The meat flavors market is forecasted to reach USD 1.5 billion by 2024 growing at a CAGR of 5.48% during the forecast period (2019 - 2024). 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.
Scope of the Report
Meat flavors market broadly includes natural and artificial meat flavor offering flavors such as beef, chicken, pork, turkey, fish & seafood and other types. The products offered are applicable in soups & sauces, instant noodles, ready meals, savories, baked goods and other industries
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.
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.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support