Meat Extract Market Size, Share & Trends Report

Meat Extract Market Size, Share & Trends Analysis Report By Type (Chicken, Beef), By Form (Powder, Paste), By Application (Industrial, Commercial), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028

  • Published Date: Mar, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-605-9
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 164

Report Overview

The global meat extract market size was valued at USD 14.47 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. The market is anticipated to be driven by changing global diet trends, market developments, and R&D initiatives taken by major companies in the food sector leading to economic growth in the industry. Increasing consumption of a protein-rich diet and rising health consciousness is anticipated to drive the product demand over the next few years. In addition, the growing popularity of beef due to its various certifications, such as halal and kosher, will contribute to the market growth. According to the Organization for Economic Co-operation and Development (OECD), the total poultry and livestock production in the U.S. is expected to grow at a high rate with increased production of pork, beef, and broiler in 2019.

U.S. meat extract market size, by type, 2017 - 2028 (USD Billion)

The country also accounted for some of the highest expansions in export volumes in 2019. This factor, in turn, is likely to augment the production of pork extracts tracing the growth of meat production in the country. As per the USDA Statistics, global per capita meat consumption is expected to rise at a decent rate by 2025. Processed meat manufacturers are coming up with new products and also adding new flavors to the existing range of products. Innovative launches, such as meat straws by Benny’s Original in different varieties like beef and pork straws, are expected to propel market growth.

As per the data published by the Food and Agriculture Organization (FAO), the total meat production in the world is expected to reach nearly 366 million tons by 2029. Of the total additional output, 76% will be predominantly contributed by the developing countries. Improved genetics, low feed costs, as well as growing demand for meat are anticipated to result in high production values. Subsequently, the market is expected to benefit from the rise in the production of meat over the forecast years.

Companies including Tillamook Country Smoker and Kerry Foods have come up with new branding methods and innovative products, such as cranberry & pineapple flavored turkey jerky and barbecue flavored meatballs. The novel product segments are expected to result in higher market penetration for the meat extract market over the forecast period.

The growing purchasing power of consumers will also support market growth. There is an increased shift from conventional meat to packaged meat products due to fast-tracked life in both developing as well as developed countries, resulting in an increased demand for meat extracts. Moreover, with the growing consumer awareness regarding the consumption of high-nutrition food, the demand for protein is increasing all over the world, thereby augmenting the market growth.

The estimates by Tyson Foods, Inc. suggest that the global consumption of protein increased from 257 billion tons in 2013 to 298 billion tons in 2020. The increasing number of consumers in the Asia Pacific region are opting for animal and animal products as a feasible source of protein. This is expected to propel the product demand over the forecast period.

Type Insights

In terms of volume, the chicken type segment led the market and accounted for a share of more than 42% in 2020. The increasing demand for poultry and poultry products due to the easy availability and affordable rates has contributed to the large volume share of the global chicken meat extracts market. Chicken has gained increased popularity among fitness-savvy consumers as it has high protein content compared to most other common meat products. The low cost of these products and their manufacturing has made chicken an effective choice for manufacturers and consumers.

The pork extracts segment is anticipated to observe a significant growth rate over the forecast period on account of an increase in demand for protein-rich and RTE foods. The rise in demand for pork extracts owing to better taste and high nutritional value is expected to positively influence the segment growth over the forecast period.

Beef is the culinary name for meat obtained from bovine animals and is the second most-consumed meat after chicken. The demand for beef extracts is increasing as there is a high demand for fresh meat without equivalent supply caused by political and environmental factors. Other factors contributing to increased consumption of beef extracts are food safety issues including pathogen detection and chemical residues in other meats, such as poultry and pork.

Form Insights

The powder form led the market in 2020 with a revenue share of more than 52%. Meat extract powder is a potent and rich form of meat stock, which is obtained from chicken, beef, pork, and fish, and is used to make broth for soups and liquid-based foods. The product is insoluble in alcohol while being highly soluble in water and has a distinctly characterized aroma that gives food products the aroma of meaty flavor. The powdered products are rich in nutrients, such as organic acids, vitamins, minerals, nucleotides, polypeptides, amino acids, creatinine, and creatine. The segment is expected to show high growth prospects over the forecast period due to its increased use in food products as a flavor & nutrient enhancer.

Meat extract pastes are derived from mutton, fish, chicken, beef, and pork and are widely used in the manufacturing of baked & puffed goods, instant noodles, gravies, bouillons & bouillon cubes, canned meat items, pot pies, casseroles, stews, sauces, and soups. The meat extracts-based paste adds aroma and enhances the flavors of food products. Rising consumer preference for healthy foods that are prepared using natural additives or flavorings will support segment growth. Companies, such as Nikken Foods Co. Ltd., Carnad A/S, and BRF, focus on R&D activities on varied formulations of meat extracts that adhere to the aforementioned concerns of consumers.

In North America, especially in the U.S., the consumer demand for RTE soups is increasing with the products being an essential part of the American household. In addition, low substitution prospects are likely to result in stable product sales over the forecast period. The industry is anticipated to witness significant growth in demand for concentrates-based meat extracts and stock/broth due to various factors, such as decreasing average household size and increasing number of working individuals.

Application Insights

The industrial application segment dominated the global market in 2020 and accounted for a revenue share of over 80%. Meat extracts obtained from sources, such as pork, beef, lamb, fish, and chicken, are used for manufacturing various products including ready meals, snacks, sauces, soups, soup powders, seasonings, coatings, bouillon cubes, nuggets, and stock powder.

The consumption of instant food items, such as Ready-To-Eat (RTE) foods, is expected to witness high growth over the coming years due to the increasing number of working professionals globally.

Meat extracts in their distinguished form, such as powder, paste, and liquid, have shown potential as raw materials that can be used for artificially growing microorganisms, primarily for bacterial fermentation and culture. The manufacturers are producing their products from fresh meat by hydrolysis, autolysis, concentration, and separation among other high-tech microbiological refined soluble paste products for biopharmaceutical fermentation.

The commercial applications include full-service and fast-food restaurants. Commercial eateries and full-service restaurants are either independently owned or owned by chain restaurants. Apart from the dining experience, these places also consider their services and food quality. Therefore, fast-food and full-service restaurants are consumer-dependent and companies in these industries opt for creative offerings to grow their business, such as offering limited-time menus and regional specialties.

In addition, Quick Service Restaurants (QSRs) account for a major share in the commercial segment as numerous chain restaurants, such as McDonald’s and Taco Bell, have realized the time scarcity of the working population and are striving to provide timely delivery of food. As the concept of heavy breakfast has become extremely popular, the chain restaurants are increasingly including meat extracts in their breakfast menu, driving the market growth in the commercial application segment.

Regional Insights

North America was the most dominant regional market in 2020 and accounted for a revenue share of over 37%. North America is expected to show steady growth over the forecast period owing to the rising consumption of animal-rich protein sources. In addition, the U.S. was one of the leading producers of beef and is expected to maintain its position over the forecast years. Growing consumption of red meat-based products in Mexico is expected to drive the regional market.

Global meat extract market share, by region, 2020 (%)

Product traceability is a major drift that exhibits the demand for meat extracts in North America. A rise in the demand for and consumption of canned foods, increasing population, and new technological improvements are some major factors anticipated to contribute to the regional market growth over the forecast period.

Factors, such as increasing demand for convenience food, changing lifestyles, and rise in consumer disposable income, are contributing to the market development in Europe. The consumption of beef extracts is expected to increase with the improving economic conditions and due to lower prices of these products.

Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to the rising consumption of processed and conventional chicken products in emerging countries, such as Japan, China, and India. Other factors driving the regional market include increasing economic growth, rising consumer preference for healthy food, and growing disposable income levels. Moreover, Asia Pacific is considered the largest consumer base for chicken powder. However, consumers are now increasingly shifting their preferences towards other variants, such as pork and fish meat extracts.

Key Companies & Market Share Insights

The companies market their products with customization services. The change in the type of product category, such as seafood, beef, and pork, coupled with the change in taste preference of consumers is likely to increase customization of the products. Moreover, local players cater to the local market providing highly customized products with a variety of recipes. Product convenience and its ease-of-use are also important factors in driving their popularity among consumers.

Most of the companies need to rely on a continuous and undisrupted flow of raw materials, such as raw meat. To maintain this flow, companies create various types of agreements, partnerships, and ventures with local suppliers, which ensures high-quality raw materials. These forms of strategic partnerships also assure a timely production schedule for producers. Top players in the industry can derive such strategic partnerships and agreements with local players/suppliers and ensure continuous product supply. Some of the prominent players in the global meat extract market include:

  • Givaudan

  • Nikken Foods

  • Essentia Protein Solutions

  • IDF

  • Haco Holding AG

  • CHIMAB S.p.A.

  • Foodex Inti Ingredients, PT

  • Titan Biotech Ltd.

  • Carnad A/S

  • JBS S.A. 

Meat Extract Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 15.21 billion

Revenue forecast in 2028

USD 21.73 billion

Growth rate

CAGR of 5.2% from 2021 to 2028 (Revenue-based)

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, form, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; China; India; Japan; Brazil

Key companies profiled

Givaudan; Nikken Foods; Essentia Protein Solutions; IDF; Haco Holding AG; CHIMAB S.p.A.; Foodex Inti Ingredients, PT; Titan Biotech Ltd.; Carnad A/S; JBS S.A.

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Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global meat extract market report on the basis of type, form, application, and region:

  • Type Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)

    • Chicken

    • Pork

    • Beef

    • Fish

    • Turkey

    • Others

  • Form Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)

    • Powder

    • Paste

    • Liquid

    • Granules

  • Application Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)

    • Industrial

    • Commercial

  • Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2028)

    • North America

      • U.S. 

      • Mexico

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America (CSA)

      • Brazil

    • Middle East & Africa (MEA)

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