Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Meat Extract Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Form, Application, and Geography,” the meat extract market is expected to grow from $1.74 billion in 2021 to $2.48 billion by 2028; it is estimated to grow at a CAGR of 5.2% from 2021 to 2028.
The key players operating in the meat extract market include Colin Ingredients; Carnad Natural Taste; Diana Group; PT Foodex Inti Ingredients; Givaudan S.A.; JBS SA.; Maverick Biosciences Pty Ltd; Nippon Ham Group; Titan Biotech Limited; and Proliant Biologicals, LLC. These companies provide a wide range of product portfolios for the meat extract market. These companies have a widespread global presence, which provides a lucrative opportunity for the market to serve a large set of customers and increase the market size.
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Growing Preference for High-Protein Snacks
Meat extracts are made from chicken, beef, pork, among other meats. They are cooked in water till the soluble proteins from meat structure are released and then concentrated to nearly 70-80% total solid concentration. Meat extracts are also available in powdered form. Meat extracts enhance the flavor of products including meat snacks, ready meals, soups, and sauces. The increasing demand for meat-based products and savory snacks is poised to fuel the expansion of the meat extract market. Furthermore, the growing utilization of meat extracts in the formulation of culture media is expected to contribute to the growth of the meat extract market.
Over the past few years, the demand for protein has increased significantly, with many consumers focusing on health and wellness. Consumers cannot achieve their daily dietary requirements owing to a hectic lifestyle and prolonged work schedules. Therefore, they choose functional products containing high proteins, vitamins, minerals, and good carbs. Nowadays, consumers seek functional benefits from all the food products they consume. Consumers' snacking habits have also evolved significantly, with many consumers choosing healthy and junk-free products. There is a rapid surge in the demand for on the go high-protein snacks, and high-protein meat snacks are gaining significant popularity among consumers for their ability to fulfill daily nutritional needs. Meat extracts are employed as flavor enhancers and fortification ingredients in several meat snacks such as jerky, sausages, nuggets, and bites. Further, they are used in ready meals, soup blends, and instant snacks.
Moreover, meat extracts minimize the requirement of salt in processed food. The addition of meat extract increases the protein content of the products, making them nutritious and tasty. For instance, Symrise beef bone broth and extracts have 90% protein, whereas the beef meat powder has ~70% protein expressed in dry matter which can be added to a wide range of meat products including soups, meals, sauces & dressings, seasonings, and snacks to increase the protein content and add characteristic flavor. Consumers are rapidly shifting toward high-protein snacks as they have become more health-conscious, especially after the COVID-19 outbreak. This factor is likely to fuel the global meat extracts market over the coming years.
Meat Extract Market: Segmental Overview
The meat extract market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). North America held the largest share in the meat extract market in 2020; however, Asia Pacific is expected to register the fastest CAGR during the forecast period. North America is one of the most significant regions for the meat extract market due to the populace's increasing adoption of snack products. Meat snacks such as jerky, sticks, strips, and patties are gaining huge traction among consumers as they are easy to consume, tasty, and rich in protein. Moreover, strong retail infrastructure in countries such as the US and Canada is driving the sales of packaged meat snacks, thereby increasing the demand for meat extracts across North America. Furthermore, rising meat production in the US and the growth of the meat processing industry offer strong potential to the meat extract market across North America.
Based on type, the meat extract market is segmented into beef, pork, chicken, and others. The beef segment held the largest share in the meat extract market in 2020; however, the chicken segment is projected to register the fastest CAGR during the forecast period. The rising demand for poultry meat due to its low-fat content compared to beef and pork is expected to drive the growth of the chicken extract segment. Moreover, after the COVID-19 outbreak, the demand for poultry meat increased as consumers became health-conscious. Poultry meat is an affordable, lean, and rich source of protein; its demand increased in various countries such as the US, China, Japan, and Brazil. This factor is also anticipated to fuel the segment’s growth in the coming years.
Based on application, the meat extract market is segmented into RTE & RTC meals, sweet & savory snacks, soups & sauces, and others. The other applications segment held the largest market share in 2020. The other applications of meat extract majorly include spice blends & seasonings, baby food, and culture media preparation. Meat extract powder can be easily employed in dry spice blends and seasonings to enhance the overall flavor of the products. Moreover, meat extract is used in baby food. A baby’s food must be nutrient-focused and include healthy fats, quality meats, and vegetables. Fat is vital for nutrient absorption, brain development, hormone regulation, and building the immune system. Meat extracts fortify the baby food products by increasing their nutritional value and adding a characteristic flavor. Furthermore, meat extract is used to prepare culture media as it is rich in proteins, amino acids, vitamins & minerals, peptones, and nucleotides, which favor the growth and reproduction of various micro-organisms.
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Impact of COVID-19 Pandemic on Meat Extract Market
The food & beverages industry is one of the key industries that faced unprecedented challenges due to the COVID-19 pandemic. Lockdown and border restrictions enacted by various countries disrupted supply chains, which affected the production and distribution of various products. During the initial phase of the COVID-19 pandemic, the demand for convenience meat products increased dramatically due to panic buying as consumers stocked up their pantries.
However, the implementation of lockdown restrictions and shutdown of manufacturing units in the later stage led to a production shortfall, which created a demand and supply gap. This factor hampered the profitability of various small-scale and large-scale meat manufacturers. Thus, the demand for meat extract reduced significantly during the pandemic due to decreased production of meat products. Further, with the pandemic-induced economic recession, the purchasing power of consumers reduced significantly in 2020, which hampered the sales of meat products and meat derivatives. This factor adversely affected the growth of the meat extract market. Thus, initially, the pandemic boosted the meat extract market due to the rising demand for frozen meat products; however, the market growth was hampered later due to supply chain disruption and business shutdown.
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