Spreads
· Savory Snacks
· Infant Foods
· Others
Ready-to-cook & Ready-to-eat Meals continue to be the most preferred option and is anticipated to expand further during the forecast period. This can be attributed to the busy modern lifestyles, which resulted in reduced time for cooking. Moreover, wider changes in customer choices of convenience foods throughout the different generations have influenced its demand. This positioned it as the primary food in their convenience-centric and fast-paced daily routine, consequently fuelling the segment’s market share. Apart from this, a shift in consumer demographics has resulted in a rising intake of tastier and more flavourful meat choices.
REGIONAL ANALYSIS
North America is spearheading the meat extract market. The United States is leading the region’s market. As per the USDA, the typical American eats 224.6 pounds of meat, including turkey, broiler, pork, and beef each year. People in this country are still consuming higher quantities of meat than ever, regardless of the change in its form over the years. Moreover, the Canadian meat industry is a notable contributor to the region’s expanding market size. According to the study, Canada exported meat valued at 24.72 billion dollars in 2022. This exhibits its significance in its economy. Hence, both the US and Canada are elevating the growth rate.
Europe holds a significant portion of the meat extract market. Currently, it is experiencing a shift to plant-based meat extract from animal-derived. Still, a large number of people in the region eat meat. According to the European Union Commission, the first quarter of 2024 saw a surge of 4 per cent in beef production in contract to 2023. However, the regional market is expected to face more challenges ahead due to the growing adoption of plant-based diets or vegan foods. As per Proveg International, about 51 per cent of meat consumers in Europe state they are actively lowering their yearly meat intake. This percentage elevated from 46 per cent in 2021.
Asia Pacific is expected to rapidly propel during the forecast period for the meat extract market. The extensively consumed red meat in APAC is pork. As per the Organization for Economic Co-operation and Development (OECD), unlike the majority of regions worldwide, beef consumption is projected to climb by 0.4 kg per year. So, the demand for meat extract is also believed to increase in the coming years. Also, China, Vietnam, and South Korea have the biggest intakes per capita in the APAC. Taiwan and Hong Kong have the most enormous estimated annual consumption of 38 kg and 55 kg per person, respectively.
Latin America is likely to witness a moderate growth rate throughout the estimation period for the meat extract market. Whereas, the Middle East and Africa are anticipated se steady rise steadily over the coming years.
RECENT MARKET DEVELOPMENTS
- In May 2024, GOOD Meat reported the retail introduction of a new team called, GOOD Meat 3 in Singapore, at the frozen part of the premium meats specialist Huber’s Butchery.
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