MEAT FLAVORS MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)

Global Meat Flavors Market is segmented by Type into natural meat flavor and artificial meat flavor; by Flavor type into beef, chicken, pork, turkey, fish & seafood and others; by Application into soups & sauces, instant noodles, ready meals, savouries, baked goods and others & Geography

Market Snapshot

Snapshot
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR% (2019 - 2024):

5.48%

Key Players:

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Market Overview

The meat flavors market is forecasted to reach USD 1.5 billion by 2024 growing at a CAGR of 5.48% during the forecast period (2019 - 2024). Consumer interest toward more ethnic and exotic bold flavors has led to the creation and experimentation with flavors, which are currently being used in fusion or blends, thus boosting the growth of the market. Moreover, the increasing vegan population has emerged as one of the target consumer of the market. The varying regulatory guidelines across regions and countries are limiting the scope for manufacturers, to come up with innovations and new launches. Givaudan, International Flavors and Fragrances, Firmenich, and Symrise are some of the prominent companies in the market studied. 

Scope of the Report

Meat flavors market broadly includes natural and artificial meat flavor offering flavors such as beef, chicken, pork, turkey, fish & seafood and other types. The products offered are applicable in soups & sauces, instant noodles, ready meals, savories, baked goods and other industries

By Type
Natural Meat Flavor
Artificial Meat Flavor
By Flavor Type
Beef
Chicken
Pork
Turkey
Fish & Seafood
Others
By Application
Soups & Sauces
Instant Noodles
Ready Meals
Savories
Baked Goods
Others
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
South Africa
Saudi Arabia
Rest of Middle East and Africa

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Key Market Trends

Beef Flavor Dominates the Market

Beef flavor holds the maximum share in the meat flavor market registering a promising growth rate. With world consumption of beef at 129.5 billion pounds in 2016, the demand for beef flavors in RTE products has increased and is likely to grow in the forecasted period. Uruguay, Argentina, Hong Kong, United States, Brazil, Paraguay, Australia, Canada, Kazakhstan, and Chile were the top ten countries across the world, with per capita beef consumption of more than 50 pounds in 2016. Owing to religious sentiments, the consumption of beef is banned in some countries, therefore beef flavors are used in finished products instead of beef. Countries such as India, Nepal and Bhutan are some potential countries for beef flavor market.

Trend 1

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Asia-Pacific Remains the Fastest Growing Region

Being one of the fastest growing economy, Asia-Pacific holds major potential for foodservice sector, augmenting the growth of associated markets including ingredients such as meat flavor market. Some companies in China, like Shanghai Shihao Flavor & Fragrance Co. Ltd, are involved in the preparation of every category of meat flavors, including pork, beef, chicken, and duck meat, featuring a strong and fresh flavor, a lasting aftertaste.  Filipino flavors are getting popular and being preferred by consumers from countries, like Singapore, Thailand, and Malaysia, among others. This factor has led food manufacturers to consider a heavy infusion of flavors in the formulated product. This factor is driving the growth of meat flavor market in the region.

Trend 2

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Competitive Landscape

The global meat flavor market is highly concentrated and competitive. The industry is dominated by large multinationals. Flavor blends have become a standard practice in the flavor industry and are leading to the erosion of profit margins. Givadudan, IFF, and Firmenich are few key players active in the market. New product developments are also quite popular strategies adopted by players. Meat-based flavors in different concentrations and variations are manufactured to cater to the demand in applications, such as savory snacks and other processed food.

Major Players

  1. Firmenich SA
  2. Kerry Group plc
  3. Koninklijke DSM N.V.
  4. International Flavors & Fragrances Inc.
  5. Sensient Technologies Corporation

* Complete list of players covered available in the table of contents below

Market Conc

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porters Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Natural Meat Flavor

      2. 5.1.2 Artificial Meat Flavor

    2. 5.2 By Flavor Type

      1. 5.2.1 Beef

      2. 5.2.2 Chicken

      3. 5.2.3 Pork

      4. 5.2.4 Turkey

      5. 5.2.5 Fish & Seafood

      6. 5.2.6 Others

    3. 5.3 By Application

      1. 5.3.1 Soups & Sauces

      2. 5.3.2 Instant Noodles

      3. 5.3.3 Ready Meals

      4. 5.3.4 Savories

      5. 5.3.5 Baked Goods

      6. 5.3.6 Others

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Spain

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 Germany

        4. 5.4.2.4 France

        5. 5.4.2.5 Italy

        6. 5.4.2.6 Russia

        7. 5.4.2.7 Rest of Europe

      3. 5.4.3 Asia Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East and Africa

        1. 5.4.5.1 South Africa

        2. 5.4.5.2 Saudi Arabia

        3. 5.4.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Share Analysis

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Firmenich SA

      2. 6.3.2 Kerry Group plc

      3. 6.3.3 Koninklijke DSM N.V.

      4. 6.3.4 International Flavors & Fragrances Inc.

      5. 6.3.5 Sensient Technologies Corporation

      6. 6.3.6 Givaudan

      7. 6.3.7 Symrise

      8. 6.3.8 Innova

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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