North America Meat Extract Market, By Product (Beef Extract, Pork Extract, Chicken Extract, Fish Extract, Lamb Extract, Other Meat Extracts), Type (Stock, Extract), Form (Powder, Paste, Liquid), Function (Flavoring Agent, Preparation of Culture Media, and Others), Category (Conventional, Organic), Application (Food & Beverage, Pharmaceutical/Laboratory Research), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2029.
Market Analysis and Insights : North America Meat Extract Market
North America meat extract market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.3% in the forecast period of 2022 to 2029 and is expected to reach USD 5,229.66 million by 2029. Growing demand for protein-rich food products and beverages among consumers is expected to drive the North America meat extract market growth.
Meat extract contains the concentrated essence of meat. It is a rich form of meat stock obtained from animal sources such as beef, chicken, pork, seafood, and others. Meat extract is enriched with protein content and offers various health benefits such as boosting immune health, building and repairing healthy muscle, bones, skin and blood cells, and others. It is widely used for both industrial and commercial purposes. It acts as a flavoring agent for making processed food and beverages by improving the taste and flavor of the food. It is also used in biological research for culture media preparation and other purposes like industrial fermentation, analytical microbiology, and others.
Meat extracts are of two types, stock and extract, used as a flavoring agent, prepare culture media, and other purposes. The growing demand for the high nutritional value of meat extracts coupled with extensive use of meat extract in microbiology to grow culture media is anticipated to propel the growth of the North America meat extract market. However, stringent regulations laid by governmental bodies may hamper the market's growth.
Growing demand for protein-rich products is projected to create immense opportunities for meat extract manufacturers, whereas high competition among market players may challenge the market's growth.
North America meat extract market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the North America meat extract market scenario, contact Data Bridge Market Research for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
North America Meat Extract Market Scope and Market Size
North America meat extract market is segmented based on product, type, form, function, category, and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the North America meat extract market is segmented into beef extract, pork extract, chicken extract, fish extract, lamb extract, and other meat extracts. In 2022, the beef extract segment is expected to dominate the North America meat extract market due to increased food sectors such as restaurants, hotels, resorts serving beef and beef products.
- On the basis of type, the North America meat extract market is segmented into stock and extract. In 2022, the stock segment is expected to dominate the North America meat extract market due to the growing demand for stock as it enhances the taste of processed products and adds flavor to the products.
- On the basis of form, the North America meat extract market is segmented into powder, paste, and liquid. In 2022, the powder segment is expected to dominate the North America meat extract market due to the growing demand as they easily available in many retail stores and super markets and is widely used for the preparation of culture media in many research laboratories.
- On the basis of function, the North America meat extract market is segmented into flavoring agent, preparation of culture media, and others. In 2022, the flavoring agent segment is expected to dominate the North America meat extract market as flavor uplifts the products popularity and provides savories to the food products and elevates the taste.
- On the basis of category, the North America meat extract market is segmented into organic and conventional. In 2022, the conventional segment is expected to dominate the North America meat extract market as they have low prices and wide applications such as preparation of culture media, flavoring agents, and others.
- On the basis of application, the North America meat extract market is segmented into food & beverage and pharmaceutical/laboratory research. In 2022, the food & beverage segment is expected to dominate the North America meat extract market due to surging demand in food service sectors as they act as flavoring agent among food manufacturers, commercial consumers, and others.
North America Meat Extract Market Country Level Analysis
North America meat extract market is analyzed, and market size information is provided by the country, product, type, form, function, category, and application as referenced above.
Some of the countries covered in the North America meat extract market report are the U.S., Canada, Mexico. The U.S. is expected to dominate the North America meat extract market because of the growing foodservice industry in the region. Canada may also dominate the region due to strategic alliances among key manufacturers.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North American brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Growing Strategic Activities by Major Market Players is Boosting the North America Meat Extract Market Growth
North America meat extract market also provides you with a detailed market analysis for every country's growth in the particular market. Additionally, it provides detailed information regarding the market players’ strategy and geographical presence. The data is available for the historical period 2011 to 2020.
Competitive Landscape and North America Meat Extract Market Share Analysis
North America meat extract market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width, and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to the North America meat extract market.
Some of the major companies in the North America meat extract market are Kerry, Thermo Fisher Scientific Inc., BD, PACIFIC FOODS OF OREGON, LLC, Bare Bones, Bonafide Provisions, Hardy Diagnostics, MP BIOMEDICALS, Nikken Foods Co., Ltd, Abbexa, Alpha Biosciences, Bio Basic Inc., HiMedia Laboratories, Essentia Protein Solutions, NEOGEN Corporation, International Dehydrated Foods, Inc., Proliant Biologicals, LLC., among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contracts and agreements are also initiated by the companies worldwide, which also accelerates the North America meat extract market.
- In July 2018, PACIFIC FOODS OF OREGON, LLC launched a new line of nourishing organic soups made satiating with organic chicken bone broth. The soup contains 7-10 grams of protein and 400-600mg of sodium per serving. The soup is made from clean and organic ingredients. The new launch aimed to attract more consumers by introducing a new combination of soup and broth and enhancing the business
- In June 2021, according to Industry Dive, Kerry acquired Niacet, a clean-label, low-sodium preservatives specialist, for around USD one billion. This acquisition aims to use their preservation technologies for meat-based products and their drying and granulation process for meat, and other applications
Collaboration, product launch, business expansion, award and recognition, joint ventures, and other strategies by the market player enhance the company's footprints in the North America meat extract market, which also benefits the organization’s profit growth.