Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Meat Extract Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 06, 2021 (GLOBE NEWSWIRE) -- The Global Meat Extract Market is expected to grow at a CAGR of around 7.2% from 2020 to 2027 and reach the market value of over US$ 4,816.3 Mn by 2027.
North America has dominated the meat extract market in the past and will continue to do so during the forecast period. North America has traditionally been an appealing meat extract market, with the majority of consumers leading demanding lifestyles and seeking ready-to-eat meals. Furthermore, incorporating advanced technology to ensure the purity of the meat extraction process is an important part of meeting consumer demand. Additionally, the presence of prominent players is one of the major factors driving the growth of the meat extract market.
As key players integrate backward across the supply chain, the quality of raw materials used in the production of meat extracts improves. With the rise of fast food chains such as Taco Bell and McDonald's in the North American region, the demand for meat extract in powdered and liquid form is picking up; bode well for the overall growth of the meat extract market.
On the other hand, Asia Pacific is expected to grow at a rapid pace in the coming years, owing to an increase in active and healthy lifestyles among the population in developing economies such as China and India. Rising disposable incomes and an increase in the frequency of fitness diets among health-conscious people are also factors driving the global meat extract market.
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Market Drivers
High nutritional value of meat extract drives the market growth worldwide
Meat extract is a highly concentrated form of meat stock that contains high levels of protein, iron, amino acids, and a variety of vitamins and minerals. Meat extract-based products not only provide high-quality protein but also a variety of other essential micronutrients, particularly zinc and iron, vitamins, and other essential micronutrients.
Rising consumer awareness regarding claims
The majority of food product manufacturers collaborate with research companies to develop meat extract-based food products in order to incorporate diet claims into the end-products. Manufacturers use meat extracts as flavour enhancers with high nutritional value to mask the unpleasant taste of the food. Consumers are becoming increasingly concerned about the origin of their food. The growing interest in the local food economy, food safety, environmental impacts, and the complexity of the entire food supply chain has resulted in the creation of new labels to differentiate food products, such as ‘ethical.’ Meat extract is made from livestock raised in natural, humane conditions, which is expected to increase demand for meat extract as an ethical food.
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Extensive usage of meat extract in microbiology to grow culture media for various research activities
Meat extract is widely used in microbiology lab testing to replace aqueous meat infusion in microbiological culture media. Meat extract is typically used at a concentration of 0.3 to 1.0% in the preparation of culture media, though concentrations vary depending on the nutritional requirements of the medium formulation.
Segmental Overview
The global meat extract market is segmented as type, form, and application. By type, the market is segmented as chicken, pork, beef, fish, turkey, and others. Based on form, the market is segregated as powder, paste, liquid, and granules. By application, the market is bifurcated into industrial and commercial.
Competitive Analysis
Some of the leading competitors are Givaudan, Nikken Foods, Essentia Protein Solutions, Carnad A/S, Colin Ingredients, JBS Global (UK) Ltd., NH Foods Australia Pty Ltd., Proliant Inc., ARIAKE Japan Co., Ltd, Meioh Bussan Co., Ltd., Nikken Foods Co., Ltd., Innova Flavors (Griffith Foods Inc.), and among others.
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Some of the key observations regarding the meat extract market include:
- In June 2018, Essentia Protein Solutions announced the acquisition of Denmark-based functional protein manufacturer Scanflavour. Scanflavour manufactures a range of functional proteins from raw pork materials, and Essential Protein Solutions claims that the acquisition will strengthen the company's position in the international animal-based protein market as it will grant the company increased access to this segment.
- In December 2020, Ben & Jerry’s, a global ice cream company, announced the launching of permanent flavor in collaboration with activist and former NFL quarterback, Colin Kaepernick. A champion for racial inequality, Kaepernick has used this platform that brings awareness to the racial plight African Americans face on a daily basis through kneeling during the National Anthem since September 2016.
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