The global meat-based flavor market was valued at $3.34 Billion in 2021, and is projected to reach $5.95 Billion by 2031, registering a CAGR of 5.8% from 2022 to 2031. The meat-based flavor market has gained significant traction in recent years, and the demand for meat-based flavor in the food & beverages as well as pet food industries has continued to grow. This trend is driven by several factors, Including change in consumer preferences, health concerns, global population growth, as well as rise I concerns of pet owners toward their pets.
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.
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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the meat-based flavors market analysis from 2021 to 2031 to identify the prevailing meat-based flavors market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the meat-based flavors market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global meat-based flavors market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Natural Meat Flavor
- Artificial Meat Flavor
By Flavor
- Others
- Chicken
- Beef
- Pork
- Turkey
- Fish and Seafood
By Application
- Baked Goods
- Soups and Sauces
- Savory
- Ready Meals
- Processed Meat
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Asean
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Chile
- Argentina
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- Nikken Foods Co., Ltd.
- P.A. Aromatics Flavors S.r.l.
- Archer-Daniels-Midland Company
- H.E. Stringer Flavours Limited
- Fooding Group Limited
- Symrise AG
- T. Hasegawa Co., Ltd.
- Essentia Protein Solutions
- Givaudan SA
- Calaf Nuances S.L.
- Sensient Technologies Corporation
- Kerry Group plc
- Firmenich SA
- Koninklijke DSM N.V.
- International Flavors & Fragrances Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEAT-BASED FLAVORS MARKET, BY TYPE
CHAPTER 5: MEAT-BASED FLAVORS MARKET, BY FLAVOR
CHAPTER 6: MEAT-BASED FLAVORS MARKET, BY APPLICATION
CHAPTER 7: MEAT-BASED FLAVORS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, 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 meat-based flavor is a dynamic and rapidly growing industry that caters to the needs & preferences of meat-loving consumers. The market offers a wide range of products ranging from natural meat extracts & flavorings to synthetic and artificial meat flavorings. Rise in interest in plant-based & vegetarian diets, growth in demand for ready-to-eat foods, and demand for tastier food options are driving the growth of the market. As these trends continue to impact the food industry, the meat-based flavor market is expected to continue growing & innovating in the coming years.
The pandemic has had the most impact on the manufacturing, logistics, and travel & tourism industries. The virus outbreak enforced the governments of various countries to impose a lockdown to reduce the spread of the virus. Thus, various companies are experiencing downtime, which has driven some companies to work remotely away from the office premise, leading to low productivity and ultimately low income.
In addition, the pandemic has led to changes in consumer behavior & preferences. Many consumers preferred cooking at home more frequently and looked for healthier, more natural, and more sustainable food options. This has created an opportunity for meat-based flavor companies to offer products made with their own brand ingredients and natural flavors. Another positive impact of the pandemic on the market is the increase in online sales. As consumers shift to online shopping, meat-based flavor companies that invest in e-commerce capabilities were able to reach wider audiences with increased sales.
Plant-based meat alternatives drive the meat-based flavors market in several ways. First, many consumers who switch to plant-based diets still crave the taste and texture of meat, and meat-flavored plant-based products can help satisfy that craving. Moreover, many plant-based meat alternatives already use flavors and seasonings that are not derived from animal products. Companies that produce plant-based meat alternatives have been developing their own unique flavors and seasonings that appeal to consumers looking for a meat-like experience. Moreover, as plant-based meat substitutes become more common, there is growth in demand for meat-flavored products that can be used to enhance the flavor of these plant-based substitutes. For instance, plant-based burgers and hot dogs attracted significant consumer base by adding meaty flavors such as hickory smoke, barbecue, or umami to the meat. Moreover, some consumers may not want to eat real meat but still want to experience the flavors associated with meat dishes. Meat-based flavored products offer these consumers a way to enjoy the taste and aroma of meat without eating it.
International flavors have grown in popularity in recent years, and this trend has affected the meat flavor market as well. One of the main reasons for this trend is growth in consumer interest in exploring new, exotic flavors from around the globe. These include flavors such as Korean barbecue, Mexican asada, and Indian tandoori, all of which are popular meat flavors. As consumers become more adventurous with their food choices, they are finding exciting new ways to prepare and season their meat dishes. This has led to increase in demand for meat seasoning products that can help add those international flavors to meat dishes. Apart from this, international flavors help differentiate meat-based flavored products from competitors. With so many different products in the market, offering unique & exotic flavors can be a big selling point for consumers. Finally, the globalization of food culture has further fostered the popularity of international flavors. Through social media and other online platforms, people can share culinary experiences from around the globe. Consumers are increasingly becoming aware of different cuisines and are more willing to try new, exotic flavors.
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.
Key findings of the study
- By type, the natural meat-based flavor segment is projected to witness the highest CAGR of 5.5%, in revenue terms, during the forecast period.
As per application, the ready meal segment is projected to witness the highest CAGR of 6.5%, in revenue terms, during the forecast period.
- On the basis of region, Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 7.1% from 2022 to 2031.
Companies Mentioned
- Nikken Foods Co., Ltd.
- P.A. Aromatics Flavors S.r.l.
- Archer-Daniels-Midland Company
- H.E. Stringer Flavours Limited
- Fooding Group Limited
- Symrise AG
- T. Hasegawa Co., Ltd.
- Essentia Protein Solutions
- Givaudan SA
- Calaf Nuances S.L.
- Sensient Technologies Corporation
- Kerry Group plc
- Firmenich SA
- Koninklijke DSM N.V.
- International Flavors & Fragrances Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 442 |
| Published | May 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 3.34 Billion |
| Forecasted Market Value ( USD | $ 5.95 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
