Dramatic Growth of the Meat Extract Market Ahead
An interesting scenario is likely to crop up in the market by the end of the decade, as APEJ records incremental growth and braces to surpass North America. Another fascinating market feature to look for during the forecast period will be the immense popularity of beef for the production of meat extract in APEJ, despite the growing religious sentiments towards cattle.
Consumers’ quest for protein outside of traditional sources is encouraging manufacturers to focus on leveraging meat extract as an active ingredient for a wide range of applications, including snacks, soup powders, sauces, nuggets, seasonings, and bouillon cubes. As the culture of consuming ‘go-to-meals’ gains traction, consumers leading a demanding lifestyle evince a high proclivity for pre-cooked and instant meals, wherein, meat extract will play a pivotal role.
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The advent of advanced manufacturing capabilities with multistep processes offer a zoomed-in focus on the quality of meat extract to control the spread of diseases from animals to humans, which will turn meat extract products premium. However, the stringent scrutiny of food and beverages in the industry, on account of the rising demand for halal- and kosher-certified products is likely to impact the supply and sales of meat extracts. Given the influence of the aforementioned parameters, the global meat extract market will grow ~2X during the forecast period of 2019-2029.
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High Impact of Religious Sentiments on the Market
Despite beef being a significant source of meat in Western countries, the discourse associated with cattle is religious in nature, in India. Article 48 of the Indian Constitution considers the slaughter of cows, calves, milch, and draught cattle as an offense. In May 2017, the Environment Ministry of India banned the slaughter of cattle such as progeny, heifer, calves, oxen, bulls, and bullocks. According to the law, the slaughter of cows, their possession, and even the consumption of their meat is punishable with several years in jail and high monetary fines.
Beef being the top-selling category for the production of meat extracts, is majorly exported from India, as the country holds the second position in the world as far as exporting beef is concerned. With the legislation of stringent laws and regulations protecting animal rights, the slaughter of cattle is likely to get impacted, which will reflect on the export of beef, and, in turn, the production of meat extracts.
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Fascinating Case of APEJ Making it to the Lead Position
Traditionally, North America has been an attractive meat extract market, with a majority of consumers leading a demanding lifestyle and seeking ‘ready-to-eat’ meals. The surfacing of advanced technologies that ensure the purity of the meat extraction process is integral to the clean-label demand of consumers.
The high concentration of key players in North America is a critical lever to the growth of the market, and key players are integrating backward across the supply chain to enhance the quality of raw materials that are used for the production of meat extracts. With the increase in the number of fast-food chains such as Taco Bell and McDonald’s across the region, the demand for meat extract in the powdered and liquid forms is growing at a significant pace.
Currently, the value of the North American meat extract market equals ~US$ 370 million, and that of the APEJ market is ~US$ 160 million. The expected high growth of the APEJ meat extract market can be attributed to the high population density and the growing preference for innovative food products in the region.
The consumption of chicken and pork extracts is high in South Korea, and is likely to grow in the coming decade, given the focus of consumers on new sensory experiences. Given the exponential growth of 13%, APEJ will outperform the North American meat extract market by 2029. Another significant driver likely to improve the performance of APEJ is the ongoing trade war with China, India, Australia, and South Korea, leading to less exports to the U.S., and, in turn, leading to the utilization of more raw materials in the region to cater to the growing demand for meat extracts.
