PUBLISHER: Allied Market Research | PRODUCT CODE: 1344404
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344404
According to a new report published by Allied Market Research, titled, "Meat-Based Flavors Market," The meat-based flavors market was valued at $3.4 billion in 2021, and is estimated to reach $6 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
The major driver that positively impacts the market growth is change in consumer preferences. Consumers are increasingly looking for healthier and more natural alternatives to processed foods, where meat-based flavors provide a natural, authentic taste. In addition, consumers are increasingly aware of the environmental impact of their food choices, and meat flavors offer a more sustainable alternative to eating actual meat.
Moreover, increase in the global population is another trend that drives the meat-based flavor market. As the population grows, so does the demand for food, and meat flavorings are a convenient & economical way to add flavor & nutrition to a variety of foods. In addition, the growth of the food & beverages industry, especially in emerging economies, has created a huge market for meat-based flavors. Another trend in the meat-based flavor market is the use of natural & clean ingredients. Consumers are increasingly looking for products with simple & recognizable ingredients, and meat flavors made from natural ingredients are part of this trend. In addition, the use of natural & clean ingredients has been linked to health & environmental concerns.
The meat-based market has growth opportunities, with development of new innovative meat flavors such as exotic meat-based flavors. Moreover, rise of e-commerce and growth in popularity of online shopping will create new distribution channels for meat-based flavors, providing more opportunities for the growth.
Apart from this, growth in popularity of plant-based diets is creating demand for meaty taste and texture in non-meat products. Many food manufacturers are now incorporating meat flavorings into plant-based products such as veggie burgers, tofu, and meat alternatives, creating more realistic & appealing meatless options for consumers.
In addition to these factors, the meat-based flavor market is driven by advances in food technology, which have made it possible to create more complex & delicate meat flavors using a variety of natural & synthetic ingredients. This opens new opportunities for food manufacturers to create innovative and exciting products that appeal to a wide range of tastes & preferences.
The meat-based flavor market is segmented into type, flavor, application, and region. By type, the market is bifurcated into natural meat-based flavor and artificial meat-based flavor. As per flavor, the market is divided into chicken, beef, pork, turkey, fish & seafood, and others. Depending on application, the market is classified into baked goods, soups & sauces, savory, ready meals, processed meat, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, Spain, Italy, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Chile, Argentina, Saudi Arabia, UAE, South Africa, and rest of LAMEA).
Some of the key players profiled in the meat-based flavor market analysis include Essentia Protein Solutions Firmenich SA, H.E. Stringer Flavours Limited, Fooding Group Limited, Givaudan SA, Symrise AG, T. Hasegawa Co., Ltd., Kerry Group plc, International Flavors & Fragrances Inc., Koninklijke DSM N.V., Calaf Nuances S.L., P.A. Aromatics Flavors S.r.l., Archer-Daniels-Midland Company, Nikken Foods Co., Ltd., and Sensient Technologies Corporation.
The players in the market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.