Strategic Initiatives by Key Market Players Drives Chicken Extract Market Growth
According to the new research study titled "Chicken Extract Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Category, Distribution Channel, and Geography," the market is expected to grow from US$ 3,015.62 million in 2022 to US$ 4,091.01 million by 2030; it is expected to record a CAGR of 3.9% from 2022 to 2030.
Chicken extract manufacturers are taking several strategic initiatives such as new product launches, production capacity scaleup, mergers and acquisitions, and collaborations to satisfy growing consumer demand and strengthen their foothold in the market. For instance, in March 2023, Z Natural Foods announced the launch of a new instant bone broth soup base powder. The launch was aimed to cater to the growing demand for protein-rich food products. In addition, the demand for organic products has surged owing to an increase in consumer interest in healthy food products. This has encouraged manufacturers to introduce healthy food products. For instance, in April 2023, Borough Broth Company, in partnership with Planet Organic, announced the launch of four products—Organic Chicken Bone Broth, Organic Chicken and Ginger Bone Broth, Organic Super Greens Soups, and Organic Butternut and Coconut Soup. The launch was aimed to cater to the increasing consumer demand for healthy and sustainable food.
Chicken Extract Market Breakdown – by Region
Chicken Extract Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product Type (Chicken Powder, Broth and Stock, and Chicken Paste), Category (Organic and Conventional), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
Chicken Extract Market Size Report & Forecast 2030
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To cite another instance, in August 2022, Del Monte Foods announced the purchase of Kitchen Basics, a line of ready-to-use stocks and broths, from McCormick & Co. This purchase was aimed at expanding its product portfolio and its geographical reach. Thus, strategic initiatives by key market players boost the global chicken extract market growth.
The European poultry sector is subjected to stringent regulatory requirements for poultry processing. According to the European Union, it ensures transparency in chicken processing. The poultry supervision is done by veterinary services to maintain the high quality of products. In addition, according to the European Union quality standard, all meat products should be free from any traces of fractures, excessive leakage, hemorrhages, feathers, or injections of water and additives. Thus, the stringent mandates associated with animal slaughtering and meat processing hinder the growth of the chicken extract market.
Campbell Soup Co, The Kraft Heinz Co, Ajinomoto Philippines Corp, Lee Kum Kee Co Ltd, Nutra Organics Pty Ltd, Huegli Cenovis GmbH, Princes Ltd, Unilever Plc, Hormel Foods LLC, and Kettle & Fire Inc are the key players operating in the chicken extract market. These key players adopt product innovation strategies and invest in business expansions to meet consumers' demands, further driving the chicken extract market.
Impact of COVID-19 Pandemic on Chicken Extract Market
The bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverage, agriculture, and animal feed industry in 2020 and early 2021, thereby restraining the growth of the chicken extract market.
The report segments the chicken extract market as follows:
The chicken extract market is segmented on the basis of product type, category, and distribution channel. Based on product type, the market is segmented into chicken powder, broth and stock, and chicken paste. Based on category, the market is bifurcated into organic and conventional. Based on distribution channel, the chicken extract market is segmented into supermarket and hypermarket, convenience stores, online retail, and others. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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