Grounded firmly on the cusp of a robust economy, the DUBLIN-based international market research firm, ResearchAndMarkets.com, divulged notable findings on the dynamism of the meat extract market in its latest comprehensive study, "Meat Extract Global Market Report 2024".

Anticipated Growth and Key Contributing Factors

Forming the backbone of countless culinary preparations, and a fundamental contributor to an array of industries, the meat extract market has demonstrated a formidable resilience in its growth patterns. Its anticipated progression from $6.59 billion in 2023 to $7 billion in 2024 flaunts a compound annual growth rate (CAGR) of a robust 6.2%. The trend is anticipated to continue, registering an elevated CAGR of 6.5%, and pushing the market's worth to an impressive $9.01 billion by 2028.

This heightened expansion observed throughout the historical period is a result of a precise interplay between key market variables including the increasingly demanding call for ready-to-eat food options, an escalating popularity of meaty flavors across various cuisines, the global rise in demand for protein-rich products, and the growing affinity for fast-paced lives necessitating processed foods. In the culinary world, the heightened use of meat extract traditions combined with these primary factors, entwined a virtuous cycle of growth for the industry.

Forecasted Trends and Their Impact

The forecasts point towards an optimistic future for the meat extract market, powered by factors such as escalating interest in natural and clean-label products, a rising proclivity towards protein supplements, burgeoning demand across various sectors like the pharmaceutical industry and pet food products, and expanding market for natural food products.

Evolution of Consumer Preferences

Key trends expected to reshape the landscape of this market include the adoption of plant-based meat extracts, increased emphasis on clean and transparent labeling, the substantial rise of online retail coupled with direct-to-consumer sales, novel packaging solutions, and a growing interest in gourmet and artisanal meat extract products. These trends are a direct reflection of the changing consumer tastes and the industry's agile countermeasures to cater to these evolving demands.

Additional Impetus from Protein-Rich Market

Furthermore, growth in the meat extract market is expected as demand for protein-rich foods persistently skyrockets. Meat extract, with its high protein content, finds its use in numerous processed meals to enhance flavor, nutritional value and simultaneously reduce salt levels. A significant study carried out by the Kerry Group in November 2021 revealed a compelling insight - 75% of global consumers are willing to pay a premium price for protein-enriched food and beverage products, thereby adding a significant boost to the meat extract market's growth trajectory.

Riding on the Meat Consumption Trend

With meat consuming a primary dietary quota as a substantive source of protein, consumption trends across numerous flesh types including beef, pork, lamb, poultry, and game meats have seen a rapid escalation. The growing demand for these meats, in turn, fuels the compliance towards flavor enhancers like meat extracts, in effect, contributing to the expansion of the meat extract market.

Production Growth and Its Effect

Reports compiled by the North American Renderers Association suggest a substantial year-on-year increase of 22.4% in the collective output of meats as of November 2021. Broadly dissecting this surge, mutton, beef, and poultry saw an uptick by 5.3%, 3.9%, and 3.8%, respectively. This pivot in meat consumption patterns is another key influencer driving the growth behind the meat extract market.

Innovation - The Key to Success

What makes the meat extract market further interesting is the innovative strides taken by sector-wide companies in enhancing and diversifying their product offerings. Not limiting to traditional methods, these companies have adopted a pioneering approach, striving to develop novel methods and procedures for superior meat extract manufacturing, thereby broadening the potential applications and uses of the product.

Case Study: Essentia Protein Solutions

Consistent with this trend, Essentia Protein Solutions made its mark in June 2021, with the introduction of C3307 Chicken Flavour. A stand-out addition, this variant offers a high protein content, low carbohydrates, and importantly, no added salt. This innovative product caters to low-sodium applications without compromising on the robust chicken flavor, evident of the ingenious drive across the industry.

Tailoring to Diverse Preferences

Further widening the horizons of the market, companies have launched diverse products like unique meat stick flavors. Catering to a broad spectrum of taste preferences, these innovations are designed to enhance sales, driving revenue growth. The inception of meat stick flavors, pointing towards distinct taste profiles and seasoning combinations, amplifies the appeal factor contributing to the overall development of the meat extract market.

Case Study: Chomps

Echoing this trend, Chomps, a US-based meat snack company, joined the innovation bandwagon, launching Taco Beef and Habanero Beef flavors in March 2023. Notably, the Habanero Beef stick emerged as a favored option owing to its bold blend of habanero peppers, red pepper, and coriander. These meat sticks, derived from grass-fed and finished beef, packed a nutritional punch, containing 10 grams of protein, 100 calories, and strikingly, no sugar.

Regional Dissection of the Meat Extract Market

Navigating through the regional aspects of the meat extract market unveils interesting statistics. As of 2023, North America emerged as the largest segment within the meat extract market. The regions studied in this global market share report spanned Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key Topics Covered:

• Executive Summary
• Meat Extract Market Characteristics
• Meat Extract Market Trends And Strategies
• Meat Extract Market - Macro Economic Scenario
• Global Meat Extract Market Size and Growth
• Meat Extract Market Segmentation
• Meat Extract Market Regional And Country Analysis

The vast list of companies referenced in this study is a testament to the diverse and competitive landscape of the meat extraction industry.

For a detailed perusal of report visit https://www.researchandmarkets.com/r/tn3za

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SOURCE: Research and Markets