The latest market estimate report published by Transparency Market Research on the global meat extract market includes a global industry analysis and opportunity assessment of the global meat extract market for the period of 2019-2029. Revenue generated from the global meat extract market has been estimated to reach a valuation of ~ US$ 1.2 Bn in 2019, which is projected to increase at a CAGR of ~ 8% during the forecast period. The global meat extract market is projected to reach a value of ~ US$ 2.5 Bn by 2029.
Meat snack products fit neatly into two growing consumer trends – salty, snackable meals, and protein-packed snack products. Meat-based snacks are as popular as cheese and popcorn, especially in the Americas and Europe. With the growing population of health-conscious consumers across the globe, the demand for protein-rich food products is showing an upward trend. Meat extract is usually used in snack products to give them taste and texture similar to meat. The usage of meat extract also increases the nutritional value of the end product.
Meat extract contains many vitamins and minerals, apart from high protein content. Health-conscious consumers prefer meat extract-based products due to the presence of vitamin B12, zinc, selenium, iron, and other vitamins & minerals. Animal-derived foods are the only good dietary sources of vitamin B12, an essential nutrient that is important for blood formation and the well-being of the nervous system.
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Awareness among the millennial population towards the negative impacts of food additives, chemicals, antibiotics, etc., on the health, is increasing. Millennials are expected to demand meat extract-based products on a large scale, as they make more purchases of natural and organic products as compared to other segments. For instance, according to U.S. Census Bureau, in 2015, the population of millennials exceeded that of baby boomers, as such, making them an important demographic segment for key players.
Growing health & wellness awareness and increasing preference for processed food products with reduced fat and reduced sugar & salt content are some of the factors expected to compel producers of food & beverages to reconsider their current marketing practices and implement new techniques to improve their revenue in the meat extract market. WHO has presented an international approach on exercising, physical activities, balanced diet, improved lifestyle, and other health issues, which delivers an assured approval to food & beverage products that comprise quantified levels of salt, free sugars, saturated fats, and other trans-fat in prevailing products.
In North America, the new generation and the millennial demographic devours a large share of convenience, ready-to-eat, and other processed food products, which are generally made from beef. Feasting on takeaway food has also increased significantly due to its convenience, which is further projected to drive the development of the meat extract market during the forecast period.
India, which is one the fastest growing economies, has banned beef in many of its states, owing to religious sentiments towards cattle. This has resulted in a sharp decline in the consumption of beef and beef-derived products, and is thus expected to restrain the growth of meat extract market over the forecast period in the region. For instance, in 2017, the Government of India announced strict rules to prohibit the sale of animals such as cows, bulls, buffaloes, calves, etc., for slaughter and religious sacrifice.