Market Trends of Meat Flavors Industry
This section covers the major market trends shaping the Meat Flavors Market according to our research experts:
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.
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.
