The Asia meat extract market size is expected to reach USD 1.98 billion by 2030, registering a CAGR of 5.1% from 2023 to 2030.
The market is expected to witness decent growth owing to the increase in demand for ready-to-eat and convenience food products, leading to the growth of the manufacturing sector.
It is credited to the initiatives undertaken by the respective governments such as “Made in China” by the Chinese government and “Make in India” by the Indian government. Some of the other reasons contributing to the meat extract market growth during the forecast period are raising disposable income and the increasing number of working professionals in the Asia Pacific region.
Convenience is one of the major factors driving the meat extract market in countries such as Thailand, India, and Indonesia. The consumer trends in these countries are shifting toward snacking and convenience.
As consumer lifestyles are changing, ready-to-eat foods such as processed and frozen meat products are gaining popularity among time-pressed consumers. In addition, the growing willingness between consumers in the region to pay higher prices for products with good quality and attractive packaging is also driving the adoption of the product, which is pushing the meat extract market.
Companies operating in the market are also expanding and constantly engaging in product launches and expansion strategies to increase market share. In May 2019, Givaudan acquired Golden Frog, a Vietnamese natural extracts and flavor company reinforcing its capabilities and its occurrence in the high-growth markets of Asia Pacific. In addition, rising demand for packaged foods has been encouraging the entry of new players in the region. The sector is likely to promote the entry of privately held players during the forecast period, most notably in Asia Pacific owing to favorable market conditions such as abundant availability of raw materials and cheap labor.
Furthermore, the demand for meat extracts is steadily growing in the rest of the Southeast Asian Nations (ASEAN) countries, as more consumers return to consuming meat-based products. The resumption of normal dining habits is stimulating the growth of meat extract in the region. 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.
** Click here to read the full-text **
