SAN FRANCISCO, Aug. 22, 2019 /PRNewswire/ -- The global meat extracts market size is projected to reach USD 27.7 billion by 2025, denoting a CAGR of 3.5% over the forecast period, according to a new report by Grand View Research, Inc. Factors such as population expansion in developing economies and double-income families are expected to contribute to the rising preference for packaged ready-to-eat meat products, which is further anticipated to boost the demand for meat extracts over the forecast period.
Key suggestions from the report:
- Chicken extracts segment held 39.7% of the volume share in 2018 and is anticipated to grow at a CAGR of 3.0% over the forecast period owing to its reasonably higher protein content as compared to other meat products
- Industrial application segment dominated the demand in the market, both in terms of volume and value, in 2018, and the segment is anticipated to grow at a rate of 3.8%, in terms of revenue, over the forecast period
- Powder segment is expected to account for 39.0% of the overall market revenue share by 2025 owing to the rising demand for meat extracts in powder form for use in stuffing, stock powder, nuggets, bouillon cubes, coatings, seasonings, soup powders, soups, sauces, snacks, and ready-to-eat meals
- In spite of a decline in population, the market in Japan is projected to grow at a CAGR of 3.3%, in terms of value, over the forecast period
- Givaudan; IDF; Essentia Protein Solutions; Haco Holding AG; and CHIMAB S.p.A. were the major players in meat extracts industry in 2018.
Read 160 page research report with TOC on "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" at: https://www.grandviewresearch.com/industry-analysis/meat-extract-market
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. In addition, favorable government initiatives pertaining to the food industry are expected to remain an important driving factor in the near future.
Consumers are focusing on food products that are sustainable, healthy, and are not prepared using synthetic flavorings or additives. Keeping this in mind, 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. Aforementioned trends are anticipated to boost the demand for meat extracts market in the near future.
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, and rising focus on leading an active & healthy lifestyle in the emerging economies including China and India are expected to drive the demand for meat extracts. The demand for the extracts in various forms is rising in Japan owing to rapid westernization and increasing consumer demand for ready-to-eat as well as convenience food products.
The market is highly competitive and is driven by product offerings and consumer demand. Companies engaged in manufacturing meat extracts are also opting for backward integration across the value chain to ensure and enhance the quality of the raw materials. Givaudan, Haco Holding AG; International Dehydrated Foods, Inc.; Carnad Natural Taste; Titan Biotech; and Bhagwati Chemicals are the major manufacturers of meat extracts in the market.
Grand View Research has segmented the global meat extracts market on the basis of type, form, application, and region.
- Type Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
- Form Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
- Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
- Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2025)
- North America
- Asia Pacific
- Hong Kong
- South Korea
- Central & South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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