Demand for Specialty Meat Ingredients to Surge, with Novel Meat Product Variants Gaining Prominence, Finds Fact.MR
Published : 06 Feb 2020 Industry: Food & Beverage
A value pool of US$5.2Bn by the end of the forecast period (2019-2029) is propelling the global specialty meat ingredients market to a bullish growth of over 5%. The worldwide production and consumption of meat & meat related products has witnessed a sharp spike over the past few years as the overall price of meat is on the decline with demand remaining strong. As per-capita meat consumption continues to proliferate, the requirement to maintain and develop new varieties of meat products is propelling the specialty meat ingredients market.
The utilization of flavoring agents and salts in processed foods along with nutrition and taste convergence will also drive the specialty meat ingredients market. Owing to a consumer shift towards safe food products, there has been continuous innovation in meat processed technology related to specialty ingredients, which enhances the quality of meat products. Processed meat manufacturers are significantly adopting these ingredients which further escalate the demand for specialty meat ingredients in the foreseeable future.
Key Takeaways of Specialty Meat Ingredients Market Study
- With an outlook for improving flavor and texture, functional meat ingredients used primarily for the production of poultry products for further processing enable producers to impart desired flavor profiles
- The meat and seafood segment accounted for a share of over 40% within the global specialty meat ingredients market. The increasing preference for meat and seafood products in Asiatic countries is accrediting such growth
- North America accounts for a large share (35%) within the market for specialty meat ingredients as opposed to other developed regions due to the high demand growth for healthy eating in the region
- The demand for meat ingredients in APAC is projected to grow at a high CAGR of 4.5% during the forecast period. This growth is primarily due to the large number of food storage and distribution industries in developing countries such as India, Japan, China and a few countries in Asia
“In the recent past, an upward trend in processed meat consumption, is translating into a rise in demand for specialty meat ingredients and several other related products that complete the supply chain” says the Fact.MR analyst
Mergers & Acquisitions to Remain Key Forte of Competitors
The specialty meat ingredients market is moderately fragmented with a few players such as Corbion N.V., Naturex, Kerry Group, E.I. du Pont de Nemours acquiring top shares. Several competitors are gradually resorting to merger and acquisitions aside from new product launches. The major players are looking to enter into alliances in order to continue leading the market. The purchase of Campus SRL is a classic example of acquisition as a business strategy, which has led Firmenich to acquire a leading market position, which will increase product offerings, resources and help the organization to achieve good publicity
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for specialty meat ingredients, with historical data on demand (2014-2018) and expected projections for the period 2019-2029. The report discloses compelling insights into the demand for specialty meat ingredients on ingredient type (fiber & proteins, starch & derivatives, acidulants, hydrocolloids, others), function (moisture control, yield improvement, coloring & flavoring, preservation, fillers & extenders), end-use (bakery & confectionery, snacks, frozen desserts, blends, dressings, & dips, soups & sauces, meat & seafood), across several major regions.
About the Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations, the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.