The meat extract market is expected to grow from US$ 1,738.27 million in 2021 to US$ 2,477.03 million by 2028; it is estimated to grow at a CAGR of 5.2% from 2021 to 2028.

Meat extract is obtained by boiling meat pieces in water. The concentration of the liquid must reach 70% of the total dissolved solids concentration. Meat extract powder is made by drying the cooked meat pieces to reach a 5% moisture level and then milling it into fine powder. Meat extract is a raw ingredient that aids in the artificial cultivation of microorganisms, primarily used for bacterial culture and fermentation. It is made from the controlled enzymatic breakdown of high-quality meat, generally beef. It is an excellent source of nutrients such as creatine, creatinine, organic acids, water-soluble amino acids, nucleotides, polypeptides, and minerals & vitamins that support the growth of microorganisms on nutrient media. Meat extract powder supplies carbon, nitrogen, and energy to the microorganisms, allowing them to grow and reproduce optimally. Meat extracts are made from specific animal tissues that increase the nutritional value of the culture medium. It is often used in concentrations ranging from 0.2% to 1.0%. Culture media is used for various biopharmaceutical and biological purposes. It is used for the purification and separation of different cultures. Further, culture media is also used for developing cultured meat or lab-grown meat, which is a sustainable and clean alternative to conventional meat. Thus, the growth of culture media followed by the rising demand for meat extract for the preparation of culture media is driving the growth of the meat extract market.

Based on application, the meat extract market is segmented into RTE & RTC meals, sweet & savory snacks, soups & sauces, and others. The others segment accounted for the largest share of the meat extract market in 2020. However, the sweet & savory snacks segment is expected to register the highest CAGR during the forecast period. Snacks are small portions of food consumed between meals. Snacks are available in many forms, such as frozen, savory, and sweet. Traditionally, snacks are prepared from ingredients commonly available at home without much preparation, but packaged snack foods grew in popularity for the ease of convenience to consumers. Furthermore, manufacturers started developing different meat-based snack products, thus driving the growth of the meat extract market. As a type of convenience food, processed snack foods are less perishable, more durable, and more portable than prepared foods. Consumption of ready-to-eat snacks at picnics, informal gatherings, and parties has become a trend that boosts the demand for meat extract, driving the market growth.

By region, the meat extract market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, North America held the largest share of the meat extract market; however, Asia Pacific is estimated to register the fastest CAGR over the forecast period. The increasingly high number of consumers in Asia Pacific countries are opting for animal products as a preferred source of protein. The region holds promising growth potential for the meat extract market players due to the flourishing food industry. The demand for meat-based products is increasing with the popularity of the western diet, and the demand for ready-to-eat and ready-to-cook products in China and India. Manufacturers such as Neogen Corporation and Ottogi New Zealand Ltd. use livestock and poultry products to enhance the flavor and fragrance of their soups, sauces, nuggets, snacks, and ready-to-eat meals. Thus, demand for meat extract as a raw material is increasing among manufacturers, which is expected to boost the meat extract market growth in Asia Pacific during the forecast period.

The key players operating in the meat extract market include Colin Ingredients; Carnad Natural Taste; Diana Group; PT Foodex Inti Ingredients; Givaudan S.A.; JBS SA.; Maverick Biosciences Pty Ltd; Nippon Ham Group; Titan Biotech Limited; and Proliant Biologicals, LLC. These players are engaged in developing affordable and innovative products to meet the rising customer demands and expand their market shares.

The overall meat extract market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the meat extract market.