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Demand for specialty meat ingredients to surge, with Novel meat products gaining prominence

Article-Demand for specialty meat ingredients to surge, with Novel meat products gaining prominence

A value pool of $5.2 billion 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 and 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 utilisation of flavouring 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 considerations of the specialty meat ingredients market

  • 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

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 

These insights are based on a report on Specialty Meat Ingredients Market published by Fact.MR.