Meat Extract Market Share, Size and Growth Analysis By 2029

The meat extract market is projected to expand from US$ 1,738.27 million in 2021 to US$ 2,477.03 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.2% during the period from 2021 to 2028.

Meat extract is produced through the process of boiling meat pieces in water until the liquid achieves a concentration of 70% total dissolved solids. The resulting meat extract powder is created by drying the cooked meat to a moisture content of 5% and then grinding it into a fine powder. This extract serves as a fundamental ingredient that supports the artificial cultivation of microorganisms, primarily utilized in bacterial culture and fermentation processes. It is derived from the controlled enzymatic breakdown of high-quality meat, typically beef, and is rich in essential nutrients such as creatine, creatinine, organic acids, water-soluble amino acids, nucleotides, polypeptides, as well as various minerals and vitamins that promote microbial growth in nutrient media.

Meat extract powder provides vital carbon, nitrogen, and energy sources for microorganisms, facilitating their optimal growth and reproduction. The extracts are sourced from specific animal tissues, enhancing the nutritional profile of culture media. Typically, meat extract is utilized in concentrations ranging from 0.2% to 1.0%. This culture media is crucial for a variety of biopharmaceutical and biological applications, including the purification and separation of different cultures. Additionally, it plays a significant role in the development of cultured or lab-grown meat, which presents a sustainable and hygienic alternative to traditional meat products. Consequently, the increasing demand for culture media, alongside the rising need for meat extract in its preparation, is propelling the growth of the meat extract market.

The meat extract market is categorized by application into several segments: RTE & RTC meals, sweet & savory snacks, soups & sauces, and others. In 2020, the others segment held the largest market share. However, the sweet & savory snacks segment is anticipated to experience the highest CAGR throughout the forecast period. Snacks, which are small food portions consumed between meals, come in various forms, including frozen, savory, and sweet options. Traditionally, snacks were made from readily available home ingredients with minimal preparation, but the rise of packaged snack foods has gained popularity due to their convenience. Manufacturers have increasingly developed diverse meat-based snack products, further stimulating the growth of the meat extract market. Processed snack foods, as a convenience option, are generally less perishable, more durable, and easier to transport than prepared meals. The trend of consuming ready-to-eat snacks at social gatherings, picnics, and parties has significantly increased the demand for meat extract, thereby driving market expansion.

Regionally, the meat extract market is divided into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2020, North America dominated the market; however, the Asia Pacific region is expected to witness the fastest CAGR during the forecast period. A growing number of consumers in APAC countries are increasingly choosing animal products as their primary protein source. This region presents significant growth opportunities for meat extract market players, driven by a thriving food industry. The demand for meat-based products is on the rise, influenced by the popularity of Western dietary habits, particularly in countries like China and India, where there is a growing appetite for ready-to-eat and ready-to-cook products. Companies such as Neogen Corporation and Ottogi New Zealand Ltd. utilize livestock and poultry products to enhance the flavor and aroma of their soups, sauces, nuggets, snacks, and ready-to-eat meals. As a result, the demand for meat extract as a raw material is increasing among manufacturers, which is expected to further propel market growth in the Asia Pacific region during the forecast period.

Key players in the meat extract market include Colin Ingredients, Carnad Natural Taste, Diana Group, PT Foodex Inti Ingredients, Givaudan S.A., JBS SA, Maverick Biosciences Pty Ltd, Nippon Ham Group, Titan Biotech Limited, and Proliant Biologicals, LLC. These companies are focused on developing innovative and cost-effective products to meet the growing consumer demands and to expand their market presence.

The overall size of the meat extract market 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 participants to validate the information and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the meat extract sector.