Pune India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Chicken Extract Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Distribution Channel, and Geography,” the chicken extract market is expected to grow from $3.02 billion in 2022 to $4.09 billion by 2030; it is estimated to grow at a CAGR of 3.9% from 2022 to 2030.
Campbell Soup Co, The Kraft Heinz Co, Ajinomoto Philippines Corp, Lee Kum Kee Co Ltd, Nutra Organics Pty Ltd, Huegli Cenovis GmbH, Princes Ltd, Unilever Plc, Hormel Foods LLC, and Kettle & Fire Inc are a few leading players operating in the chicken extract market. These players are constantly focusing on developing innovative products to fulfill the changing requirements of consumers.
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The market for chicken extracts is experiencing substantial growth owing to the increasing emphasis on culinary diversity and the exploration of global cuisines. As consumers become more adventurous in their culinary pursuits, they seek ingredients such as chicken extracts to add depth and flavor to dishes from various cuisines.
The growing health and wellness awareness drives the demand for chicken extracts worldwide. Health-conscious consumers are turning to products that can enhance the taste of their meals without adding excessive calories, salt, or artificial additives. Chicken extracts offer a natural and low-fat way to boost flavor, aligning with the preferences of individuals striving for healthier eating habits.
Rising Demand for Chicken Extract as Flavor Enhancer in Home Cooking Propels Chicken Extract Market Growth
Chicken extracts are commonly used in soups, sauces, and various culinary applications to enhance the overall flavor of dishes. Chicken extracts are rich in umami, enhancing the dishes' overall flavor. The rising demand for chicken extract as a flavor enhancer can be attributed to the ability to add savory and umami flavors to a wide range of dishes. In addition, the growing interest of consumers in exploring global cuisines drives market growth. The popularity of cuisines from Latin America, Korea, India, and Africa has surged in recent years.
Consumers use chicken extract to recreate traditional recipes and reduce cooking time while keeping the flavors intact. The chicken extract is used to prepare sauces and gravies as it enhances their flavor. In addition, it is used as seasoning in dry rubs or spice blends for various meats, adding a savory note to grilled or roasted dishes. Thus, the rising demand for chicken extract as a flavor enhancer drives the chicken extract market.
Chicken Extract Market: Segmental Overview
Based on product type, the chicken extract market is segmented into chicken paste, broth and stock, and chicken powder. The chicken broth and stock are available in different formats, including liquid, powder, cube, and granules. They are made by boiling meat, bones, and other ingredients, including seasonings and flavors, in water. Chicken broth and stock is always a nutritional option as it is low in calories and fats and provides essential nutrients such as protein, vitamins, and minerals. Broth and stocks are commonly used as a base for various recipes such as soups, stews, sauces, and risottos. With the rising culinary trends and more people exploring cooking at home, the demand for ingredients such as broth and stock is expected to surge. In addition, chicken broth and stock are preferred in various diets, including paleo, keto, and gluten-free, making it appealing to people with specific dietary preferences. Some diets, including bone broth, have gained popularity in recent years, contributing to the demand for broth products.
Based on category, the chicken extract market is segmented into organic and conventional. The conventional segment accounted for a larger market share in 2022. Conventional products are grown using powerful chemicals to help manage fertility, prevent contamination by pests, and reduce the risks of diseases. Chicken raised conventionally can be exposed to toxins, whereas chicken farms use feeds from conventional ingredients. Furthermore, consumption of water and other products from nonorganic or conventional farms can result in toxicity, which causes impaired growth, behavioral problems, lack of energy, and learning difficulties. The chicken extract is toxins-free and helps treat specific health ailments such as autoimmunity and allergies.
The processing of conventional chicken extract is simpler and cheaper than organic chicken extract. It is readily available and more affordable. These factors are boosting the demand for conventional chicken extract, driving the market growth for the segment.
Based on distribution channel, the chicken extract market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest share in 2022. Supermarkets and hypermarkets are large retail establishments that offer several products, such as beverages and groceries. These stores offer products from various brands as well as different types of chicken extract products such as chicken powder, broth and stocks, and paste at reasonable prices, allowing shoppers to find the required products. In addition, these stores offer multiple payment options, attractive discounts, and a pleasant customer experience. These stores focus on maximizing product sales to increase their profit. Due to their heavy customer base, chicken extract manufacturers prefer to sell their products through this channel. Increasing urbanization, competitive pricing, and a rising working-class population boost the popularity of supermarkets and hypermarkets. Moreover, these stores have modern storage facilities, ensuring ideal conditions for chicken extract and other nonperishable products.
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Impact of COVID-19 Pandemic on Chicken Extract Market
The COVID-19 pandemic affected economies and industries in various countries. Travel bans, lockdowns, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages, agriculture, and animal feed. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and nonessential products, including chicken extract. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Meat Extract Market Size Report | Forecast & Trends by 2028
Broth Market Size, Share and Growth Report 2028
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