At 3.7% CAGR, Europe Chicken Extract Market is Projected to be Worth US$ 895.52 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Europe chicken extract market was valued at US$ 668.26 million in 2022 and is expected to reach US$ 895.52 million by 2030, registering a CAGR of 3.7% from 2022 to 2030. Strategic initiatives by key market players and rising demand for chicken extract as flavor enhancer in home cooking are among the critical factors attributed to the Europe chicken extract market expansion.
Chicken extract manufacturers are taking several strategic initiatives such as new product launches, production capacity scaleup, mergers and acquisitions, and collaborations to satisfy growing consumer demand and strengthen their foothold in the market. For instance, in March 2023, Z Natural Foods announced the launch of a new instant bone broth soup base powder. The launch was aimed to cater to the growing demand for protein-rich food products. In addition, the demand for organic products has surged owing to an increase in consumer interest in healthy food products. This has encouraged manufacturers to introduce healthy food products. For instance, in April 2023, Borough Broth Company, in partnership with Planet Organic, announced the launch of four products-Organic Chicken Bone Broth, Organic Chicken and Ginger Bone Broth, Organic Super Greens Soups, and Organic Butternut and Coconut Soup. The launch was aimed to cater to the increasing consumer demand for healthy and sustainable food. Thus, strategic initiatives by key market players boost the Europe chicken extract market growth.
On the contrary, stringent regulatory compliance associated with meat processing hampers the growth of Europe chicken extract market.
Based on product type, the Europe chicken extract market is segmented into chicken powder, broth and stock, and chicken paste. The broth and stock segment held 77.4% share of the Europe chicken extract market in 2022, amassing US$ 517.12 million. It is projected to garner US$ 686.93 million by 2030 to expand at 3.6% CAGR during 2022-2030.
In terms of category, the Europe chicken extract market is bifurcated into organic and conventional. The conventional segment held 67.7% share of the Europe chicken extract market in 2022, amassing US$ 452.19 million. It is projected to garner US$ 596.38 million by 2030 to expand at 3.5% CAGR during 2022-2030.
By distribution channel, the Europe chicken extract market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 45.7% share of Europe chicken extract market in 2022, amassing US$ 305.39 million. It is projected to garner US$ 397.71 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Based on country, the Europe chicken extract market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany held 22.4% share of Europe chicken extract market in 2022, amassing US$ 149.76 million. It is projected to garner US$ 196.03 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Key players operating in the Europe chicken extract market are Campbell Soup Co, The Kraft Heinz Co, Lee Kum Kee Co Ltd, Huegli Cenovis GmbH, Princes Ltd, Unilever Plc, and Hormel Foods Corp, among others.
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