The pork extract market has experienced significant growth, rising from $3.96 billion in 2023 to $4.21 billion in 2024 at a CAGR of 6.2%. This growth is attributed to the increasing demand for high-quality meat products and the expanding food processing industry. Looking forward, the market is projected to reach $5.42 billion by 2028 at a CAGR of 6.5%, influenced by rising disposable incomes and a focus on sustainability.
Major Driver In The Pork Extract Market
The rise in the popularity of meat products is expected to drive the growth of the pork extract market. Meat products, which include beef, pork, poultry, and fish, are gaining popularity due to factors such as health and nutrition, convenience, accessibility, and demographic shifts. Pork extract provides a natural alternative to monosodium glutamate (MSG) in meat products, delivering a robust pork flavor without the health risks associated with MSG. For instance, in March 2023, Farm Credit Canada reported a 2.5% increase in meat product manufacturers. Additionally, in 2022, meat product manufacturing sales rose by over 9%, driven by a 12% increase in domestic sales, largely due to expansion in the food service sector. Therefore, the growing popularity of meat products is propelling the pork extract market.
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Pork Extract Market Competitive Landscape
WH Group Limited (Smithfield Foods Inc.), Smithfield Foods, JBS S.A., Kerry Group Plc, Givaudan, The Tonnies Group, Vion Food Group Ltd., Triumph Foods, Activ International, Robertet Group, Naturex S.A., ARIAKE Japan Co.Ltd, Haco Holding AG, Essentia Protein Solutions, Proliant Biologicals, Kanegrade Ltd., Titan Biotech Ltd., Maverick Biosciences, Chimab S.p.A, Nikken Foods, Carnad A/S, Colin Ingredients, A.Costantino &C.spa, Blue California, Mane SA
Key Pork Extract Market Trend
Major companies in the pork extract market are focusing on enhancing production processes to tackle industry challenges and improve farmer margins. An example of this commitment is seen in April 2024, when Lidl, a Germany-based food manufacturing company, invested $533.07 million (£500 million) in the British pork sector. This investment aims to support the industry by ensuring high-quality British pork remains affordable for customers. Lidl's new open-book model includes on-farm production costs and guarantees minimum producer volumes with a fixed farmer margin, showcasing their dedication to British producers, animal welfare, and the environment.
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Pork Extract Market Segmentation
The pork extract market covered in this report is segmented –
1) By Type: Powder, Soup, Oil, Concentrate, Liquid
2) By Distribution Channel: Offline, Online
3) By Application: Household, Catering Service Industry, Food Processing, Pharmaceutical Industry, Pet Food, Other Applications
By Geography:The regions covered in the pork extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the pork extract market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Pork Extract Global Market Report 2024 furnishes information about the global pork extract market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
