At 5.0% CAGR, Asia Pacific Chicken Extract Market is Projected to be Worth US$ 1,245.30 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Asia Pacific chicken extract market was valued at US$ 845.28 million in 2022 and is expected to reach US$ 1,245.30 million by 2030, registering a CAGR of 5.0% from 2022 to 2030. Proliferation of e-commerce industry and consumer inclination toward nutritional food are among the critical factors attributed to the Asia Pacific chicken extract market expansion.
In recent years, the organized retail sector has undergone a massive transformation. The acceptance of e-commerce has increased considerably due to its ability to transform customers' shopping experience. Further, easy access to emerging technologies, increasing purchasing power of people, rising penetration of the internet and smartphones, and the convenience of shopping from anywhere at any time via online retail platforms are among the key factors propelling the growth of e-commerce. Thus, with the rising penetration of e-commerce platforms in several regions, the sale of various food and beverages, such as chicken extract, is increasing through these platforms.
People prefer online retail platforms to buy these products owing to the availability of various brands at affordable prices, detailed product descriptions, consumer ratings and reviews, and home delivery services. Moreover, chicken extract manufacturers prefer e-commerce platforms to sell their products to large customers as it requires minimal investments. Chicken extract manufacturers are taking initiatives through collaboration and partnership to launch their products on online platforms. The proliferation of e-commerce platforms to provide products online is a lucrative opportunity to expand products for chicken extract manufacturers to increase their consumer base and geographical reach.
On the contrary, stringent regulatory compliance associated with meat processing hampers the growth of Asia Pacific chicken extract market.
Based on product type, the Asia Pacific chicken extract market is segmented into chicken powder, broth and stock, and chicken paste. The broth and stock segment held 79.6% share of the Asia Pacific chicken extract market in 2022, amassing US$ 672.96 million. It is projected to garner US$ 981.46 million by 2030 to expand at 4.8% CAGR during 2022-2030.
In terms of category, the Asia Pacific chicken extract market is bifurcated into organic and conventional. The conventional segment held 77.6% share of the Asia Pacific chicken extract market in 2022, amassing US$ 655.75 million. It is projected to garner US$ 953.30 million by 2030 to expand at 4.8% CAGR during 2022-2030.
By distribution channel, the Asia Pacific chicken extract market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 44.0% share of Asia Pacific chicken extract market in 2022, amassing US$ 372.04 million. It is projected to garner US$ 543.11 million by 2030 to expand at 4.8% CAGR during 2022-2030.
Based on country, the Asia Pacific chicken extract market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 32.1% share of Asia Pacific chicken extract market in 2022, amassing US$ 271.67 million. It is projected to garner US$ 384.05 million by 2030 to expand at 4.4% CAGR during 2022-2030.
Key players operating in the Asia Pacific chicken extract market are Campbell Soup Co, The Kraft Heinz Co, Ajinomoto Philippines Corp, Lee Kum Kee Co Ltd, Nutra Organics Pty Ltd, Unilever Plc, and Hormel Foods Corp, among others.
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