The pork extract global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Pork Extract Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The pork extract market size has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the increasing expansion of the food processing industry, the rise in demand for high-quality meat products, growing concerns over animal welfare, and the expanding use of pork extract in pharmaceuticals.
The pork extract market size is expected to see strong growth in the next few years. It will grow to $5.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing disposable income, increasing focus on sustainability, increasing demand for pork extract in households, increasing popularity of ready-to-eat and convenience foods, and high consumption of processed meats. Major trends in the forecast period include technological advancements and product innovations, demand for flavor enhancers, expansion into non-food applications, and preference for rich and savory flavors.
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Scope Of Pork Extract Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pork Extract Market Overview
Market Drivers –
The rise in the popularity of meat products is expected to propel the growth of the pork extract market going forward. Meat products encompass a variety of food items sourced from the flesh of animals, including beef, pork, poultry, and fish. The increasing demand for meat products is due to several factors, such as health and nutrition, convenience and accessibility, and demographic shifts. Pork extract offers a natural substitute for monosodium glutamate (MSG) in meat products, imparting a robust pork flavor without the perceived health risks associated with MSG. For instance, in March 2023, according to Farm Credit Canada (FCC), a Canada-based agriculture finance company, the meat product manufacturers increased by 2.5% in 2023. Additionally, in 2022, meat product manufacturing sales saw a year-over-year increase of over 9%, driven primarily by a 12% growth in domestic sales, led by expansion in the food service sector. Therefore, the rise in the popularity of meat products drives the pork extract market.
Market Trends –
Major companies operating in the pork extract market are investing in developing pork extract to address sector-wide challenges and improve margins for farmers. The investment underlines Lidl’s commitment to British producers, animal welfare, and the environment, and its responsibility to drive positive change in the pork industry. For instance, in April 2024, Lidl, a Germany-based food manufacturing company that produces pork extract, invested $533.07 million( £500 million) into the British pork sector to support the industry and ensure the continued production of high-quality British pork at affordable prices for customers. Lidl has moved pork producers to an open-book model that includes the on-farm cost of production and guarantees minimum producer volumes with a fixed farmer margin.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the pork extract market are 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
Table of Contents
1. Executive Summary
2. Pork Extract Market Report Structure
3. Pork Extract Market Trends And Strategies
4. Pork Extract Market – Macro Economic Scenario
5. Global Pork Extract Market Size and Growth
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32. Global Pork Extract Market Competitive Benchmarking
33. Global Pork Extract Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pork Extract Market
35. Pork Extract Market Future Outlook and Potential Analysis
36. Appendix
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