The latest market estimate report published by Transparency Market
Research on the global meat extract market includes a
global industry analysis and opportunity assessment of the global meat extract
market for the period of 2019-2029. Revenue generated from the
global meat extract market has been estimated to reach a valuation of ~ US$
1.2 Bn in 2019, which is projected to increase at a CAGR of ~
8% during the forecast period. The global meat extract market is
projected to reach a value of ~ US$ 2.5 Bn by 2029.
Meat Extract Market: Growing Demand for High
Protein Snacks
Meat snack products fit neatly into two growing consumer trends - salty,
snackable meals, and protein-packed snack products. Meat-based snacks are as
popular as cheese and popcorn, especially in the Americas and Europe. With the
growing population of health-conscious consumers across the globe, the demand
for protein-rich food products is showing an upward trend. Meat extract is
usually used in snack products to give them taste and texture similar to meat.
The usage of meat extract also increases the nutritional value of the end
product.
Meat Extract Market: Higher Nutritional Content and
Associated Benefits
Meat extract contains many vitamins and minerals, apart from high
protein content. Health-conscious consumers prefer meat extract-based products
due to the presence of vitamin B12, zinc, selenium, iron, and other vitamins
& minerals. Animal-derived foods are the only good dietary sources of
vitamin B12, an essential nutrient that is important for blood formation and
the well-being of the nervous system.
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Meat Extract Market: Rising Demand for
Additive-Free, Chemical-Free, & Non-GMO Meat Products
Awareness among the millennial population towards the negative impacts
of food additives, chemicals, antibiotics, etc., on the health, is increasing.
Millennials are expected to demand meat extract-based products on a large
scale, as they make more purchases of natural and organic products as compared
to other segments. For instance, according to U.S. Census Bureau, in 2015,
the population of millennials exceeded that of baby boomers, as such, making
them an important demographic segment for key players.
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Usage of Meat Extract in Convenience and Processed
Foods
Growing health & wellness awareness and increasing preference for
processed food products with reduced fat and reduced sugar & salt content
are some of the factors expected to compel producers of food & beverages to
reconsider their current marketing practices and implement new techniques to
improve their revenue in the meat extract market. WHO has presented an
international approach on exercising, physical activities, balanced diet,
improved lifestyle, and other health issues, which delivers an assured approval
to food & beverage products that comprise quantified levels of salt, free
sugars, saturated fats, and other trans-fat in prevailing products.
In North America, the new generation and the millennial demographic
devours a large share of convenience, ready-to-eat, and other processed food
products, which are generally made from beef. Feasting on takeaway food has
also increased significantly due to its convenience, which is further projected
to drive the development of the meat extract market during the forecast period.
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Meat Extract Market: Beef Ban in Parts of India
Expected to Hinder Market Growth
India, which is one the fastest growing economies, has banned beef in
many of its states, owing to religious sentiments towards cattle. This has
resulted in a sharp decline in the consumption of beef and beef-derived
products, and is thus expected to restrain the growth of meat extract market
over the forecast period in the region. For instance, in 2017, the
Government of India announced strict rules to prohibit the sale of animals such
as cows, bulls, buffaloes, calves, etc., for slaughter and religious sacrifice.
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