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Meat Flavors Market - Growth, Trends, and Forecast (2020 - 2025)

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  • 110 Pages
  • April 2020
  • Region: Global
  • Mordor Intelligence
  • ID: 4771728
UP TO OFF until Dec 31st 2023
The global meat flavors market is projected to grow at a CAGR of 5.48% during the forecast period.

Consumer interest toward more ethnic and exotic bold flavors has led to the creation and experimentation with flavors, which are currently being used in fusion or blends, thus boosting the growth of the market.

Moreover, the increasing vegan population has emerged as one of the target consumer of the market. The varying regulatory guidelines across regions and countries are limiting the scope for manufacturers, to come up with innovations and new launches. Givaudan, International Flavors and Fragrances, Firmenich, and Symrise are some of the prominent companies in the market studied.

Key Market Trends

Beef Flavor Dominates the Market

Beef flavor holds the maximum share in the meat flavor market registering a promising growth rate. With world consumption of beef at 129.5 billion pounds in 2016, the demand for beef flavors in RTE products has increased and is likely to grow in the forecasted period. Uruguay, Argentina, Hong Kong, United States, Brazil, Paraguay, Australia, Canada, Kazakhstan, and Chile were the top ten countries across the world, with per capita beef consumption of more than 50 pounds in 2016. Owing to religious sentiments, the consumption of beef is banned in some countries, therefore beef flavors are used in finished products instead of beef. Countries such as India, Nepal and Bhutan are some potential countries for beef flavor market.

Asia-Pacific Remains the Fastest Growing Region

Being one of the fastest growing economy, Asia-Pacific holds major potential for foodservice sector, augmenting the growth of associated markets including ingredients such as meat flavor market. Some companies in China, like Shanghai Shihao Flavor & Fragrance Co. Ltd, are involved in the preparation of every category of meat flavors, including pork, beef, chicken, and duck meat, featuring a strong and fresh flavor, a lasting aftertaste. Filipino flavors are getting popular and being preferred by consumers from countries, like Singapore, Thailand, and Malaysia, among others. This factor has led food manufacturers to consider a heavy infusion of flavors in the formulated product. This factor is driving the growth of meat flavor market in the region.

Competitive Landscape

The global meat flavor market is highly concentrated and competitive. The industry is dominated by large multinationals. Flavor blends have become a standard practice in the flavor industry and are leading to the erosion of profit margins. Givadudan, IFF, and Firmenich are few key players active in the market. New product developments are also quite popular strategies adopted by players. Meat-based flavors in different concentrations and variations are manufactured to cater to the demand in applications, such as savory snacks and other processed food.

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Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Type
5.1.1 Natural Meat Flavor
5.1.2 Artificial Meat Flavor
5.2 By Flavor Type
5.2.1 Beef
5.2.2 Chicken
5.2.3 Pork
5.2.4 Turkey
5.2.5 Fish & Seafood
5.2.6 Others
5.3 By Application
5.3.1 Soups & Sauces
5.3.2 Instant Noodles
5.3.3 Ready Meals
5.3.4 Savories
5.3.5 Baked Goods
5.3.6 Others
5.4 Geography
5.4.1 North America United States Canada Mexico Rest of North America
5.4.2 Europe Spain United Kingdom Germany France Italy Russia Rest of Europe
5.4.3 Asia Pacific China Japan India Australia Rest of Asia-Pacific
5.4.4 South America Brazil Argentina Rest of South America
5.4.5 Middle East and Africa South Africa Saudi Arabia Rest of Middle East and Africa
6.1 Market Share Analysis
6.2 Mergers & Acquisitions
6.3 Company Profiles
6.3.1 Firmenich SA
6.3.2 Kerry Group plc
6.3.3 Koninklijke DSM N.V.
6.3.4 International Flavors & Fragrances Inc.
6.3.5 Sensient Technologies Corporation
6.3.6 Givaudan
6.3.7 Symrise AG
6.3.8 Innova Flavors

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Firmenich SA
  • Kerry Group plc
  • Koninklijke DSM N.V.
  • International Flavors & Fragrances Inc.
  • Sensient Technologies Corporation
  • Givaudan
  • Symrise AG
  • Innova Flavors