What Is The Scope Of The Global Pork Extract Market?
Pork extract is a concentrated preparation derived from pork, used primarily for flavoring and nutritional purposes in food products. It is produced by boiling pork meat and bones to extract the soluble components, which are then concentrated through evaporation. Pork extract contains proteins, amino acids, vitamins, and minerals, providing a rich, savory flavor commonly used in soups, broths, sauces, and various processed foods.
Pork Extract Global Market Report 2024 provides data on the global pork extract market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The pork extract market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Pork Extract ?
The pork extract market has expanded strongly, growing from $3.96 billion in 2023 to $4.21 billion in 2024 at a CAGR of 6.2%. Growth in the historic period was attributed to the expansion of the food processing industry, increased demand for high-quality meat products, growing concerns about animal welfare, and the rising use of pork extract in pharmaceuticals. The market is projected to grow to $5.42 billion in 2028, with a CAGR of 6.5%. Future growth will be driven by rising disposable incomes, a focus on sustainability, increased demand for pork extract in households, popularity of ready-to-eat foods, and high consumption of processed meats. Key trends include technological advancements, product innovations, demand for flavor enhancers, expansion into non-food applications, and a preference for rich and savory flavors.
What Factors Are Driving Growth In The Pork Extract Market?
The increasing demand for meat products is anticipated to drive the growth of the pork extract market in the coming years. Meat products include a variety of food items derived from animals, such as beef, pork, poultry, and fish. Factors such as nutritional value, convenience, and demographic trends contribute to the rising demand. Pork extract serves as a natural alternative to monosodium glutamate (MSG) in enhancing the flavor of meat products while addressing health concerns associated with MSG. For example, in March 2023, Farm Credit Canada reported a 2.5% increase in meat product manufacturers, with a year-over-year sales growth of over 9% in 2022, driven by a 12% rise in domestic sales led by the food service sector's expansion. Consequently, the rising popularity of meat products is fueling the demand for pork extract.
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What Are The Main Segments Of The Global Pork Extract Market?
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
What Emerging Trends Are Influencing The Growth Of The Pork Extract Market?
Prominent companies in the pork extract market are dedicating resources to developing pork extract solutions to address industry challenges and improve profitability for farmers. These efforts highlight Lidl's commitment to supporting British producers, advancing animal welfare, and promoting environmental sustainability. For example, in April 2024, Lidl, a German-based food manufacturing company, invested $533.07 million (£500 million) into the British pork industry to ensure the consistent availability of high-quality British pork at affordable prices. Lidl transitioned pork producers to an open-book model that incorporates on-farm production costs, guarantees minimum production volumes, and secures fixed margins for farmers.
What Is The Largest Region In The Pork Extract Market?
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 regions covered in the pork extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
