Meat Extract Market Size, Share & Industry Analysis, By Type (Beef, Chicken, Pork, and Lamb), By Application (Ready-to-cook & Ready-to-eat Meals, Seasonings & Coatings, Soups & Broths, Sauces & Spreads, Savory Snacks, Infant Foods, and Others), and Regional Forecast, 2024-2032

The global meat extract market size was USD 1.86 billion in 2023 and is projected to grow from USD 1.95 billion in 2024 to USD 3.08 billion by 2032 at a CAGR of 5.88% over the forecast period. North America dominated the meat extract market with a market share of 42.24% in 2023. Moreover, the meat extract market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 982.81 million by 2032, driven by growing demand for meaty flavors in various convenience and ready-to-eat food products.

The global market is expanding rapidly, owing to the growing popularity of savory meat flavors. Meat extracts are widely used to impart meaty flavors in various processed and packaged foods. They are made from concentrated meat stock and are commonly used in sauces, soups, meat-based dishes, savory snacks, coatings, and seasonings. The changing dietary patterns prompted by today's hectic lifestyles are driving the demand for ready-to-eat and ready-to-cook meals, which contributes to the landscape's expansion.

During the COVID-19 pandemic, restaurants restricting takeout and concerns about the growing number of coronavirus cases forced people to cook at home, increasing consumption of ready-to-eat products. The ready-to-eat food segment is experiencing rapid growth as COVID-19 restrictions have allowed people to expand their culinary involvement and bring the joy of eating at home. Consumers bought ready meals due to their convenience and their higher shelf life. Thus, the rise in consumption of ready-to-eat meals boosted the demand for these extracts.

Meat Extract Market Trends

Increasing Demand for Protein-rich Food Among Fitness Conscious Consumers to Foster Industry Growth

Rising consumer awareness of health and fitness is boosting the demand for protein-enriched products across the global market. With the growing demand, manufacturers are incorporating meat extract as a primary ingredient into their products. Meat extracted from various sources, such as chicken, pork, and others, are rich in protein content and supply all the essential amino acids that a body needs for good health. According to the Food and Agriculture Organization (FAO), meat products provide 34% of protein and 16% of the energy consumed in human diets. Meat is high in minerals and proteins, such as iron and zinc, that help cells and tissues function properly. In addition, several companies are investing in research and development to offer innovative meat extract products, which is expected to positively affect the meat extract market growth over the forecast period.

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Meat Extract Market Growth Factors

Rising Popularity of Meaty Flavor in Processed Foods to Bolster Growth Potentials

The recently recognized taste of umami has rapidly gained popularity across the globe. Meat flavors are now increasingly utilized in industrial and commercial processed foods to impart a savory taste to the product. The growing popularity of meaty flavors in various processed foods is primarily driving the growth of the market. Companies traditionally use artificial flavors within their processed RTE and RTD food products. Since consumers are seeking more natural and less artificial flavors, companies are utilizing natural sources to boost the meaty profile in processed foods, from noodles to instant bouillons and snacks. Furthermore, the product offers a favorable meaty taste and mouthfeel to the final food products. Thus, the inclusion of meat extracts in processed foods has experienced rapid growth over the last decade and is anticipated to grow steadily in the coming years.

Expanding Middle-class Population to Escalate the Demand for Meat Extract-Containing Products

The increasing population of middle-class households and growing demand for exotic flavors are predicted to positively influence meat extracts-based foods worldwide. Consumers' purchasing power continues to increase, and they are more willing to pay appropriate costs for food. Meat extract products have gradually gained significance in emerging countries, as over the years, consumers in these economies have improved their income statements.

In emerging economies of Asia Pacific, consumers are increasingly choosing animal meat and derived products as a possible source of protein. According to Food Innovation Australia Ltd. (FIAL), China and India are expected to contribute to a 47% increase in global protein consumption by 2025. The growing affluence of the middle-class populace in the region is expected to drive the demand for animal protein, which will eventually boost meat extract sales.

RESTRAINING FACTORS

Increasing Availability of Plant-based Substitutes for Meat Extract to Challenge Stakeholders

The rising popularity of veganism and vegetarianism has prompted food processing companies to create innovative plant-based products that replace meat-based products. The key challenge that the industry is facing is that meat-free diets are becoming a positive choice among consumers in line with being fun, healthy and trendy. In addition, the rising concerns about animal welfare have rapidly shifted consumer preferences from animal products to plant-based products. The major companies, such as Haco holding A.G. and Titan Biotech, are investing in developing plant-based meat extract substitutes that offer a similar savory flavor to the product. The increasing availability of such plant-based extract substitutes is acting as the key restraint for the market's growth.

Meat Extract Market Segmentation Analysis

By Type Analysis

Wide Application of Beef Extract in Different Processed Food to Support the Segment's Growth

On the basis of type, the market is segmented into beef, chicken, pork, and lamb. Beef extracts category is expected to dominate the market owing to its strong savory flavor. The increasing utilization of beef flavors in various seasonings and coatings, sauces, and marinades is a positive aspect for the segment's growth. Beef extract is also used as a flavor enhancer and food additive in processed foods. The demand for beef extract in fortified beverages is growing as they increase the nutritional value of ordinary bottled beverages. Furthermore, the emerging trend for clean-label products is driving the development of organic and additive-free beef extracts by prominent manufacturers, such as Carnad Natural Taste.

The chicken segment is also witnessing significant growth, owing to its high protein content. The poultry products demand continues to increase due to easy availability and low prices. Chicken is more popular among health-conscious consumers due to its high protein content. The chicken extract cost is lower than other meat extract products, which makes it an effective choice among food manufacturers. The pork segment is predicted to witness considerable growth owing to the growing demand for pork flavor. Moreover, high protein, vitamin A, copper, vitamin B, and iron content in pork powder/extract is predicted to boost the market growth.

By Application Analysis

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Ready-to-cook & Ready-to-eat Meals to be the Dominant Application Areas

The ready-to-cook and ready-to-eat meals segment is expected to exhibit significant growth. Meat extract obtained from sources, such as chicken, pork, beef, and lamb, are used by manufacturing industries in various ready-to-eat food products, including stews, canned foods, nuggets, and others. The increasing population leading hectic lifestyles is driving the demand for convenience foods which is expected to boost the segment's growth.

The wide use of a variety of meat extract products as common flavoring additives for soups & broths is aiding the growth of this application segment. The growing popularity of umami taste in soups is also contributing to the segment's growth. With the rise in demand for ready-to-eat soups and meat extract broth in North America and Europe, the demand is also increasing.

Meat extract powder is used in seasonings & coatings as its desirable flavor and aroma enhances the flavors of products at even lower concentrations. Thus, the manufacturers are increasingly incorporating meat extract ingredients into seasonings & coatings. Food producers use meat extract paste in sauces & spread to add meat flavor in foods to make them even more delicious. The aromatic taste of meat extract products in sauces perfectly complements and enriches the overall taste of various sauces & gravies. Furthermore, the strong demand for savory snacks in different parts of the globe is expected to present meat snack manufacturers an opportunity to add high-quality meat extracts in their snack products.

REGIONAL INSIGHTS

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North America Market to Rise Significantly with the Growing Demand for Processed Foods

The North American market stood at USD 785.61 million in 2023 and dominated the global market. The growing demand for ready-to-eat and processed foods due to fast-paced lifestyles is driving the regional market growth. The growing popularity of meaty flavors in various food preparations has increased the product demand. The major key players are launching innovative products to capitalize on the growing popularity of meat flavors, which will drive the market in the upcoming years.

Furthermore, meat consumption in the U.S. is increasing at a higher pace. According to the U.S. Department of Agriculture (USDA), the total amount of meat consumed per person is projected to reach nearly 219 pounds by 2025 in the U.S. The increase in consumption of red meat products in other countries, such as Mexico, is also expected to stimulate the regional market.

The robust growth of meat extract products in Europe is attributed to the rising demand for exotic flavoring ingredients. The popularity of umami taste in processed foods, such as soups and noodles, surges the product demand in the Europe market. In addition, consumer's demand for products that benefit the environment, their country, and their communities is rising in E.U. According to the European Union, poultry meat consumption is expected to reach 24.6 kg per capita by 2030, as consumers view poultry meat as a cheap, healthy, and sustainable product. Meat extract produced from such sustainable livestock and kept under natural conditions are projected to boost the demand for this type of extract.

Asia Pacific is projected to witness promising growth owing to the flourishing food industry. The expansion of commercial food outlets, such as Burger King and KFC, in the region is driving the regional market growth. The increasing popularity of Western diets is fueling the demand for meat-based products. Furthermore, regional governments allow international players to trade or supply the product in their region, which will support the industry growth in Asia Pacific. For instance, in February 2024, the Government of Singapore approved the importation of beef extracts from Brazil. The Brazilian government welcomed the Singapore Government's decision to help operate in the Asian market.

South America is expected to witness fastest growth due to the increasing consumption of meat-based products. In developing countries of Latin America, meat-extract-based products are the desired food for taste and nutritional value. They provide a range of essential micronutrients to the human body such as vitamins and iron. Moreover, the active participation of market players, such as BRF and JBS, to innovate new products is anticipated to fuel the regional market growth.

List of Key Companies in Meat Extract Market

Innovation and Development by Companies to Significantly Aid Market Growth

The market is moderately consolidated due to the existence of prominent global players. The increasing popularity of processed food products and the rising demand for meat products have significantly led to pouring demand for meat extract. Market players are focusing on collaboration, innovative product development, merger and acquisition activities to aid their product portfolio and address the requirements of a wider consumer base. For instance, in 2018, Essentia Protein Solutions announced the expansion of its ingredient portfolio to include USDA-certified organic beef broth products. The new beef products will join the NAE poultry (no antibiotics ever) to significantly expand Essentia's own line of branded protein solutions.

LIST OF KEY COMPANIES PROFILED:

• Essentia Protein Solutions (U.S.)


• BRF S.A. (Brazil)


• Carnad Natural Taste (Denmark)


• Foodex Ingredients (Indonesia)


• Ariake Japan Co., Ltd. (Japan)


• Symrise AG (Germany)


• JBS S.A. (Brazil)


• Nikken Foods Co., Ltd. (Japan)


• Ajinomoto Co., Inc. (Japan)


• Vina Aroma Food Co., Ltd. (Vietnam)

KEY INDUSTRY DEVELOPMENTS:

• October 2022- Essentia Protein Solutions, an American meat and meat extract manufacturing company, planned to expand its production capacity near Dalton, Georgia. The new plant is dedicated to producing food-grade stocks, broths, extracts, and fats.


• November 2021 – KRAVE Jerky announced the release of its latest collaboration product with Shaun White, an action sports athlete. The new Gold Label, 100% grass-fed beef jerky flavor is inspired by his Olympic achievements and taste for adventure. Shaun White and the KRAVE culinary team developed and inspired the limited edition KRAVE flavor, Spicy Sesame Ginger Beef Jerky, to set the gold standard for jerky with an elevated flavor profile and premium 100% grass-fed beef jerky.

REPORT COVERAGE

An Infographic Representation of Meat Extract Market

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The global meat extract market report provides quantitative and qualitative insights into the market. It also offers a thorough analysis of the meat extract market share and growth rate for all possible segments. Companies profiled under this report are Essentia Protein Solutions, BRF S.A., and others. The market is segmented into type, application, and region. Along with this, the report provides detailed analysis of the competitive landscape and market dynamics. Several key insights presented in the report are an overview of relevant markets, recent industry developments such as the regulatory scenario in critical countries, mergers & acquisitions, and key industry trends.

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