Asia Meat Extract Market Size To Reach $1.98 Billion By 2030

Asia Meat Extract Market Growth & Trends

The Asia meat extract market size is expected to reach USD 1.98 billion by 2030, registering a CAGR of 5.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness decent growth owing to the increase in demand for ready-to-eat and convenience food products, leading to the growth of the manufacturing sector. It is credited to the initiatives undertaken by the respective governments such as “Made in China” by the Chinese government and “Make in India” by the Indian government. Some of the other reasons contributing to the meat extract market growth during the forecast period are raising disposable income and the increasing number of working professionals in the Asia Pacific region.

Convenience is one of the major factors driving the meat extract market in countries such as Thailand, India, and Indonesia. The consumer trends in these countries are shifting toward snacking and convenience. As consumer lifestyles are changing, ready-to-eat foods such as processed and frozen meat products are gaining popularity among time-pressed consumers. In addition, the growing willingness between consumers in the region to pay higher prices for products with good quality and attractive packaging is also driving the adoption of the product, which is pushing the meat extract market.

Companies operating in the market are also expanding and constantly engaging in product launches and expansion strategies to increase market share.In May 2019, Givaudan acquired Golden Frog, a Vietnamese natural extracts and flavor company reinforcing its capabilities and its occurrence in the high-growth markets of Asia Pacific. In addition, rising demand for packaged foods has been encouraging the entry of new players in the region. The sector is likely to promote the entry of privately held players during the forecast period, most notably in Asia Pacific owing to favorable market conditions such as abundant availability of raw materials and cheap labor.

Furthermore, the demand for meat extracts is steadily growing in the rest of the Southeast Asian Nations (ASEAN) countries, as more consumers return to consuming meat-based products. The resumption of normal dining habits is stimulating the growth of meat extract in the region. Moreover, with the growing consumer awareness regarding the consumption of high-nutrition food, the demand for protein is increasing all over the world, thereby augmenting the market growth.

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Asia Meat Extract Market Report Highlights

• Based on type, the market is segmented into chicken, pork, beef, fish, turkey, and others. In 2022, the beef segment dominated the market with a revenue share of 30.5%. The demand for beef extracts is increasing as there is a high demand for fresh meat without equivalent supply caused by the political and environmental factors

• Based on form, the market is segmented into powder, liquid, granule, powders, and paste. The powder segment dominated the market with a revenue share of 45.7% in 2022 and is expected to retain its dominance during the forecast period owing to its convenience, thus preserving quality over time and leading to increased shelf-life

• Based on application, the industrial segment dominated the market with a revenue share of 83.3% in 2022. This trend is mainly driven by the changing consumer dietary habits, and rising consumption of meat among consumers in the region

Asia Meat Extract Market Segmentation

Grand View Research has segmented the Asia meat extract market based on the type, form, and application:

Asia Meat Extract Type Outlook (Revenue, USD Million, Kilotons 2017 - 2030)

• Chicken

• Pork

• Beef

• Fish

• Turkey

• Others

Asia Meat ExtractForm Outlook (Revenue, USD Million, Kilotons 2017 - 2030)

• Powder

• Liquid

• Granule

• Paste

Asia Meat ExtractApplication Outlook (Revenue, USD Million, Kilotons, 2017 - 2030)

• Industrial

• Commercial

List of Key Players of Asia Meat Extract Market

• NH Foods Ltd.

• Titan Biotech

• PT. Foodex Indonesia

• Inthaco Co. Ltd

• PT. JINGYOUNG

• ARIAKE JAPAN Co. Ltd

• Nikken Foods Co. Ltd