The Meat Ingredient Market is forecasted to reach USD 101.13 million by 2024 growing at a CAGR of 5.12%during the forecast period (2019 - 2024) .The global meat ingredients market is growing rapidly. A major factor propelling this market is the high demand for convenience foods, such as instant beverages and snacks. Other factors, such as the increasing user application in processed foods such as meat, frozen meat, etc., along with nutrition and taste convergence, which increased the usage of flavoring agents and salts, are also driving this market. However, factors like quality standards, clean labeling, and health concerns are hindering the market. The meat processing technology will also contribute to the improvement of heavily extended meat products. Increased regulations by FDA and other regulatory bodies in the developed markets is hindering the growth of processed food especially processed meat and poultry in the countries.
Scope of the Report
The market for meat ingredients is segmented by type of ingredients intoBinders, Extenders, Fillers, Colouring Agents, Flavouring Agents, Preservatives, Texturing Agents and Salts in which the binders market holds the prominent share. Meat extenders are non-meat substances with substantial protein content, whereas fillers are high in carbohydrates.
Key Market Trends
High Preference For Preservatives By Ingredients
Rising health concern over preservatives use is expected to restrain the growth of the preservative segment of the market studied. Preservatives are used in processed meats for food safety, shelf life, and food technology reasons. Sodium nitrite or potassium nitrite are commonly used as preservatives in processed meats. Other preservatives, such as the sulphites, sources of sulphur dioxide inhibit the growth of microorganisms while retaining the fresh color and appearance of red meat. For instance, the levels of nitrates and nitrites in meat are restricted because they can be converted in the stomach or during high temperature frying to chemicals, which can cause cancer. Sulphur dioxide exposure causes breathing difficulties in some people.
Asia-Pacific Held the Largest Market Share
Asia-Pacific was estimated to be the largest market for meat ingredients, in 2018. This region is projected to be the fastest-growing market, with a CAGR during the forecast period. This growth is mainly due to a large number of food processing and storage industries, particularly in developing countries, such as India, Japan, China, and few other Asian countries. Various flours are primarily used in extended traditional meat products from Asia-Pacific. One well known example is Moo-Yoh. In Africa, the main traditional meat processing methods are meat salting, drying and smoking. Chicken and mutton variants in processed meat products are popular in India. Value-added poultry is most popular with breaded chicken snacks, which around half of the frozen poultry category, following by sausages and kebabs.
The key players in the global meat ingredients industry are Kerry Group plc, Ohly GmbH, E.I.du Pont de Nemours and Company, Proliant Meat Ingredients, Wenda Ingredients, Alicia Srl, Campus Srl, Redbrook Ingredient Services, WIBERG GmbH (Germany), Advanced Food Systems Inc. Apart from new product launch, companies are increasingly retorting to merger and acquisition. To continue dominating the market, the key players seek to enter into partnerships. A classic example of acquisition, being a business strategy, is the acquisition of Campus SRL, which led to Firmenich gaining a leading position in the market.
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