The global meat extract market size was valued at USD 25.3 billion in 2020 and is expected to grow at USD 35.9 billion by 2027 at a compound annual growth rate (CAGR) of 5.2 % from 2020 to 2027. Factors including population growth in emerging economies and double-income families are projected to contribute to the growing preference for packaged ready-to-eat meat products, which is further anticipated to promote the market over the forecast period.
Rising demand for meat products as a significant source of protein in countries such as China, India, and Brazil and increasing disposable incomes are likely to drive the consumption of meat extracts in the coming years. Additionally, favourable government initiatives pertaining to the food industry are projected to remain a significant driving factor over the forecast period.
The pork segment dominated the market and accounted for more than 26.8% share of the global revenue in 2019. The segment is expected to observe significant growth over the forecast period on account of an increase in the demand for protein-rich foods and ready-to-eat products. The rise in the demand for pork extract due to better taste and high nutritional value is anticipated to influence the overall market growth over the forecast period.
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Global Meat Extract Market Key Segments:
On the Basis of Type: Chicken, Pork, Beef, Fish, Others
On the Basis of Application: Industrial, Commercial
On the Basis of Region:
- North America
- Latin America
- Middle East and Africa (MEA)
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The Meat Extract market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region. The growing awareness about and demand for high-quality and zero-defect products has fuelled the need for Meat Extract in inspection-related applications in the manufacturing fields.
However, the outbreak of COVID-19 has significantly affected the manufacturing sector of APAC. As the neighbouring countries are linked to one another through trade relations and supply chain the entire region is affected with the outbreak of COVID-19 which will have a significant impact on the said market in this region for the forecast period.
TABLE OF CONTENTS
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Meat Extract Market
Chapter 5. Global Meat Extract Market Overview, By Application, 2015 – 2027(USD Million)
Chapter 6. Global Meat Extract Market Overview, By Distribution Channel, 2015 – 2027(USD Million)
Chapter 7. Global Meat Extract Market Overview, By Geography, 2015 – 2027(USD Million)
Chapter 8. North America Meat Extract Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 9. Europe Meat Extract Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 10. Asia Pacific Meat Extract Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 11. Middle East & Africa Meat Extract Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 12. South America Meat Extract Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Meat Extract Market Cost Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
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