A recent study published by The Insight Partners on the Meat Extract market includes a global industry analysis and opportunity assessment for 2021-2028. Revenue generated from the global Meat Extract market is expected to be US$ 1,738.27 million in 2021, which is estimated to expand at a CAGR of 5.2%, to reach US$ 2,477.03 million by 2028.
Meat extract is available in liquid and powder formats. Manufacturers of meat snacks, soups, and sauces use meat extracts to add a characteristic flavor to the products. Moreover, they increase the product’s protein content, increasing their appeal among health-conscious consumers. Meat extracts are widely used to prepare culture media to cultivate different micro-organisms. They are rich in proteins, amino acids, peptones, and nucleotides, which support the growth and reproduction of micro-organisms at an optimum rate. Further, meat extracts are used to develop cultured meat in laboratories.
In 2020, North America held the largest share of the meat extract market, and Asia Pacific is estimated to register the fastest CAGR during the forecast period. Poultry meat and pork are widely consumed meats across the Asia Pacific. According to the National Bureau of Statistics, pork production in China increased to 35.9% in 2021. Moreover, the poultry industry is growing rapidly in countries such as China, India, and Japan, as the demand for poultry meat is increasing significantly. These factors are expected to drive the growth of the meat extract market across the Asia Pacific over the forecast period.
Impact of COVID-19 Pandemic on Meat Extract Market:
During the COVID-19 pandemic, the food & beverage sector faced unexpected challenges.2020 saw global supply chains disrupted by lockdowns, production shutdowns, travel bans, and border restrictions. Meat extract market growth was hindered by disruptions in manufacturing and raw material sourcing. Lockdowns triggered panic-buying situations, which increased the sale of convenience products and meat extracts during the lockdown periods. However, production volumes of meat products decreased due to the shutdown of meat processing facilities.
Moreover, many consumers switched to plant-based diets as they perceived vegan products to be healthier than animal-derived products, further hampered meat sales. However, in 2021, the government announced relaxation in various restrictions, including reopening manufacturing units with partial or full employee strength. To bridge the demand and supply gap, meat extract market players increased their production volumes under these favorable conditions. Therefore, considering all the aforementioned factors, the pandemic had a mixed impact on the meat extract market.
Market Insights:
Surging Demand for Clean-Label and Organic Meat Extracts To Open Lucrative Opportunities in the Meat Extract Market Consumers are highly concerned about the food they consume. They are paying more attention to product labels and ingredients used in processed food products. Organic products are becoming increasingly popular, owing to their perceived health benefits.
They are free of pesticides, chemical fertilizers, and genetically modified organisms (GMOs), increasing their appeal among consumers, who are ready to pay high prices. Meat eaters increasingly prefer all-natural and less processed meat products that offer enhanced health benefits. Organic and clean-label meat extracts are made from ethically sourced certified organic beef, chicken, or pork. They are free from synthetic additives such as colors, anti-caking agents, stabilizers, and preservatives. Furthermore, they are free from growth hormones and antibiotics. Over the forecast period, the increasing demand for clean label and organic meat extracts is expected to provide lucrative growth opportunities to the meat extract market.
