According to a recent Market Insights Reports study, the global meat flavors market is expected to grow at a CAGR of 5.8% from 2018 to 2023.
Globalization Grows
The growth in the global natural meat flavors market is largely attributed to globalization and consumer demand for RTE and processed food products. From 2016 to 2025, the consumption of meat and meat-based products is expected to grow by 60%. Additionally, an FAO fact sheet stated that global annual per capita meat consumption is expected to reach 35.3 kg by 2025.
Asia-Pacific, South America and Middle Eastern regions will experience the highest growth, due to an increased standard of living and disposable income. In developing countries, they will also experience an increased demand for meat flavors but at a lower growth rate.
A Natural Demand
The natural meat flavors market is expected to grow by a CAGR of 6.4% from 2018 to 2023, which was valued at $833.03 million in 2016 due to growing demands of health-conscious consumers, who are looking for the health benefits of animal proteins. The largest natural meat flavor market is the U.S., which accounts for more than 50% of the market share.
