At 6.3% CAGR, the Asia Pacific Chicken Powder Market is Projected to be Worth US$ 288.91 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the Asia Pacific chicken powder market was valued at US$ 176.93 million in 2022 and is expected to reach US$ 288.91 million by 2030, registering a CAGR of 6.3% from 2022 to 2030. Strategic development initiatives and wide array of applications of chicken powder as flavor are among the critical factors attributed to the Asia Pacific chicken powder market expansion.
The application industries of the chicken powder market across the world invest significantly in strategic development initiatives such as product innovation to attract consumers and enhance their market position. In July 2019, Hormel Foods Corporation introduced two new flavors to its snacking portfolio - Mediterranean-style chicken with bruschetta jack cheese and chipotle chicken with queso quesadilla cheese and flaxseed corn chips. An innovative product-level innovation approach initiated by the company aims to offer a convenient way for people to consume snacks. Thus, increasing innovations in end products ultimately boost the demand for chicken powder. Also, the rising demand for chicken-based snack products from consumers generates the need for chicken powder among snack manufacturers.
Moreover, the meat-based flavor manufacturers invest significantly to enhance their product portfolio by launching different meat-based flavors. In June 2021, Essentia Protein Solutions launched a new product named 'Essentia C3306 Chicken Flavor' to enhance the multi-species 'ProFlavor' line. The company claims that the new flavor is low in carbs, high in protein, and has no added salts. It also stated that the flavor is prepared by using chicken broth powder. Such product launches by end-use industries aid the chicken powder market growth.
Furthermore, the manufacturers of chicken powder expand their presence in various countries to cater to the demand from consumers.
Thus, increasing investments in product innovation and business expansion strategies to expand their customer base and meet emerging consumer trends bolster the growth of the chicken powder market.
On the contrary, increasing consumer inclination toward vegan and vegetarian diet hampers the growth Asia Pacific chicken powder market.
Based on type, the Asia Pacific chicken powder market is bifurcated into low-fat and conventional. The conventional segment held 80.8% share of the Asia Pacific chicken powder market in 2022, amassing US$ 1,43,036.69 thousand. It is projected to garner US$ 2,32,023.47 thousand by 2030 to expand at 6.2% CAGR during 2022-2030.
By application, the Asia Pacific chicken powder market is segmented into food & beverages, dietary supplements, pet food, and animal feed. The food & beverages segment held 60.7% share of Asia Pacific chicken powder market in 2022, amassing US$ 1,07,429.31 thousand. It is projected to garner US$ 1,69,884.51 thousand by 2030 to expand at 5.9% CAGR during 2022-2030.
Based on country, the Asia Pacific chicken powder market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. The Rest of Asia Pacific held 33.7% share of Asia Pacific chicken powder market in 2022, amassing US$ 59,661.56 thousand. It is projected to garner US$ 95,859.94 thousand by 2030 to expand at 6.1% CAGR during 2022-2030.
Key players operating in the Asia Pacific chicken powder market are Symrise AG, Fuji Foods Inc, The Scoular Co, BRF SA, and Nikken Foods Co Ltd, among others.
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