The chicken extract market is projected to expand from US$ 3,015.62 million in 2022 to US$ 4,091.01 million by 2030, reflecting a compound annual growth rate (CAGR) of 3.9% during the period from 2022 to 2030.
Chicken extracts are culinary products designed to impart the rich, savory flavor of chicken to a variety of dishes. These extracts are primarily composed of chicken meat, bones, skin, and fat, available in both fresh and dried forms. The market encompasses retail sales of chicken powder, broths, stocks, and pastes. As a versatile ingredient, chicken extract enhances the umami and savory profiles of numerous recipes, including soups, sauces, and gravies. The increasing consumer preference for flavor enhancers in home cooking, along with a growing interest in international cuisines, has significantly contributed to the market's expansion.
Manufacturers in the chicken extract sector are actively pursuing strategic initiatives such as launching new products, scaling up production capacities, engaging in mergers and acquisitions, and forming collaborations to meet the rising consumer demand and solidify their market presence. For example, in March 2023, Z Natural Foods introduced a new instant bone broth soup base powder, targeting the increasing demand for protein-rich food options. Additionally, the surge in demand for organic products, driven by consumer interest in healthier food choices, has prompted manufacturers to innovate. In April 2023, Borough Broth Company, in collaboration with Planet Organic, launched four new products: Organic Chicken Bone Broth, Organic Chicken and Ginger Bone Broth, Organic Super Greens Soups, and Organic Butternut and Coconut Soup, aimed at satisfying the growing consumer appetite for healthy and sustainable food alternatives.
In another notable development, Del Monte Foods announced in August 2022 its acquisition of Kitchen Basics, a brand known for its ready-to-use stocks and broths, from McCormick & Co. This acquisition was intended to enhance Del Monte's product offerings and expand its market reach. Such strategic moves by key players are instrumental in propelling the growth of the global chicken extract market.
The chicken extract market is categorized by product type into chicken paste, broth and stock, and chicken powder. Chicken paste, known for its concentrated flavor, is a smooth mixture derived from chicken meat. The demand for chicken paste is anticipated to rise significantly in the coming years due to its ability to impart a rich taste to various dishes while also reducing cooking time, as the flavors are already concentrated. Furthermore, chicken paste boasts a longer shelf life compared to fresh or canned chicken, making it a convenient option for storage and use over extended periods. These advantages are driving the demand for chicken paste and, consequently, the growth of this market segment.
Geographically, the chicken extract market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, North America held the largest share of the market; however, the Asia Pacific region is experiencing the fastest growth. The demand for chicken extracts in Asia Pacific is significantly influenced by the cultural importance of poultry in many Asian cuisines. Chicken serves as a primary protein source in various culinary traditions, and chicken extracts are frequently used to enhance the flavors of a wide array of Asian dishes.
Moreover, rising disposable incomes and urbanization in several Asia Pacific countries are transforming consumer lifestyles. Urban residents often seek convenient cooking solutions that do not compromise on flavor. Chicken extracts provide an efficient way to enhance dish flavors, saving time in meal preparation and aligning with the fast-paced urban lifestyle. The growing trend of snacking in Asia Pacific countries has also fueled the demand for chicken extracts, as they are versatile ingredients used in popular snacks like soups and broths. This versatility is driving innovation in snack development, further boosting market growth.
Key players in the chicken extract market include Campbell Soup Co, The Kraft Heinz Co, Ajinomoto Philippines Corp, Lee Kum Kee Co Ltd, Nutra Organics Pty Ltd, Huegli Cenovis GmbH, Princes Ltd, Unilever Plc, Hormel Foods LLC, and Kettle & Fire Inc. These companies are actively developing a range of products to meet the increasing consumer demand.
The market size for chicken extracts has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the chicken extract market.