Overview and Scope
Pork extract is a concentrated preparation derived from pork, used primarily for flavoring and nutritional purposes in food products. It is produced by boiling pork meat and bones to extract the soluble components, which are then concentrated through evaporation. Pork extract contains proteins, amino acids, vitamins, and minerals, providing a rich, savory flavor commonly used in soups, broths, sauces, and various processed foods.
Sizing and Forecast
The pork extract market size has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the increasing expansion of the food processing industry, the rise in demand for high-quality meat products, growing concerns over animal welfare, and the expanding use of pork extract in pharmaceuticals.
The pork extract market size is expected to see strong growth in the next few years. It will grow to $5.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing disposable income, increasing focus on sustainability, increasing demand for pork extract in households, increasing popularity of ready-to-eat and convenience foods, and high consumption of processed meats. Major trends in the forecast period include technological advancements and product innovations, demand for flavor enhancers, expansion into non-food applications, and preference for rich and savory flavors.
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Segmentation & Regional Insights
The pork extract market covered in this report is segmented –
1) By Type: Powder, Soup, Oil, Concentrate, Liquid
2) By Distribution Channel: Offline, Online
3) By Application: Household, Catering Service Industry, Food Processing, Pharmaceutical Industry, Pet Food, Other Applications
North America was the largest region in the pork extract market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the pork extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the popularity of meat products is expected to propel the growth of the pork extract market going forward. Meat products encompass a variety of food items sourced from the flesh of animals, including beef, pork, poultry, and fish. The increasing demand for meat products is due to several factors, such as health and nutrition, convenience and accessibility, and demographic shifts. Pork extract offers a natural substitute for monosodium glutamate (MSG) in meat products, imparting a robust pork flavor without the perceived health risks associated with MSG. For instance, in March 2023, according to Farm Credit Canada (FCC), a Canada-based agriculture finance company, the meat product manufacturers increased by 2.5% in 2023. Additionally, in 2022, meat product manufacturing sales saw a year-over-year increase of over 9%, driven primarily by a 12% growth in domestic sales, led by expansion in the food service sector. Therefore, the rise in the popularity of meat products drives the pork extract market.
Key Industry Players
Major companies operating in the pork extract market are WH Group Limited (Smithfield Foods Inc.), Smithfield Foods, JBS S.A., Kerry Group Plc, Givaudan, The Tonnies Group, Vion Food Group Ltd., Triumph Foods, Activ International, Robertet Group, Naturex S.A., ARIAKE Japan Co.Ltd, Haco Holding AG, Essentia Protein Solutions, Proliant Biologicals, Kanegrade Ltd., Titan Biotech Ltd., Maverick Biosciences , Chimab S.p.A , Nikken Foods , Carnad A/S , Colin Ingredients, A.Costantino &C.spa, Blue California, Mane SA
The pork extract market report table of contents includes:
1. Executive Summary
- Pork Extract Market Characteristics
- Pork Extract Market Trends And Strategies
- Pork Extract Market – Macro Economic Scenario
- Global Pork Extract Market Size and Growth
.
- Global Pork Extract Market Competitive Benchmarking
- Global Pork Extract Market Competitive Dashboard
- Key Mergers And Acquisitions In The Pork Extract Market
- Pork Extract Market Future Outlook and Potential Analysis
- Appendix
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