Report : North America Chicken Extract Market Forecast to 2030 - Regional Analysis - by Product Type (Chicken Powder, Broth and Stock, and Chicken Paste), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 3.0% CAGR, North America Chicken Extract Market is Speculated to be Worth US$ 1,340.21 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the North America chicken extract market was valued at US$ 1,053.96 million in 2022 and is expected to reach US$ 1,340.21 million by 2030, registering a CAGR of 3.0% from 2022 to 2030. Rising demand for chicken extract as flavor enhancer in home cooking and strategic initiatives are among the critical factors attributed to the North America chicken extract market expansion.
Chicken extracts are commonly used in soups, sauces, and various culinary applications to enhance the overall flavor of dishes. Chicken extracts are rich in umami, enhancing the dishes' overall flavor. The rising demand for chicken extract as a flavor enhancer can be attributed to the ability to add savory and umami flavors to a wide range of dishes. In addition, the growing interest of consumers in exploring cuisines drives market growth.
Consumers use chicken extract to recreate traditional recipes and reduce cooking time while keeping the flavors intact. The chicken extract is used to prepare sauces and gravies as it enhances their flavor. The chicken extract is incorporated into marinades for chicken to infuse them with delicious chicken flavor before cooking. In addition, it is used as seasoning in dry rubs or spice blends for various meats, adding a savory note to grilled or roasted dishes. Thus, the rising demand for chicken extract as a flavor enhancer drives the chicken extract market.
On the contrary, stringent regulatory compliance associated with meat processing hampers the growth of North America chicken extract market.
Based on product type, the North America chicken extract market is segmented into chicken powder, broth and stock, and chicken paste. The broth and stock segment held 81.7% share of the North America chicken extract market in 2022, amassing US$ 860.97 million. It is projected to garner US$ 1,083.75 million by 2030 to expand at 2.9% CAGR during 2022-2030.
In terms of category, the North America chicken extract market is bifurcated into organic and conventional. The conventional segment held 69.1% share of the North America chicken extract market in 2022, amassing US$ 728.33 million. It is projected to garner US$ 915.03 million by 2030 to expand at 2.9% CAGR during 2022-2030.
By distribution channel, the North America chicken extract market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 50.6% share of North America chicken extract market in 2022, amassing US$ 533.24 million. It is projected to garner US$ 660.32 million by 2030 to expand at 2.7% CAGR during 2022-2030.
Based on country, the North America chicken extract market is categorized into the US, Canada, and Mexico. The US held 71.0% share of North America chicken extract market in 2022, amassing US$ 748.52 million. It is projected to garner US$ 938.15 million by 2030 to expand at 2.9% CAGR during 2022-2030.
Key players operating in the North America chicken extract market are Campbell Soup Co, The Kraft Heinz Co, Lee Kum Kee Co Ltd, Nutra Organics Pty Ltd, Unilever Plc, Hormel Foods Corp, and Kettle & Fire lnc, among others.
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