The North America Meat Extract Market would witness market growth of 5.6% CAGR during the forecast period (2021-2027). Meat extracts are added with several nutritional compositions such as proteins, vitamins, and other micro constituents which are useful for the development of humans and animals.
Increasing demand and acceptance of meat-based products owing to their delicious flavor resulted in the consumption of various flavors like a lamb, beef, chicken, pork, and other extracts in culinary and in several cuisines. The growth of unique meat flavored has fueled the development of the meat extract market.
The market would be boosted by the shifting diet patterns, market advancements, and R&D activities taken by leading companies in the food industry supporting the economic development in the industry. Rising consumption of a protein-enriched diet and growing health awareness would fuel the demand for the product over the upcoming years. Additionally, the increasing prominence of beef due to its easy approvals, like kosher and halal, will support the growth of the market. As per the Organization for Economic Co-operation and Development (OECD), the total poultry and livestock production in the U.S. would grow at a larger rate with high production of pork, beef, and broiler in 2019.
According to the USDA Statistics, worldwide per capita meat consumption would increase at a prominent rate by 2025. Processed meat makers are planning to launch new products and also including unique flavors to the available range of items. Unique launches like meat straws by Benny’s Original in several varieties such as pork and beef straws would boost the growth of the market.
The US market dominated the North America Commercial Market by Country in 2020, thereby, achieving a market value of $1,313.1 million by 2027. The Canada market is experiencing a CAGR of 10.7% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 9.8% during (2021 - 2027).
Based on Application, the market is segmented into Industrial and Commercial. Based on Form, the market is segmented into Powder, Paste, Liquid and Granules. Based on Type, the market is segmented into Beef, Chicken, Fish, Turkey, Pork and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Meat Extract Market is Estimated to Reach USD 20.8 Billion by 2027 at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Givaudan S.A., Symrise AG (Diana Group), Haco Holding AG, JBS USA Holdings, Inc. (JBS S.A), WH Group Limited (Smithfield Foods, Inc.), NH Foods Ltd., Titan Biotech Ltd., Carnad Natural Taste, Chimab S.p.A, and Inthaco Co., Ltd.
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