Meat Flavors Market - Growth, Trend and Forecasts (2018 - 2023)
Meat Flavors Market Insights
Global meat flavors market is expected to grow at a CAGR of 5.8% from 2018 to 2023. The global natural meat flavoring market accounted for USD 833.03 million in 2016, and is expected to record a CAGR of 6.4% during the forecast period.
The growing trend of health consciousness has led to an exponential increase in the use of natural flavors by most food manufacturing companies. Natural meat flavoring are extensively used in most products in developed regions, such as North America. Natural ingredients are expected to have highest growth rate in Asia-Pacific due to the rising purchasing power and consumer demand for healthy products with natural flavors.
Growing Demand for Meat Based Foods in Meat Flavors Market
Due to globalization consumers’ taste has evolved, with consumers craving for newer flavors and tastes. This has stimulated the meat flavors market. Along with globalization, increasing disposable income in developing nations is giving a great push to the meat flavors market with consumers opting for ready-to-eat food to match their fast pace lifestyle. According to the FAO fact sheet, the global annual per capita meat consumption is expected to reach 35.3 kg by 2025. During 2016 - 2025, the consumption of meat and meat-based products is expected to grow by 60% more than the consumption rate in 2016.
This is due to the growth of disposable incomes in regions, such as Asia-Pacific, South America, and the Middle East. The demand for meat in developed countries continues to increase, but at a lower growth rate compared to those developing countries. Moreover, the increasing demand for the ready to eat and processed food demands greater use of meat flavors in the production giving impetus to the market.
The growing vegetarianism is a major restraint in the market. Constraints in the meat flavor market are also seen in the form of regulatory requirements in food additives, with animal derived flavors seeing a greater regulation due to the risk of contamination. As most of the meat flavors are applied to ready-to-eat food, increasing awareness among consumers about the negative health effects of processed food consumption is also a limiting factor in the market.
Opportunities can be seen in the form use of meat flavors to new and novel food items and application in new industries. The wider acceptance of GSFA among nations improves international trade of meat flavors. Innovations to meet the wellness demand of the consumers by introducing organic meat flavors is also giving new opportunity in the meat flavor market.
Artificial Flavoring Holds Major Share in Meat Flavors Market
The meat flavor can be natural or artificial, wherein, artificial flavoring is the most widely used. In most cases, artificial flavors do not contain any animal source, and are instead made in the laboratory by carefully mimicking the taste and smell of the animal meat. Natural flavoring contains meat source, and is usually available in the form of broths. Natural ingredients are expected to have highest growth rate in Asia-Pacific due to the rising purchasing power and consumers demand for healthy products with natural flavors.
The market is further segmented by source type into Beef, Chicken, Pork, Turkey, Shrimp, Fish, and Others. Chicken has the largest percentage of the meat flavor market share because of few cultural restrictions of the meat, especially in the Islamic and Jewish nations. Beef has the second largest market share, with popularity in the North American and European nations. Applications of meat flavors include Soups and Sauces, Ready meals, Savories, Baked Goods, and Others.
North America- the Major Market for Meat Flavors
North America is the main market for meat flavors with the United States making up the largest market share in the continent. This is due to the high consumption of processed food in the country. The United States accounts for more than 50% of the natural meat flavors market share of North America. Over the years, there has been a wide range of innovation in the meat flavors industry to suit the consumer’s needs in the United States. The Asian market comes in next with meat flavors being very popular in cuisines in countries like Japan, South Korea, and China. The meat flavors in the Asian region are heavily used in the instant noodle industry
Meat Flavors Market Competitive Landscape
In Emerging nations (particularly in Asia-Pacific) have presence of major companies and several small manufacturers as well. Some of the key players in the market include Kerry Group, Cargill Inc, BASF, Dupont- Danisco, International Fragrance And Flavors, Inc.(Iff), D.D. Williamson & Co Inc., and Archer Daniels Midland.
Reasons to Purchase this Meat Flavors Market Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet in excel.
Customization of the Meat Flavors Market Report
Value chain analysis
Volume of the global meat flavors market
Consumer behavior analysis at country level