Wilmington, Delaware, United States, March 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The projected CAGR of the global meat extract market is 8.3%, which shall help the subject market reach a US$ 2.9 billion market valuation by 2031. However, it must be noted that the market valuation was US$ 1.4 billion in 2022. Various market forces have influenced the market to the mentioned market valuation.
People have become more health conscious. It has been believed that a balanced health can be achieved by acquiring a balanced diet. To achieve this, protein-rich diets have been preferred by consumers. This includes keto, paleo, and many other types of diets that require meat as the fundamental food. As a result, the subject market is driven heavily.
The demand for different taste foods has been increasing worldwide. This encourages local shoppers to manufacture meat as per the requirements of consumers. Consequently, a surge in demand for packaged meat products is observed. This is a key market driver driving the market under consideration.
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The storage and processing of the meat has become easier due to the upgradation of the technology. The availability of large-scale refrigerators enables manufacturers to store food products and increase their shelf-life. This is another market driver boosting the market growth.
Key Findings from the Market Report
- The market segmentation of the global meat extract market, the form used, the type of the meat, and the end-user industry. Out of all the market segments, the powder form of the meat has been used widely to preserve and store meat products to increase their shelf-life. Also, it has become easier to carry these products, so this market segment has gained popularity.
- According to the type of meat, chicken is one of the crucial verticals of the market segment. Chicken is often sold in various outlets, including hotels and local shops.
- Similar to chicken, beef is also a popular market segment widely exploited in North America and Europe. It yields better profitability for both small-scale meat shoppers and large-scale hotels.
- Food processing is a crucial vertical in the end-user industry market segment. Due to the advancement in the segment, the efforts required to process meat are reduced. This enhances the growth rate of the segment.
Regional Profile
- Overall, meat consumption has been rising in North America. Red meat is more popular and is vastly consumed in the United States. Due to this, North America is the largest market shareholder in the global meat extract market.
- The development of food and agriculture within various Asian countries helps the Asia Pacific region to contribute to the subject market. Therefore, this region has been contributing heavily to the market's growth.
- Europe, the Middle East, and South America have been decent current trailers to the market growth.
Key Trends for the Meat Extract Market
- Essentia launched edible cricket powder worldwide in September 2022. It allowed the food industry to get enriched with nutritious and eco-friendly protein content.
- US $ 20 million was invested by JBS in July 2023. The main focus of this investment is to evolve in terms of technology to meet sustainability needs.
- From January to March 2024, Colin Ingredients introduced a new range of meat and other food products. This expanded the growth opportunities for the business.
Competitive Landscape
Various competitors have been actively competing in the global meat extract market competition.
- Colin Ingredients is one of the leading organizations known for its innovative food products. Aroma goat cheese, barbeque chocolate, etc., are some of its newly launched products.
- Essentia offers various anti-aging products, along with different meat products. Also, it produces multiple oils used for cleansing and hair growth.
- Carnad A/S is more famous for its seafood items. It also provides beef, lamb, pork, and chicken delicacies. Further, it operates in the powdered meat market segment.
Key Players
- Carnad A/S
- Colin Ingredients
- JBS Global (UK)
- NH Foods Australia
- Essentia Protein Solutions
- ARIAKE Japan Co. Ltd.
- Meioh Bussan Co. Ltd.
- Nikken Foods Co. Ltd.
- Griffith Foods
- Crescent Biotech
- Givaudan
- Neogen Corporation
- A. Costantino & C. S.p.A
- Kerry Group plc
- Others
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Market Segmentation
Form
- Powder
- Liquid
- Granule
- Paste
Meat Type
- Beef
- Chicken
- Pork
- Lamb
End Use
- Food Processing
- Lab Testing
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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