Global Meat-Based Flavors Market Forecasts 2023-2029: Growing Trend of Veganism Increases Demand for Exotic Flavors

DUBLIN, Aug. 8, 2023 /PRNewswire/ -- The "Global Meat-Based Flavors Market Size, Share & Industry Trends Analysis Report 2023-2029" has been added to ResearchAndMarkets.com's offering.

The Global Meat-Based Flavors Market size is forecast to reach $5 billion by 2029, rising at a market growth of 5.6% CAGR during the forecast period.

Processed meat is one of the growing applications of meat-based flavors. Any meat that has changed to enhance flavor or lengthen shelf life is referred to as processed meat. Usually consisting of pork or beef, processed meat can also contain offal, meat, and poultry by-products, including blood. Ham, sausages, corned beef, jerky, salami, bacon, hot dogs, canned meat, chicken nuggets, lunch meat, and sauces using meat as an ingredient are all examples of processed meat products. Therefore, Processed Meat procured $291.7 million revenue in the market in 2022.

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, in April, 2023, Archer Daniels Midland signed an agreement with Believer Meats to work together on product enhancement items through ADM's ingredients and specialization in nutrition to improve Believer's cultivated meat process.

Market Growth Factors

• Rising trend of veganism increases demand for exotic flavors: One of the major drivers of the market is customers' rising propensity for vegetarianism across the globe. Consumers are turning more and more toward veganism as a result of the excessive or frequent intake of meat as well as meat products. This is because meat and meat products contribute to a number of health problems. For vegans who like the taste of meat, meat tastes are emerging as a healthy alternative. Through foods like soup, sausage, quick noodles, ready-to-eat meals, baked goods, and many more products, meat flavors provide the consumers with both the taste and odor of meat. Hence, the rise in veganism directly influences the growth of the market in the coming years.
• Rapid use of meat-based flavors in the food service industry: Food chains as well as restaurant menus are increasingly featuring flavorings that make foods more appetizing. The food service sector strives to offer clients fresh, cutting-edge cuisine. To make food look better, the hotel, restaurant, and catering (HoReCa) industry uses a variety of flavors and seasonings. A craving for meaty tastes without genuine meat has arisen due to the move to more plant-based substitutes. By employing meat tastes, specific cooking techniques are used to transform everyday foods into viable meat substitutes. These aspects are anticipated to increase the demand for and growth of market.

Market Restraining Factors

• Enormous cost of meat-based products like flavors: The high cost of meat-based flavors is one of the main barriers preventing their increased demand. These goods are not affordable for customers from all socioeconomic backgrounds. Additionally, businesses are working hard to roll out affordable plant-based meat substitutes, which can further reduce the demand market share. Moreover, the cost of meat-based flavors also increases because of the numerous processes involved in their production. Concentration, extraction, and blending are complicated procedures for producing meat-based flavors. As a result, the cost of meat-based flavors may increase overall since adhering to these requirements frequently necessitates extra expenditures in quality control procedures, testing, and certifications.

Scope of the Study

By Application

• Soups & Sauces
• Baked Goods
• Savory
• Ready Meals
• Processed Meat
• Others

By Type

• Natural Meat Flavor
• Artificial Meat Flavor

By Flavor

• Beef
• Chicken
• Pork
• Turkey
• Fish & Seafood

List of Companies Profiled in the Report:

• Archer-Daniels-Midland Company
• Sensient Technologies Corporation
• Essentia Protein Solutions
• DSM-Firmenich
• Symrise AG
• Givaudan SA
• H.E. Stringer Flavours Limited
• International Flavors & Fragrances Inc
• Kerry Group plc
• Nikken Foods Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/xvqa2a

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SOURCE Research and Markets