A recent report published by Transparency Market Research on the global beef extract market includes global industry analysis and opportunity assessment of the global beef extract market for the period of 2019-2029. Revenue generated from the global beef extract market has been estimated to be valued at ~US$ 700 Mn in 2019, which is estimated to increase at a CAGR of ~7% over the forecast period. The global beef extract market is anticipated to reach a value of ~US$ 1.4 Bn by the year 2029.
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Increasing awareness among consumers towards their health has propelled the demand for beef extract products. Consumers are changing their preference towards chemical-free, non-GMO, and additive-free meat products, due to the increasing awareness of healthy products. Chemical-free and non-GMO beef products are highly consumed by consumers to prevent side effects such as organ damage, toxicity, and gene transfer. Due to the rapidly rising purchasing power and urbanization, there has been increased demand for additive-free, chemical-free, and non-GMO meat products. This creates opportunities for manufacturers of beef extract to offer their products in the global market.
The rising trend for protein-packed food among millennials and health enthusiastic consumers is one of the major factors propelling the demand for protein-packed food. Furthermore, the trend of ready-to-eat meals is also boosting the demand for protein-packed food. Beef extract powder is known to have high nutritional content and protein, as well as provide high energy to consumers.
Beef Extract Market by End Use
- Microbiological Culture
- Animal Health Vaccines
- Food Processing Industry
Beef extract products have a longer shelf life as compared to other meat product. Moreover, beef extract contains a nitrogenous compound, which is the factor that increases the shelf life of beef extract products, as compared to other meat extract products.
The usage of the beef extract is used by the food processing industry to enhance the flavor and fragrance of food such as soups, sauces, crews, canned meats items, pot pies, casseroles, and other meat products. The demand for different varieties of flavors by consumers is propelling the demand for beef extract in the food processing industry.
The restraining factor for the beef extract market is the beef ban and cow protection vigilantes in specific countries such as India. In India, beef has been banned due to religious sentiments towards cattle as being a holy animal, which, in turn, has caused a significant decline in the beef extract market in the Asia Pacific region.