Selbyville, Delaware, June 05, 2024 (GLOBE NEWSWIRE) --
The beef extract market is projected to cross USD 27 billion by 2032, as reported in a research study by Global Market Insights Inc.
Growing consumer preference for natural flavor enhancers, alongside advancements in extraction techniques, will fuel business expansion over 2024–2032. With heightened awareness of health-conscious choices, the allure of beef extract's rich umami profile in culinary applications surges. Also, refined extraction methods ensure enhanced efficiency and quality, meeting escalating demand. This dual momentum will significantly bolster the beef extract market, catering to evolving tastes and preferences while maintaining product integrity and quality standards.
For instance, in May 2024, CSIRO introduced a novel Just Meat protein powder derived from red meat, touted to provide an allergen-free protein boost to snacks and beverages. As consumers seek natural and allergen-free protein sources, this innovation could drive a shift towards alternative meat-derived ingredients. While it may pose some competition to traditional beef extract, it also opens up opportunities for manufacturers to explore new product formulations and cater to evolving consumer preferences, potentially influencing market dynamics in the beef extract market.
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The beef extract market from the cosmetics segment will establish a considerable foothold between 2024 and 2032, propelled by the increasing demand for natural and organic ingredients in skincare and haircare products. Beef extract's rich nutrient profile, including amino acids and collagen, makes it a sought-after ingredient for anti-aging and moisturizing formulations. With consumers prioritizing effectiveness and sustainability, the cosmetics segment will drive substantial growth in the beef extract market.
The household/consumer use segment will gain a strong presence by 2032, fueled by the versatile applications of beef extract in home cooking and food preparation. With consumers increasingly seeking flavor enhancers and nutritional supplements, beef extract offers a convenient and rich source of umami flavor and essential nutrients. Its widespread usage in soups, stews, sauces, and marinades makes it a staple ingredient in households worldwide, driving significant demand and market growth within this segment.
Asia Pacific will expand at a notable CAGR from 2024 to 2032 due to its burgeoning food processing industry and the region's rich culinary heritage. With a growing population and increasing disposable income, demand for convenience foods and flavor enhancers like beef extract is surging. Moreover, the region's thriving food service sector and expanding retail channels contribute to market expansion. As Asia Pacific continues to witness rapid economic growth and urbanization, it will stand as a modest contributor to the global beef extract industry, driving innovation and market development.
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Prominent companies operating in the beef extract market include Givaudan, Colin Ingredients, Diana Group, JBS S.A., Carnad Natural Taste, Pt Foodex Inti Ingredients, Maverick Biosciences Pvt Ltd, Nippon Ham Group, Titan Biotech Limited, Abbexa Ltd, and BD Biosciences, among others.
Companies are enhancing their share through strategic initiatives such as product diversification, partnerships, and geographic expansion. By introducing innovative formulations catering to diverse consumer preferences and dietary trends, these firms strengthen their market presence. Collaborations with suppliers and distributors strengthen distribution networks, ensuring wider product availability. Moreover, R&D investments enable players to develop new applications for beef extract, tapping into emerging market segments. With a focus on meeting evolving consumer demands, these efforts contribute to market growth.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & workings
1.3 Forecast parameters
1.4 Data sources
1.4.1 Primary
1.4.2 Data mining sources
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Beef Extract industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Form trends
2.4 Application trends
2.5 End use trends
2.6 Regional trends
Chapter 3 Beef Extract Market Insights
3.1 Industry ecosystem analysis
3.1.1 Raw material analysis
3.1.2 Manufacturers
3.1.3 End use analysis
3.1.4 Profit margin analysis
3.1.5 Vendor matrix
3.2 Raw material analysis
3.3 Technology landscape
3.4 Regulatory landscape
3.4.1 North America
3.4.2 Europe
3.4.3 APAC
3.4.4 Latin America
3.4.5 MEA
3.5 Pricing analysis
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 Middle East & Africa
3.5.6 Cost structure analysis, 2023
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing Demand for Natural Flavors
3.6.1.2 Rise in Ready-to-Eat Meals
3.6.1.3 Expanding Food and Beverage Industry
3.6.2 Industry pitfalls & challenges
3.6.2.1 Health Concerns and Dietary Shifts
3.7 Innovation & sustainability
3.8 Growth potential analysis, 2023
3.9 Porters Analysis
3.9.1 Industry rivalry
3.9.2 Buyer power
3.9.3 Supplier power
3.9.4 Threat of new entrants
3.9.5 Threat of substitutes
3.10 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company matrix analysis, 2023
4.3 Global company market share analysis, 2023
4.3.1 Company market share analysis, by region, 2023
4.3.1.1 North America
4.3.1.2 Europe
4.3.1.3 Asia Pacific
4.3.1.4 Latin America
4.3.1.5 Middle East & Africa
4.4 Competitive positioning matrix
4.5 Strategy dashboard
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
