Meat Extract Market Size, Share & Trends Analysis Report by Type (Chicken, Pork, Beef, Fish), By Form (Powder, Paste, Oil), By Application (Industrial, Commercial), By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global meat extract market size was valued at USD 21.8 billion in 2018 and is expected to accelerate at a CAGR of 3.5% over the forecast period. Factors such as fast-paced lifestyle of working professionals and growing urbanization are expected to drive the demand for meat extracts, and in turn, trigger the market growth over the forecast period.

Growing trend of consuming kosher and halal-certified products is likely to have a significant impact on the consumption of meat extracts. In addition, increasing demand for processed food owing to reduced meal preparation time and evolving consumer lifestyles are expected to complement industry growth.

Fish oil production is expected to decline on account of rising purchasing power, rapid urbanization, growing demand for fish for human consumption, increasing emphasis on the consumption of fish as healthy and nutritious food, population growth, and increased trade & transformations in the food distribution & retail sectors. These factors are anticipated to restrict the growth of market for meat extracts in the coming years. Beef and pork meat extracts segments together accounted for a market volume share of 68.0% globally in 2018. The demand for beef extracts is expected to grow as they contain various healthy components such as nucleotides, peptides, and vitamins.

The market in Asia Pacific is anticipated to witness the fastest growth rate over the forecast period. Urbanization, westernization of diets, population expansion, and growing middle-class with high disposable incomes, increasing frequency of exercise among masses, and rising focus on leading an active & healthy lifestyle in emerging economies including China and India are expected to drive the demand for meat extracts.

Companies engaged in the manufacturing of meat extracts are also integrating backward across the value chain to ensure and enhance the quality of raw materials used. Givaudan; Haco Holding AG; International Dehydrated Foods, Inc.; Carnad Natural Taste; Titan Biotech; and Bhagwati Chemicals are the major manufacturers in the market.

Type Insights

Based on type, the global meat extract market is segmented into chicken, pork, beef, fish, and others. Chicken extracts segment accounted for a significant share of the global market and is expected to witness substantial gains on account of the benefits it offers to the brain. The consumption of chicken meat aqueous extract helps in developing cognitive performance, especially related to memory and learning, which is anticipated to boost the demand for meat extracts in the coming period.

Beef is one of the largest consumed forms of meat in the world and is second to chicken in terms of volume consumption. There is a significant demand-supply gap in the market due to the limited production of beef, which can be attributed to various environmental and political factors. Beef meat extracts segment is driven by increasing awareness among consumers regarding high protein consumption, which can be significantly met with the intake of beef.

Fish extracts are likely to witness growth in their demand from industrial applications over the forecast period. This is owing to their fast absorption functionality, which promotes lean muscle mass and their ability to reduce the effects of hypertension.

Form Insights

Based on form, the meat extracts are further divided into powder, paste, oil, and others. Paste segment dominates the overall demand in the market and is expected to continue its dominance over the forecast period owing to its high solubility and ease of use. The growing application scope of the extracts in paste form in stuffing, stock powder, nuggets, bouillon cubes, coatings, seasoning, soup powders, soups, sauces, snacks, and ready meals is expected to have a positive impact on the growth of the market over the forecast period.

Meat extracts in the form of oil are obtained from sources such as fish, chicken, beef, pork, duck, and salmon. Growing demand for meat products as a key source of protein in China and increasing disposable incomes are anticipated to drive the consumption of meat extract oils over the forecast period.

Consumers are focusing on food products that are sustainable, healthy, and are not prepared using synthetic flavorings or additives; therefore, companies, such as BRF Ingredients; Carnad A/S; and Nikken Foods Co., Ltd., through their intensive and ongoing research & development activities, have introduced variable formulations to address the aforementioned concerns of consumers. All these trends are anticipated to boost the demand for meat extracts in the near future.

Application Insights

Meat extracts majorly find use in industrial and commercial application segments. Commercial application segment is expected to witness considerable growth in the coming years. This is mainly on account of increasing fast-food chains including McDonald’s and Taco Bell and quick service restaurants in countries such as India, China, and Brazil, wherein the demand for meat extracts in various forms including paste is high.

Industrial application segment dominates the product demand in terms of volume as well as revenue. The segment is also projected to witness the same trend and grow at the fastest rate over the forecast period. In industrial application, meat extracts are used in soups, sauces, stews, canned meat items, gravies, and puffed & baked foods, among other products. Microbiological culture media is another aspect of the industrial application of the product.

Regional Insights

The U.S. is poised to increase its market share in the beef extracts market globally in the coming years. The country is one of the major producers and exporters of beef products worldwide. One of the major challenges faced by the country is the recent trade war with China. South Korea, Australia, and Japan, which are the major competitors to the U.S. meat products in Asia, are struggling with climate-related production impacts, leading to lesser exportable supplies.

The consumption of pork and chicken extracts in South Korea is expected to grow over the long-term on account of aging demography, slow population growth, and changing consumer preferences, wherein consumers are now focusing on healthy and premium-quality products. On the other hand, increasing demand for protein source in the country is expected to drive the demand for beef extracts and, in turn, its market growth. However, rising product prices are likely to restrain the market growth.

Germany was the leading supplier of pork in China after overtaking Spain in 2018. However, China’s overall food market is heavily dependent on imports to meet its growing customer demands. Russia was the top importer of Brazilian beef in 2014. This was mainly due to Russia banning almost all food imports from the U.S. and the European Union. Hong Kong is the second-largest importer of Brazilian meat not for its internal consumption but to re-export to other Asian countries.

The U.K. is among the top four producers of chicken meat extracts in the European Union. Since the country accounts for around 14% of the poultry meat production in Europe, it also ranks second in the region in terms of broiler meat production.

Meat Extract Market Share Insights

The market for meat extracts is highly competitive with the presence of prominent and well-established players collectively holding a larger share of revenues in the market in 2018. Key companies such as Essentia Protein Solutions and Givaudan are increasing their geographical presence to grab considerable share of the market. Establishment of strategic partnerships with buyers to formulate new products is expected to remain a critical success factor for companies over the forecast period.

Innovation in areas such as biotransformation and novel processes based on culinary methods has facilitated companies to enhance their product offerings. Consumers, in the recent times, are also seeking new sensory experiences and open to exploring unique products and solutions to stay healthy.

Companies market their products and offer customization services to strengthen their position. Change in the type of product categories such as seafood, beef, and pork and changes in the taste preferences of consumers are likely to increase product customizations. In addition, the presence of local players catering to local markets with highly customized product offerings is likely to keep the competition high among all players.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2013 to 2025. For the purpose of this study, Grand View Research has segmented the global meat extract market report based on type, form, application, and region:

• Type Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)

  • Chicken

  • Pork

  • Beef

  • Fish

  • Others

• Form Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)

  • Powder

  • Paste

  • Oil

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)

  • Industrial

  • Commercial

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

    • Spain

    • Portugal

  • Asia Pacific

    • Hong Kong

    • Singapore

    • Japan

    • South Korea

    • Vietnam

    • Malaysia

    • Philippines

    • China

  • Central & South America

    • Brazil

    • Chile

  • Middle East & Africa