The meat-based flavors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Meat-Based Flavors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The meat-based flavors market size has grown strongly in recent years. It will grow from $3.41 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to growth in demand for convenience foods, expansion of fast food and QSR chains, rise in demand for plant-based and cultured meat products, growth in meat alternatives, and increased popularity of global cuisines.
The meat-based flavors market size is expected to see strong growth in the next few years. It will grow to $4.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing health consciousness, increasing disposable incomes, rising consumer preference for authentic and natural flavors over artificial additives, increasing consumer preference towards more ethnic and exotic flavors, and increasing demand for natural and organic food ingredients. Major trends in the forecast period include advancements in meat-based flavors that mimic the taste and texture of traditional meats, sustainably and ethically sourced meat flavors, personalized nutrition and customized food, innovations in flavor extraction, and development of meat-based flavors with added functional benefits.
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Scope Of Meat-Based Flavors Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Meat-Based Flavors Market Overview
Market Drivers –
The growth in demand for ready-to-eat food is expected to propel the growth of the meat-based flavor market going forward. Ready-to-eat food refers to food products that are pre-cooked, pre-packaged, and ready for immediate consumption without the need for additional preparation or cooking. Some ready-to-eat foods include frozen foods, bread, filled pasta, and frozen pizzas. The demand for ready-to-eat food is rising due to the convenience it offers, catering to busy lifestyles, and the growing need for quick meal solutions. Meat-based flavors enhance the taste and appeal of ready-to-eat foods, making them more satisfying and enjoyable for consumers who crave savory and hearty meals. For instance, in January 2023, according to the American Frozen Food Institute, a US-based national trade association, the sale of frozen foods had risen to $72.2 billion in value, marking an 8.6% increase from 2021. Among this frozen food, frozen meat sales increased to $5.9 billion by value, an increase of 9.9% from 2021. Therefore, the growth in demand for ready-to-eat food will drive the meat-based flavor market.
Market Trends –
Major companies operating in the meat-based flavor market are adopting advanced food technologies to create plant-based meat alternatives and cater to the growing demand for sustainable and healthier food options. Plant-based meat alternatives are foods crafted from plants to replicate the flavor, texture, and look of traditional meat. For instance, in March 2023, Kerry Group plc, an Ireland-based food and beverage taste solutions company, introduced SucculencePB, an innovative taste technology for plant-based meat alternatives that enhances the taste and moisture of plant-based meats, addressing the common ‘dry mouth’ issue. SucculencePB improves nutritional profiles by reducing fat by up to 74%, saturated fat by 97%, and calories by 69%. SucculencePB’s patent-pending technology provides plant-based burger and sausage makers with a vegan-friendly approach to lock in moisture and flavor while also significantly improving the taste and nutritional aspects of their goods to meet consumer expectations.
The meat-based flavors market covered in this report is segmented –
1) By Type: Natural Meat Flavor, Artificial Meat Flavor
2) By Flavor: Chicken, Beef, Pork, Turkey, Fish And Seafood, Other Flavors
3) By Application: Baked Goods, Soups And Sauces, Savory, Ready Meals, Processed Meat, Other Applications
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Regional Insights –
North America was the largest region in the meat-based flavors market in 2023. The regions covered in the meat-based flavors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the meat-based flavors market are Archer-Daniels-Midland Company, Sensient Technologies Corporation, Essentia Protein Solutions Limited, BRF SA, Symrise AG, Givaudan SA, H.E. Stringer Flavours Limited, International Flavors & Fragrances Inc., Kerry Group plc, Trilogy Essential Ingredients, Firmenich SA, T. Hasegawa Co. Ltd., Calaf Nuances S.L., P.A. Aromatics Flavors S.r.l., Fooding Group Limited, MANE Flavor & Fragrance Manufacturer, Nactis Flavors, Pet Flavors Inc., T. Hasegawa USA Inc., BioSpringer, Food Specialities Limited, Stringer Flavour Ltd., Wixon Inc.
Table of Contents
1. Executive Summary
2. Meat-Based Flavors Market Report Structure
3. Meat-Based Flavors Market Trends And Strategies
4. Meat-Based Flavors Market – Macro Economic Scenario
5. Meat-Based Flavors Market Size And Growth
…..
27. Meat-Based Flavors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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