Rising disposable income coupled with the change in dietary habits is propelling the demand for the meat extracts market across the globe. Moreover, the increasing consumption of the people and propelling demand for the processed and packaged food due to the ease of cooking are augmenting the demand for the meat extracts. Also, the need for the extra nutrients for the fitness and sports enthusiasts and for the nutrition-rich diet is generating the demand for the meat extracts market in the forecast period.
According to the MarkNtel Advisors’ research report titled “Global Meat Extracts Market Analysis, 2020”, the global meat extracts market is set to grow at a CAGR of around 3.62% from 2020-25. The market is growing on account of the rising meat consumption across the globe. In 2019, North America acquired the major market as the region has a wide consumer base and well-established food and beverage industry. Moreover, the rising disposable income among the end users in North America is contributing to the growth of the meat extracts market.
In 2019, chicken dominated the global meat extracts market on account of the highest consumption of the poultry meat across the globe. According to the Organization for Economic Cooperation and Developments, poultry meat consumption across the globe increased from 13.85 kg per capita in 2015 to 14.16 kg per capita in 2018.
Based on form, the "paste" segment dominated the other forms due to its extensive applications such as filling, sausages, patties, etc. Also, the demand for frozen snacks and the rising trend for the quick service restaurants across the globe is contributing to the demand for the paste form.
By application, the commercial sector dominated the meat extracts market in 2019. This due to the growing number of working couples which resulted in the rise of the dining-out trend. Moreover, the propelling trend of partying and get togethers among the young consumers is actively contributing to the demand for the commercial sector.
Online Presence of Retailers to Contribute to the Growth of the Market
The surging digitalization and the rapidly growing e-commerce sector coupled with the free home delivery option are contributing to the growth in the demand for the meat extracts market. Moreover, various forms of discounts given by the companies on e-commerce platforms and the availability of several brands are the main factors contributing to the growth of the meat extracts market.
Mergers and Acquisitions Leading to Stiff Competition
According to MarkNtel Advisors, the key players in the industry are Givaudan, Haco holding AG, Carnad Natural taste, Titan biotech, BRF ingredients, etc. These companies are adopting strategies such as new product launches, mergers, and acquisitions to remain competitive in the market.
“Global Meat Extracts Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and growth opportunities available for meat extracts providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go To Market Strategies and identifying the blue ocean for their offerings.
Key questions answered in the study