Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Meat-Based Flavors Market Size, Share & Industry Trends Analysis, Outlook and Forecasts, 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The global meat-based flavors market is projected to reach $5 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period. The growing application of meat-based flavors in processed meat is one of the key drivers of the market. Processed meat includes products like ham, sausages, corned beef, jerky, salami, bacon, hot dogs, canned meat, chicken nuggets, lunch meat, and sauces using meat as an ingredient. In 2022, processed meat procured $291.7 million in revenue.
Major strategies adopted by market participants include partnerships to keep pace with changing end-user demands. For instance, in April 2023, Archer Daniels Midland (ADM) signed an agreement with Believer Meats to collaborate on product enhancement items through ADM's ingredients and specialization in nutrition, aiming to improve Believer's cultivated meat process.
Market Competition Analysis:
According to the Cardinal Matrix analysis, Archer-Daniels-Midland Company leads the market. In March 2023, Archer Daniels Midland partnered with Air Protein, a company focused on developing sustainable protein created from thin air, to help food tech startups create healthy food alternatives. Other key innovators in the market include DSM-Firmenich, Givaudan SA, and Kerry Group plc.
Market Growth Factors:
- Rising trend of veganism increases demand for exotic flavors: Growing awareness of health benefits related to plant-based components and a shift towards veganism have resulted in increased demand for meat flavors as a healthy alternative. Meat flavors provide the taste and aroma of meat to vegan foods, making them more appealing to consumers.
- Rapid use of meat-based flavors in the food service industry: The food service sector uses various flavors and seasonings to enhance the appeal of foods. With the rise in plant-based substitutes, there is a growing demand for meaty tastes without actual meat, which has increased the use of meat flavors in various dishes.
Market Restraining Factors:
- Enormous cost of meat-based products like flavors: The high cost of meat-based flavors is a significant barrier to increased demand, limiting their accessibility to consumers from all socioeconomic backgrounds. Moreover, companies striving to launch affordable plant-based meat substitutes may further reduce the market share of meat-based flavors.
- Baked goods
- Soups & sauces
- Ready meals
- Processed meat
- Natural meat flavor
- Artificial meat flavor
- Fish & seafood
The market research report covers the analysis of key stakeholders in the market, including key companies:
- Archer-Daniels-Midland Company
- Sensient Technologies Corporation
- Essentia Protein Solutions
- Symrise AG
- Givaudan SA
- H.E. Stringer Flavours Limited
- International Flavors & Fragrances Inc
- Kerry Group plc
- Nikken Foods Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/gx4gim
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plant-based cultivated meat kerry group kerry