Strategic Development Initiatives Drive Chicken Powder Market Growth
According to the new research study on "Chicken Powder Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type and Application," the market is expected to grow from US$ 452.98 million in 2022 to US$ 701.23 million by 2030; it is expected to record a CAGR of 5.6% from 2022 to 2030.
The application industries of the chicken powder market across the world invest significantly in strategic development initiatives such as product innovation to attract consumers and enhance their market position. In July 2019, Hormel Foods Corporation introduced two new flavors to its snacking portfolio – Mediterranean-style chicken with bruschetta jack cheese and chipotle chicken with queso quesadilla cheese and flaxseed corn chips. An innovative product-level innovation approach initiated by the company aims to offer a convenient way for people to consume snacks. Thus, increasing innovations in end products ultimately boost the demand for chicken powder. Also, the rising demand for chicken-based snack products from consumers generates the need for chicken powder among snack manufacturers.
Chicken Powder Market Breakdown – by Region
Chicken Powder Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Low-Fat and Conventional) and Application [Food & Beverages (RTE and RTC Meals; Soups, Sauces, and Dressings; Savory Snacks; Noodles and Pastas; and Others), Dietary Supplements, Pet Food, and Animal Feed]
Chicken Powder Market Size Report | Growth 2030
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Moreover, the meat-based flavor manufacturers invest significantly to enhance their product portfolio by launching different meat-based flavors. In June 2021, Essentia Protein Solutions launched a new product named ‘Essentia C3306 Chicken Flavor’ to enhance the multi-species ‘ProFlavor’ line. The company claims that the new flavor is low in carbs, high in protein, and has no added salts. It also stated that the flavor is prepared by using chicken broth powder. Such product launches by end-use industries aid the chicken powder market growth.
Furthermore, the manufacturers of chicken powder expand their presence in various countries to cater to the demand from consumers. In January 2022, BRF Ingredients expanded its presence in Saudi Arabia through a joint venture with the Kingdom's sovereign fund. It announced its plans to channel US$ 350 million into the project with the Public Investment Fund (PIF) to operate a complete chicken production chain and promote fresh, frozen, processed meat products.
Thus, increasing investments in product innovation and business expansion strategies to expand their customer base and meet emerging consumer trends bolster the growth of the chicken powder market.
Proliver Srl, Symrise AG, F R Benson and Partners Ltd, BRF SA, International Dehydrated Foods Inc, HE Stringer Flavours Ltd, The Scoular Co, Henningsen Netherland BV, Nikken Foods Co Ltd, and Fuji Foods Inc are among the key players operating in the chicken powder market. These key players adopt product innovation strategies and invest in business expansions to meet consumers demands, further driving the chicken powder market.
Impact of COVID-19 Pandemic on Chicken Powder Market
The COVID-19 pandemic adversely affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hindered the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and various essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020.
The report segments the chicken powder market as follows:
The chicken powder market is segmented on the basis of type and application. Based on type, the market is bifurcated into low-fat and conventional. Based on application, the chicken powder market is segmented into food & beverages, dietary supplements, pet food, and animal feed. The market for the food & beverages segment is sub segmented into RTE and RTC meals; soups, sauces, and dressings; savory snacks; noodles and pastas; and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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