The Global Meat Extract Market share value is expected to grow at a CAGR of 5.11% during the forecast period 2023–2028 to reach USD 21.53 billion by 2028 from USD 15.97 billion in 2022.
Meat extract is a concentrated form of meat stock, which is made by extracting the water-soluble components of meat, bones, and liver. It is a dark brown liquid with a strong meaty flavor. It is used in a variety of food and beverage applications, including soups, stews, sauces, gravies, bouillon cubes, and seasoning blends. This extract is typically made by boiling meat, bones, and liver in water, and the resulting broth is then concentrated by evaporation or by freezing. Meat extract has a wide range of benefits, such as improving flavor, adding a rich, meaty flavor to food, and increasing nutritional value by providing protein, vitamins, and minerals. Also, meat extract is cost-effective. Hence, its use in soups, stews, sauces, gravies, and bouillon cubes makes it a versatile ingredient.
One of the significant market drivers of the meat extract market is the growing demand for processed foods, such as soups, sauces, and gravies. As meat extract acts as a key ingredient in many processed foods, it enhances the flavor, texture, and nutritional value. The increasing popularity of convenience foods since processed foods are often seen as being more convenient to prepare than fresh foods. This makes it appealing to consumers who have hectic lifestyles. Another factor causing the growth of the processed food market is the increasing demand for ready-to-eat meals. Processed foods that are ready to eat, such as frozen meals and microwaveable meals, are becoming increasingly popular. As meat extract is a key ingredient in many processed foods, it helps to improve the flavor, texture, and nutritional value of these products.
Moreover, the rising demand for convenient foods is also another major factor affecting the meat extract market growth. Meat extracts are used to make convenient and easy-to-prepare meals, such as soups, sauces, gravies, and ready-to-eat meals.
Further, Meat extract contains several nutrients that are beneficial for health, such as protein, iron, and zinc. As consumers become more aware of the health benefits of meat extract, demand for meat extract market has increased. The presence of the protein aids in building and repairing the tissues. The high iron content prevents iron deficiency anemia. Whereas zinc helps in wound healing and boosting immune function. In addition to these nutrients, meat extract also contains other nutrients that are beneficial for health, such as B vitamins, magnesium, and phosphorus. And as consumers become more aware of the health benefits of meat extract, it fuelled the meat extract market size.
The increasing popularity of veganism and vegetarianism is a major challenge for the meat extract market and has affected its market share. As more and more people choose to avoid meat products, food processing companies are therefore developing innovative plant-based alternatives. This is shifting consumer preferences towards plant-based products and causing a decline in the consumption of meat products. This rising trend for vegetarianism and veganism is due to the increasing concerns for animal welfare and because of the increasing benefits of plant-based diets on overall health. In addition, several other factors are contributing to the growth of the plant-based meat extract substitutes market, such as the growing concern for climatic and environment. As a result, the plant-based extract gained popularity, which caused a decline in the meat extract market size.
The demand for meat extract in the pharmaceutical industry is creating wide opportunities for the meat extract market, as it contains protein, vitamins, and minerals, which can be used in creating energy drinks and sports drinks. As it contains amino acids that aid in the development of muscle strength and endurance, using meat extract as an amino acids supplement can widen its scope in the healthcare industry. It also contains compounds that have anti-inflammatory properties, which improve joint pain, reduce the risk of chronic diseases, and heal wounds fast. It also reduces the risk of infections by boosting the immune function. Thus, meat extract makes a valuable ingredient in the pharmaceutical and healthcare industry, and this opportunity gives rise to meat extract market growth.
The outbreak of the COVID-19 pandemic had both positive and negative impacts on the meat extract market. The pandemic led to a decline in demand for meat products as consumers became more aware of their spending and health. Also, caused a shift towards vegetarian and plant-based diets. This led to a decline in demand for meat extract, affecting the meat extract market size. However, it also caused an increase in demand for convenience foods and beverages. As more and more consumers stayed home, the consumption of convenience food and ready-to-eat meals, such as soups, sauces, and snacks, increased. Leading to an increase in demand for meat extract in the food and beverage industry, overall causing a rise in the meat extract market share.
Based on the type, the meat extract market is divided into beef, chicken, pork, and lamb. The beef segment dominates the market share due to its strong savory flavor of beef extract, which is highly desirable in a variety of food and beverage products. Also, beef extract is in several pharmaceutical products because of its high protein content and health benefits. The chicken segment has the largest market share in the meat extract market. It is a versatile ingredient that can be used in a variety of food and beverage products, including soups, sauces, marinades, and dressings. At the same time, the pork and lamb segments have significant growth since pork extract is used in a variety of food and beverage products, including soups, sauces, and marinades. And lamb extract is used in a variety of ethnic cuisines, such as Middle Eastern and Indian cuisine.
The soups and broths segments dominate the market share due to the high demand for soups and broths from consumers in restaurants and cafes. Also, Soups and broths are convenient and flavorful foods, and meat extract is a key ingredient in many soups and broths, as it helps to enhance the flavor and aroma of these products. Seasonings and coatings have the largest market share since it is used in a variety of seasonings and coatings, such as dry rubs, marinades, and gravies. It aids in enhancing the flavor of these products. The sauces and spreads have significant market growth because of their wide use in sauces and spreads, such as ketchup, mustard, and barbecue sauce. Whereas the other segments, such as ready-to-cook & ready-to-eat meals, savory snacks, and infant foods, have a low market share compared to other segments.
North America dominates the market share due to the high demand for convenience and ready-to-eat foods and the increased use of meat extract in the pharmaceutical industry. Europe is leading with the highest growth rate because of higher consumption of meat and increasing use in sauces, marinades, and soups. Asia Pacific has significant market growth due to the rising population, which is leading to increased consumption of meat; also, the rising disposable income of consumers and the increasing demand for processed foods further contributed to the meat extract market growth. The Middle East and Africa have low market share compared to other regions.
Key Players in the Market:
Major Key Players in the Global Meat Extract Market are
Frequently Asked Questions
Increasing demand for convenience and ready-to-eat food is the major driving factor for the market growth.
The market is estimated to register a CAGR of 5.11% during the forecast period.
The major players Ssentia Protein Solutions, BRF S.A., and Carnad Natural Taste
The increasing popularity of vegetarian and vegan diet preferences is one of the major challenges for market growth.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region