(EMAILWIRE.COM, July 26, 2024 ) The global non-meat ingredients market, valued at USD 41.2 billion in 2024, showcases a remarkable growth projection, anticipated to escalate to USD 51.1 billion by 2029, indicating a robust compound annual growth rate (CAGR) of 4.4% during the forecast period. Non-meat ingredients play a pivotal role in differentiating meat products in a crowded market, providing manufacturers with a palette to craft unique flavors and textures. In the fiercely competitive meat industry, where product differentiation is key, non-meat ingredients offer a pathway to stand out. By leveraging non-meat ingredients, manufacturers can create a diverse range of flavors and textures, elevating their products beyond the standard fare and catering to evolving consumer preferences.
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The fresh meat segment, among end-use application is estimated to hold the largest share throughout the forecast period.
Fresh meat is the most preferred meat among all other applications due to the protein source, quality, food safety, and reliability of meat shops. According to a pilot study published in The Pharma Innovation journal conducted in Kerala, India in October 2023, consumer preference for fresh meat remains dominant despite the emergence of processed meat technology. The study revealed that 77.3% of respondents favored fresh meat over frozen or chilled options, citing concerns regarding quality (71.8%), food safety (56%), and the reliability of meat shops (21.7%). Additionally, consumer demand for fresh meat remains consistently high due to preferences for natural, unprocessed products without additives This demand is driven by health-conscious consumers seeking minimally processed options and those desiring to know the origins of their food. Fresh meat offers various health benefits attributed to its nutrient composition. It is a rich source of high-quality protein, essential vitamins such as B vitamins (including B12, niacin, and riboflavin), and minerals like iron, zinc, and selenium. Additionally, fresh meat contains lower levels of sodium, saturated fats, and chemical additives compared to processed meats, making it a preferred choice for individuals looking to maintain a balanced diet and reduce the risk of chronic diseases such as heart disease, obesity, and certain types of cancer.
Non-meat ingredients play a crucial role in enhancing the quality, taste, and shelf-life of fresh meat products. By carefully selecting and incorporating these ingredients, manufacturers can improve the taste, appearance, and shelf life of fresh meat products without compromising on their perceived freshness. For instance, salt aids in preservation and flavor enhancement, while binders and fillers improve texture and moisture retention. Moreover, the perceived authenticity and superior taste of freshly prepared meat products drive consumer preference.
Asia Pacific is poised to maintain its dominant position within the non-meat ingredients market throughout the forecast period.
The burgeoning fast-food culture has propelled the rapid expansion of Quick Service Restaurants (QSRs) across the region. This surge in QSRs has significantly increased the demand for processed meat products, driving the need for a variety of non-meat ingredients to enhance taste, texture, and overall quality. Western influences have played a pivotal role in shaping dietary preferences, leading to a growing consumption of European cuisines such as burgers, meatballs, and sausages. As a result, the demand for non-meat ingredients used in these products has soared, further solidifying the region’s position in the market.
In India, for instance, the domestic QSR industry is projected to experience robust growth of 20-25% in FY2024, according to a report from credit rating agency ICRA. This growth trajectory underscores the increasing reliance on non-meat ingredients to meet the evolving tastes and preferences of consumers.
The key players in the market are Kerry Group plc. (Ireland), Ingredion (US), Associated British Foods plc (UK), International Flavors & Fragrances Inc. (US), ADM (US), Cargill, Incorporated (US), BASF SE (Germany), and DSM (Netherlands).
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the GIVE Growth principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=74113633
The fresh meat segment, among end-use application is estimated to hold the largest share throughout the forecast period.
Fresh meat is the most preferred meat among all other applications due to the protein source, quality, food safety, and reliability of meat shops. According to a pilot study published in The Pharma Innovation journal conducted in Kerala, India in October 2023, consumer preference for fresh meat remains dominant despite the emergence of processed meat technology. The study revealed that 77.3% of respondents favored fresh meat over frozen or chilled options, citing concerns regarding quality (71.8%), food safety (56%), and the reliability of meat shops (21.7%). Additionally, consumer demand for fresh meat remains consistently high due to preferences for natural, unprocessed products without additives This demand is driven by health-conscious consumers seeking minimally processed options and those desiring to know the origins of their food. Fresh meat offers various health benefits attributed to its nutrient composition. It is a rich source of high-quality protein, essential vitamins such as B vitamins (including B12, niacin, and riboflavin), and minerals like iron, zinc, and selenium. Additionally, fresh meat contains lower levels of sodium, saturated fats, and chemical additives compared to processed meats, making it a preferred choice for individuals looking to maintain a balanced diet and reduce the risk of chronic diseases such as heart disease, obesity, and certain types of cancer.
Non-meat ingredients play a crucial role in enhancing the quality, taste, and shelf-life of fresh meat products. By carefully selecting and incorporating these ingredients, manufacturers can improve the taste, appearance, and shelf life of fresh meat products without compromising on their perceived freshness. For instance, salt aids in preservation and flavor enhancement, while binders and fillers improve texture and moisture retention. Moreover, the perceived authenticity and superior taste of freshly prepared meat products drive consumer preference.
Asia Pacific is poised to maintain its dominant position within the non-meat ingredients market throughout the forecast period.
The burgeoning fast-food culture has propelled the rapid expansion of Quick Service Restaurants (QSRs) across the region. This surge in QSRs has significantly increased the demand for processed meat products, driving the need for a variety of non-meat ingredients to enhance taste, texture, and overall quality. Western influences have played a pivotal role in shaping dietary preferences, leading to a growing consumption of European cuisines such as burgers, meatballs, and sausages. As a result, the demand for non-meat ingredients used in these products has soared, further solidifying the region’s position in the market.
In India, for instance, the domestic QSR industry is projected to experience robust growth of 20-25% in FY2024, according to a report from credit rating agency ICRA. This growth trajectory underscores the increasing reliance on non-meat ingredients to meet the evolving tastes and preferences of consumers.
The key players in the market are Kerry Group plc. (Ireland), Ingredion (US), Associated British Foods plc (UK), International Flavors & Fragrances Inc. (US), ADM (US), Cargill, Incorporated (US), BASF SE (Germany), and DSM (Netherlands).
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=74113633
About MarketsandMarkets
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the GIVE Growth principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
