Report : South and Central America Meat Extract Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Beef, Pork, Chicken, and Others), Form (Powder, Liquid, and Others), and Application (RTE & RTC Meals, Sweet & Savory Snacks, Soups & Sauces, and Others)
At 4.4% CAGR, the South and Central America Meat Extract Market is speculated to be worth US$ 231.60 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South and Central America meat extract market was valued at US$ 171.05 million in 2021 and is expected to reach US$ 231.60 million by 2028, registering an annual growth rate of 4.4% from 2021 to 2028. Rising demand for meat extracts as flavor enhancers and increasing utilization of meat extracts for the preparation of culture media are critical factors attributed to the market expansion.
Over the past few years, meat production and consumption have increased significantly with the rise in global population, increase in the number of mid-income families, and rising demand for high-protein, affordable food. Poultry meat is one of the major drivers of the growth of the meat industry as it is an affordable source of protein, and it is considered healthier than other meats such as beef and pork. As meat consumption increases, manufacturers incorporate different meat flavors such as chicken, beef, and pork in their products to enhance their taste profile. Moreover, manufacturers of meat snacks and on-the-go meat products are incorporating meat flavors in their products to attract a large number of consumers. Meat extracts are mainly made from chicken, beef, or pork. They enhance the meaty flavor in various food products such as ready-to-eat meals, soups, sauces, and savory snacks. People are progressively adopting healthier lifestyles, but they do not want to compromise on taste. Meat extracts are a healthier alternative to synthetic flavoring agents. They enhance the flavor of meat products and increase their protein value. Thus, the growth of the meat industry and the rising demand for meat extracts as flavor enhancers in a variety several meat products, including savoring snacks, soups, and sauces, are the key factors driving the growth of the South and Central America meat extract market.
On the contrary, increasing vegan population of South and Central America meat extract market.
Based on type market is segmented into beef, pork, chicken, and others. The Beef segment held 67.44% market share in 2021, amassing US$ 115.36 million. It is projected to garner US$ 155.78 million by 2028 to expand at 4.4% CAGR during 2021–2028.
Based on form, the South and Central America meat extract market is divided into powder, liquid, and others. The Powder, segment held 70.41% market share in 2021, amassing US$ 120.43 million. It is projected to garner US$ 162.15 million by 2028 to expand at 4.3% CAGR during 2021–2028.
Based on application, the South and Central America meat extract market is divided into RTE & RTC meals, sweet & savoury snacks, soups & sauces, and others. The others segment held 41.21% market share in 2021, amassing US$ 70.49 million. It is projected to garner US$ 91.58 million by 2028 to expand at 3.8% CAGR during 2021–2028.
Based on country, the South and Central America meat extract market has been categorized into the Brazil, Argentina and Rest of South and Central America. Our regional analysis states that Rest of South and Central America captured 40.55% market share in 2021. It was assessed at US$ 69.36 million in 2021 and is likely to hit US$ 90.16 million by 2028, exhibiting a CAGR of 3.8% during the forecast period.
Key players dominating the South and Central America meat extract market are Colin Ingredients; Carnad Natural Taste; Diana Group; PT Foodex Inti Ingredients; Givaudan S.A; JBS SA.; Maverick Biosciences Pty Ltd; Nippon Ham Group and Proliant Biologicals, LLC.
- In 2014, Diana's group was acquired by the Symrise Group.
- In 2020, PT Foodex Inti Ingredients received FSSC 22000:2005 certification for controlling all physical materials, chemicals and biological aspects to guarantee the safety and quality of food-related products in the production process.
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