The scope of our recent study on the "Meat Extract Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Form, and Application," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

The meat extract market is expected to grow from US$ 1,738.27 million in 2021 to US$ 2,477.03 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028. Meat extract is mainly available in concentrated liquid and powder forms. It is also available in the form of paste and granules. Meat extract is employed to enhance the flavor and aroma of food products. Manufacturers of savory meat snacks, ready meals, soups, and sauces use meat extracts as a flavor enhancer. Meat extract is rich in proteins, thereby increasing the nutritional value of the final products. Beef, chicken, and pork are mainly used to make different types of meat extracts that add an authentic flavor to the products. Further, meat extract is also used to prepare culture media to provide proteins, amino acids, peptones, and nucleotides essential for the growth of various microorganisms.

Based on type, the meat extract market is segmented into beef, pork, chicken, and others. The beef segment held the largest share in the meat extract market in 2020; however, the chicken segment is projected to register the fastest CAGR during the forecast period. The rising demand for poultry meat due to its low-fat content compared to beef and pork is expected to drive the growth of the chicken extract segment. Moreover, after the COVID-19 outbreak, the demand for poultry meat increased as consumers became health-conscious. Poultry meat is an affordable, lean, and rich source of protein; its demand increased in various countries such as the US, China, Japan, and Brazil. This factor is also anticipated to fuel the segment's growth in the coming years.

The meat extract market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). North America held the largest share in the meat extract market in 2020; however, Asia Pacific is expected to register the fastest CAGR during the forecast period. North America is one of the most significant regions for the meat extract market due to the populace's increasing adoption of snack products. Meat snacks such as jerky, sticks, strips, and patties are gaining huge traction among consumers as they are easy to consume, tasty, and rich in protein. Moreover, strong retail infrastructure in countries such as the US and Canada is driving the sales of packaged meat snacks, thereby increasing the demand for meat extracts across North America. Furthermore, rising meat production in the US and the growth of the meat processing industry offer strong potential to the meat extract market across North America.

Impact of COVID-19 Pandemic on Meat Extract Market

The food & beverages industry is one of the key industries that faced unprecedented challenges due to the COVID-19 pandemic. Lockdown and border restrictions enacted by various countries disrupted supply chains, which affected the production and distribution of various products. During the initial phase of the COVID-19 pandemic, the demand for convenience meat products increased dramatically due to panic buying as consumers stocked up their pantries. However, the implementation of lockdown restrictions and shutdown of manufacturing units in the later stage led to a production shortfall, which created a demand and supply gap. This factor hampered the profitability of various small-scale and large-scale meat manufacturers. Thus, the demand for meat extract reduced significantly during the pandemic due to decreased production of meat products. Further, with the pandemic-induced economic recession, the purchasing power of consumers reduced significantly in 2020, which hampered the sales of meat products and meat derivatives. This factor adversely affected the growth of the meat extract market. Thus, initially, the pandemic boosted the meat extract market due to the rising demand for frozen meat products; however, the market growth was hampered later due to supply chain disruption and business shutdown.

The report segments the meat extract market as follows:

Based on type, the meat extract market is segmented into beef, pork, chicken, and others. Based on form, the market is segmented into powder, liquid, and others. Based on distribution channel, the meat extract market is segmented into RTE & RTC meals, sweet & savory snacks, soups & sauces, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

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