The global meat extract market was evaluated at US$18.907 billion for the year 2019.
Meat extract generally refers to the products which has a portion of animal flesh for flavoring or to make the product nutrient-rich or to preserve it. The use of the extracts is seen widely among the industry verticals in food, beverages, and medicine, and supplements. With the transition in market dynamics over the period of time, the demand for meat extracts is expected to surge due to rapid urbanization, fast working routine people in metro cities across the globe, and a decline in food preparation and consumption time. Moreover, the foods are now seen to be grown under artificial environments and techniques which increases the volume of the natural food items such as fruits and vegetables but on the cost of quality which falls below the benchmark to provide adequate minerals and vitamins to people. Such issues with food products can be compensated with the use of meat extracts supplements. Meat extracts are not only limited to humans but are also included in cattle and various pets feed such as dogs and fishes.
The market has been segmented based on source type primarily as chicken, beef, pork, fish, and. By Product Form as Powder, Paste and others, By Applications Food Products, Pharmaceuticals, and Others, On the basis of distribution into Offline and online. Based on the geography into North America, South America, Europe, Middle East, and Africa, and Asia-pacific pacific regions in order to cover the global market prospects.
In the situation of the Covid-19 pandemic, the demands for processed and certified meat extracts were on the uptrend as people have minimized the usage of raw or fresh meat because of the association of the virus with animal meat. Though, oils/syrups/ tablets continued to prove themselves as to its best alternative which is economic in terms of money, time, and efforts as not preparation and maintenance needed for the same.
Lack of immunity among the growing population increases the demand for meat extracts
With the negative market externalities such as population, climate change, reducing of forest covers directly and indirectly it is having its effects on the health of the people. A sedentary lifestyle on the other hand drastically reduces the immunity of the population across the globe which leads them to fall short of nutrients and vitamins to fight against infections. Such shifts in the health status quo of the population require supplements and food, which are abundant of nutrients given that even the daily routine diet is contaminated with unwanted substances. In order to increase the yield of products derived from animals, meat extracts are often used in their diets to keep the cattle or pets healthy and free from contagious infections.
A ready source of collagen in cosmetics preservation and medical use
Collagen which is the substance used to build cell tissues in humans and animals is highly regarded in cosmetics and is termed as the main ingredient in products such as face creams, body lotions, and many others, Collagen and thus meat extract is not only limited to cosmetics but also important to the medical field. However, its usage within various ethnicities remains controversial because of religious interference which might affect its demand among a fraction of the market.
Need for proper regulations and compliance to stop the proliferation of fake meat extracts products for providing true value utility for the consumers
As per FDA, United States there are meat extract supplemented products that are not recognized and do not contain the ingredients displayed upon the label or are of exact proportions despite charging exorbitant amounts from the customers. The department has cautioned consumers to look for standardized and certified variants of any sort of meat extracts as adulterated content might cause allergies if consumed. This exploitation of consumers and rotation of fake products in the market needs to be halted by having proper checks in place. Moreover, regular monitoring and inspection must be undertaken at the premises of the manufacturers of meat extract products by the concerned government officials.
Regionally, the Asia Pacific region is projected to hold a substantial market share during the next five years. The key factor supporting the high demand for meat extracts in the region is the presence of a considerably large population base in countries like China and India among others. Moreover, rapid urbanization and industrialization play a major role in supporting the market growth in the countries, thus positively impacting the growth of the APAC meat extracts market over the next five years,
Frequently Asked Questions (FAQs)
Q1. What is the size of global meat extract market?
A1. The global meat extract market was evaluated at US$18.907 billion for the year 2019.
Q2. Who are the major players in the meat extract market?
A2. Prominent key market players in the meat extract market include Givaudan, International Dehydrated Foods, Inc., Haco Holding AG, Titan Biotech, Bhagwati Chemicals, among others.
Q3. How is the global meat extract market segmented?
A3. The global meat extract market has been segmented by source, product form, distribution channel, applications, and geography.
Q4. What factors are anticipated to drive the meat extract market growth?
A4. With the transition in market dynamics over the period of time, the demand for meat extracts is expected to surge due to rapid urbanization, fast working routine people in metro cities across the globe, and a decline in food preparation and consumption time.
Q5. Which region holds the largest market share in the meat extract market?
A5. Regionally, the Asia Pacific region is projected to hold a substantial share in the meat extract market owing to the high demand for meat extracts in the region is the presence of a considerably large population base in countries like China and India among others.