Meat Ingredients Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Meat Ingredients Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Global Meat Ingredient Market is projected to register a CAGR of 5.12% during the forecast period (2022 - 2027).

The COVID-19 pandemic affected the parent industry of meat in myriad ways. On the supply side, it disrupted global supply chains and caused plant shutdowns, especially in the North American region. However, on the demand side, consumers are eating more meat as a result of a significant working population still staying at home, at least in the early part of 2021. This has had an impact on the underlying market of meat ingredients.

From a medium- to long-term perspective, the meat ingredients market is growing rapidly. A major factor propelling this market is the high demand for convenience foods, such as instant beverages and snacks. Other factors, such as the increasing user application in processed foods, such as meat, frozen meat, etc., along with nutrition and taste convergence, which increased the usage of flavoring agents and salts, are also driving this market.

However, factors like quality standards, clean labeling, and health concerns are hindering the market. Meat processing technology will also contribute to the improvement of heavily extended meat products. Increased regulations by the FDA and other regulatory bodies in the developed markets is hindering the growth of processed food, especially processed meat and poultry in the countries.

Meat Ingredients Market TrendsMeat Extenders Segment Exhibit High Growth

Meat extenders are plant-origin ingredients that have a combination of carbohydrates, proteins, and other nutrients and are used to enhance the nutritional and functional properties of meat products. In addition to the nutritional value of these ingredients, meat extenders are also increasingly being adopted due to their reduced environmental footprint. Pulses are one of the commonly used meat extenders, which are used as extenders due to their ability to form complex networks with meat molecules. With an increasing focus on cultured meat, various types of extenders would find increasing uses. Over the forecast period, this segment is expected to expand at a robust growth rate.

Asia-Pacific Holds the Largest Market Share

Asia-Pacific was estimated to be the largest market for meat ingredients, in 2021. This region is projected to be the fastest-growing market, with a robust CAGR during the forecast period. This growth is mainly due to a large number of food processing and storage industries, particularly in developing countries, such as India, Japan, China, and a few other Asian countries. Various flours are primarily used in extended traditional meat products from Asia-Pacific. One well-known example is Moo-Yoh. In Africa, the main traditional meat processing methods are meat salting, drying, and smoking. Chicken and mutton variants in processed meat products are popular in India. Value-added poultry is most popular with breaded chicken snacks, which around half of the frozen poultry category, following by sausages and kebabs.

Meat Ingredients Market Competitive Analysis

The Global Meat Ingredients Market is moderately fragmented with the top 10 players occupying a major share of the market, along with the presence of many regional and country-level players. The key players in the meat ingredients market include International Flavors & Fragrances, Inc., Kerry Group plc, Firmenich SA, Givaudan, ADM, among others. Apart from new product launches, companies are increasingly resorting to inorganic means of expansion such as Mergers & Acquisitions, and Collaborations.

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