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The fresh meat segment, among end-use application is estimated to hold the largest share throughout the forecast period.
Fresh meat is the most preferred meat among all other applications due to the protein source, quality, food safety, and reliability of meat shops. According to a pilot study published in The Pharma Innovation journal conducted in Kerala, India in October 2023, consumer preference for fresh meat remains dominant despite the emergence of processed meat technology. The study revealed that 77.3% of respondents favored fresh meat over frozen or chilled options, citing concerns regarding quality (71.8%), food safety (56%), and the reliability of meat shops (21.7%). Additionally, consumer demand for fresh meat remains consistently high due to preferences for natural, unprocessed products without additives This demand is driven by health-conscious consumers seeking minimally processed options and those desiring to know the origins of their food. Fresh meat offers various health benefits attributed to its nutrient composition. It is a rich source of high-quality protein, essential vitamins such as B vitamins (including B12, niacin, and riboflavin), and minerals like iron, zinc, and selenium. Additionally, fresh meat contains lower levels of sodium, saturated fats, and chemical additives compared to processed meats, making it a preferred choice for individuals looking to maintain a balanced diet and reduce the risk of chronic diseases such as heart disease, obesity, and certain types of cancer.
Non-meat ingredients play a crucial role in enhancing the quality, taste, and shelf-life of fresh meat products. By carefully selecting and incorporating these ingredients, manufacturers can improve the taste, appearance, and shelf life of fresh meat products without compromising on their perceived freshness. For instance, salt aids in preservation and flavor enhancement, while binders and fillers improve texture and moisture retention. Moreover, the perceived authenticity and superior taste of freshly prepared meat products drive consumer preference.
Asia Pacific is poised to maintain its dominant position within the non-meat ingredients market throughout the forecast period.
The burgeoning fast-food culture has propelled the rapid expansion of Quick Service Restaurants (QSRs) across the region. This surge in QSRs has significantly increased the demand for processed meat products, driving the need for a variety of non-meat ingredients to enhance taste, texture, and overall quality. Western influences have played a pivotal role in shaping dietary preferences, leading to a growing consumption of European cuisines such as burgers, meatballs, and sausages. As a result, the demand for non-meat ingredients used in these products has soared, further solidifying the region’s position in the market.
In India, for instance, the domestic QSR industry is projected to experience robust growth of 20-25% in FY2024, according to a report from credit rating agency ICRA. This growth trajectory underscores the increasing reliance on non-meat ingredients to meet the evolving tastes and preferences of consumers.
The key players in the market are Kerry Group plc. (Ireland), Ingredion (US), Associated British Foods plc (UK), International Flavors & Fragrances Inc. (US), ADM (US), Cargill, Incorporated (US), BASF SE (Germany), and DSM (Netherlands).
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