Wilmington, Delaware, United States, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global meat flavors market was valued at more than US$ 3 Bn in 2021. It is projected to expand at a CAGR of 5.6% from 2021 to 2031.
Increase in focus on health and rise in awareness about the adverse impact on health on the indiscriminate consumption of meat are factors that are spurring the demand for meat flavors. Extensive research in plant-based meat products in the past few years has broadened market outlook. Rise in popularity of clean labelling in meat protein is likely to positively influence the market growth.
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Competition Landscape
Leading players are focusing on product innovations in order to stay ahead of the competition. Several prominent companies are offering exotic flavors to meet the need for exotic flavors among manufacturers of plant-based meat products.
Key players operating in the meat flavors market are
Archer Daniels Midland, BRF, Essentia Protein Solutions, Calaf Nuances S.L., DSM, Firmenich SA , Fooding Group Limited, Kerry Group, Givaudan, S.A. H E Stringer flavors Ltd., MANE, Nactis Flavors Marc Flavors, Nikken Foods Co., Ltd., PA Aromatics, Flavors Srl UNIFERM GmbH & Co. KG. Pet Flavors Inc. Shanghai Kayson Flavor & Fragrance Co., Ltd. Qingdao HiDoo Foodstuff Ingredients Co., Ltd. T. Hasegawa USA Inc. Trilogy Essential Ingredients, Inc.
Key Findings of Study
Significant demand for chicken and beef flavors in foodservice industry
Considerable consumption of chicken meat across the globe is a key factor that is anticipated to create significant opportunities to companies in the market. In terms of flavor type, the chicken segment is projected to account for leading market share during the forecast period. The beef segment is anticipated to expand at a CAGR of 5.6% from 2021 to 2031. Surge in demand for meat flavors in convenience food products is expected to offer significant opportunities in the market.
Considerable R&D activities to result in introduction of exotic flavors for vegetarians and flexitarians
Increase in incorporation of exotic flavors into meat products is anticipated to create lucrative business opportunities for companies in the market. Surge in incorporation of meat flavors into soups, instant noddles, baked food products, and a range of ready-to-eat meal products is anticipated to bolster the market value. Rise in R&D activities in exploring new sensory characteristics of meat flavors is likely to pave the way to new opportunities in the market.
Key Growth Drivers of Meat Flavors Market
- Increase in trend of flexitarian diets across the globe is a key driver of the meat flavors market. A large section of meat enthusiasts worldwide is inclined toward flexitarian diets in order to cut down on meat consumption, which is a key factor that is likely to spur the popularity of meat flavors.
- Rise in demand for plant-based food products is expected to bolster market development in the next few years. Continuous expansion of the HoReCa (hotel, restaurant, and catering) industry in developing countries is anticipated to boost the market.
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Regional Landscape
The market in Asia Pacific growing at a significant pace due to presence of a large section of meat enthusiasts. Increase in inclination toward flexitarian diets among people in several countries, such as Malaysia, India, China, Japan, and Thailand, is anticipated to augment the market size in Asia Pacific.
Europe is a lucrative market for meat flavors. Meat enthusiasts in the region are seeking innovative and exotic flavors, which presents large untapped opportunities for companies in the market. Rise in R&D activities in plant-based meat is likely to fuel market development in the region.
The market in North America is projected to expand at a rapid pace in the next few years due to rise in demand for chicken flavors in the region. The region accounted for the major market share of 34.4% in 2021. Rapid development of processed food products in the region is expected to augment market value in the region in the next few years.
Segmentation
The global meat flavors market has been segmented based on
Nature
- Natural
- Artificial
Flavor Type
- Chicken
- Beef
- Pork
- Turkey
Application
- Baked Goods
- Snacks
- Savory
- Soups
- Sauces
- Ready-to-Eat Meals
- Meat Analogues
- Processed Meat
- Pet Food
Region
- Asia Pacific
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
- Latin America
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