Chicken Extract Market Size Report & Forecast 2030
[Research Report] The chicken extract 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.
Market Insights and Analyst View:
Chicken extract serves as a versatile culinary ingredient and is primarily used to add savory and umami flavors to various dishes, including soups, sauces, gravies, and others. Chicken extracts are available in various types, including powder, broth and stock, and paste. The key ingredients of these products are chicken meat, bone, skin, and chicken fat, either in fresh or dried form. Market size indicates retail sales of chicken powder, chicken-based broth and stocks, and chicken paste. The increasing demand for flavor enhancers in home cooking, coupled with the rising trend of international flavor, has contributed to the market growth.
Growth Drivers and Challenges:
The proliferation of the E-commerce industry offers an opportunity for the global chicken extract market growth. In recent years, the organized retail sector has undergone a massive transformation. The acceptance of e-commerce has increased considerably due to its ability to transform customers' shopping experience. Further, easy access to emerging technologies, increasing purchasing power of people, rising penetration of the internet and smartphones, and the convenience of shopping from anywhere at any time via online retail platforms are among the key factors propelling the growth of e-commerce. As per the US Department of Commerce Retail Indicator Division, sales through e-commerce in the country were valued at US$ 870 billion in 2021, recording a rise of 14.2% compared to sales in 2020. As per the European Commission, in 2021, 74% of internet users in the European Union shopped online. Thus, with the rising penetration of e-commerce platforms in several regions, the sale of various food and beverages, such as chicken extract, is increasing through these platforms.
People prefer online retail platforms to buy these products owing to the availability of various brands at affordable prices, detailed product descriptions, consumer ratings and reviews, and home delivery services. Moreover, chicken extract manufacturers prefer e-commerce platforms to sell their products to large customers as it requires minimal investments. Chicken extract manufacturers are taking initiatives through collaboration and partnership to launch their products on online platforms. For instance, in August 2022, Tabatchnick Fine Foods announced the launch of their products on the Amazon Store. The launch was aimed at catering to e-commerce consumers. Thus, the proliferation of e-commerce platforms provides a lucrative opportunity for chicken extract manufacturers to expand their consumer base and geographical reach.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Chicken Extract Market: Strategic Insights
Chicken Extract Market
-
CAGR (2022 - 2030)
3.9%
-
Market Size 2022
US$ 3.02 Billion
-
Market Size 2030
US$ 4.09 Billion
Market Dynamics
GROWTH DRIVERS
- Rising Demand for Chicken Extract as Flavor Enhancer in Home Cooking
- Strategic Initiatives by Key Market Players
FUTURE TRENDS
- Consumer Inclination Toward Nutritional Food
OPPORTUNITIES
- Proliferation of E-Commerce Industry
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product Type
- Chicken Powder
- Broth and Stock
- Chicken Paste
Category
- Organic and Conventional
Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retail
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Chicken Extract Market: Strategic Insights
-
CAGR (2022 - 2030)3.9% -
Market Size 2022
US$ 3.02 Billion -
Market Size 2030
US$ 4.09 Billion
Market Dynamics
- Rising Demand for Chicken Extract as Flavor Enhancer in Home Cooking
- Strategic Initiatives by Key Market Players
- Consumer Inclination Toward Nutritional Food
- Proliferation of E-Commerce Industry
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Chicken Powder
- Broth and Stock
- Chicken Paste
- Organic and Conventional
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retail
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Segmentation and Scope:
The "Global Chicken Extract Market" is segmented on the basis of product type, category, distribution channel, and geography. 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 supermarkets and hypermarkets, convenience stores, online retail, and others. The chicken extract market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Chile, and the Rest of South & Central America).
Segmental Analysis:
Based on product type, the chicken extract market is segmented into chicken powder, broth and stock, and chicken paste. The broth and stock segment held the largest share of the chicken extract market in 2022. The chicken powder segment is expected to register a significant growth rate during the forecast period. Chicken powder is a versatile ingredient made either by dehydrating the chicken meat, bone, cartilage, viscera, and other parts and grinding them into fine powder or by making the concentrated extract of chicken and chicken parts in water and spray drying the liquid extract. In addition, chicken powder often contains glutamate, which contributes to the umami or savory taste. Thus, the rising demand for chicken powder as a flavor enhancer in various dishes is expected to favor the market for the segment.
Regional Analysis:
Based on geography, the chicken extract market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. The global chicken extract market was dominated by North America and was estimated to be ~US$ 1,000 million in 2022. The North America chicken extract market growth is attributed to the changing consumer preferences toward healthier and more natural food products. Chicken extracts are perceived as a source of clean and protein-rich ingredients, aligning with the growing trend of health-conscious eating. With an increasing emphasis on protein-based diets, these extracts have gained popularity as an easy and versatile way to incorporate protein into various dishes.
The rising popularity of convenience foods has also contributed to the growth of the chicken extract market. Consumers are seeking easy-to-use, time-saving ingredients to enhance the flavor of their meals. Chicken extracts, available in liquid or powdered forms, offer a convenient solution for enhancing the taste of soups, sauces, gravies, and various other dishes, making them a favored choice for busy households.
The COVID-19 pandemic further played a significant role in boosting the chicken extract market in North America. With lockdowns and restrictions limiting dining out, more people turned to cooking at home. Chicken extracts, being a versatile ingredient, became a staple in many home kitchens, as they could elevate the taste of homemade meals. This surge in home cooking further fueled the demand for chicken extracts and related products.
Industry Developments and Future Opportunities:
Various initiatives taken by the key players operating in the chicken extract market are listed below:
- 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 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.
- 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.
- In August 2022, Tabatchnick Fine Foods announced the launch of its products on the Amazon Store. The launch was aimed at catering to e-commerce consumers.
Chicken Extract Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 3.02 Billion |
Market Size by 2030 | US$ 4.09 Billion |
Global CAGR (2022 - 2030) | 3.9% |
Historical Data | 2020-2021 |
Forecast period | 2023-2030 |
Segments Covered |
By Product Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
COVID-19 Impact:
Increasing demand for chicken extract as a flavor enhancer and surging demand for protein-rich food drove the demand for chicken extract before the onset of the pandemic. In addition, increasing awareness about healthy food options and the introduction of a variety of products by key market players further contributed to the market growth. However, the food & beverages industry experienced adverse impacts of the pandemic during the first quarter of 2020. Many industries had to slow down their operations due to value chain disruptions caused by the shutdown of national and international boundaries. The pandemic led to social distancing norms and severe negative economic impact, hindering chicken extract manufacturing and distribution. The COVID-19 pandemic also led to an economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers.
Many businesses recovered as the governments of various countries eased the restrictions after the initial months of lockdown in 2020. The COVID-19 vaccine offered further relief from the distressing pandemic, leading to increased business activities. The reopening of operations in the manufacturing units positively impacted the chicken extract market and led to its production recovery. Manufacturers overcame the demand and supply gap as they were permitted to operate at total capacity.
Competitive Landscape and Key Companies:
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 among the prominent players operating in the global chicken extract market. These chicken extract manufacturers offer cutting-edge extract solutions with innovative features to deliver a superior experience to consumers.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Category, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Proliferation of e-commerce industry anticipated a lucrative opportunity for the growth of chicken extract market. In recent years, the organized retail sector has undergone a massive transformation. The acceptance of e-commerce has increased considerably due to its ability to transform customers' shopping experience. Further, easy access to emerging technologies, increasing purchasing power of people, rising penetration of the internet and smartphones, and the convenience of shopping from anywhere at any time via online retail platforms are among the key factors propelling the growth of e-commerce. As per the US Department of Commerce Retail Indicator Division, sales through e-commerce in the country were valued at US$ 870 billion in 2021, recording a rise of 14.2% compared to sales in 2020.
The major players operating in the global chicken extract market are 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.
The chicken broth and stock are available in different formats including liquid, powder, cube and granules and is made by boiling meat, bones, and other ingredients, including seasonings and flavors, in water. Chicken broth and stock is always a nutritional option as it is low in calories and fat and provides essential nutrients such as protein, vitamins, and minerals. Broth and stocks are commonly used as a base for various recipes such as soups, stews, sauces, and risottos. With the rising culinary trends and more people exploring cooking at home, the demand for ingredients such as broth and stock is expected to surge.
Chicken extracts are commonly used in soups, sauces, and various culinary applications to enhance the overall flavor of dishes. Chicken extracts are rich in umami, enhancing the dishes' overall flavor. The rising demand for chicken extract as a flavor enhancer can be attributed to the ability to add savory and umami flavors to a wide range of dishes. In addition, the growing interest of consumers in exploring global cuisines drives market growth. The popularity of cuisines from Latin America, Korea, India, and Africa has surged in recent years.
Based on the category, organic segment is projected to grow at the fastest CAGR over the forecast period. The organic chicken extract is made from organic ingredients and free-range organically raised chicken. Organic chicken extract is made from chicken which is raised organically and processed without conventional or synthetic pesticides, chemical fertilizers, GMOs, sewage sludge, irradiation, artificial flavors, colors, preservatives, growth hormones, or antibiotics. The rising inclination toward organic products has encouraged producers to invest heavily in products obtained with organic certifications. Companies focus on achieving organic certification to address the rising demand for organic chicken extract.
North America accounted for the largest share of the global chicken extract market. The North American chicken extract market growth is attributed to the changing consumer preferences toward healthier and more natural food products. Chicken extracts are perceived as a source of clean and protein-rich ingredients, aligning with the growing trend of health-conscious eating. With an increasing emphasis on protein-based diets, these extracts have gained popularity as an easy and versatile way to incorporate protein into various dishes. Furthermore, the rising popularity of convenience foods has contributed to the growth of the chicken extract market. Consumers are seeking easy-to-use, time-saving ingredients to enhance the flavor of their meals. Chicken extracts, available in liquid or powdered forms, offer a convenient solution for enhancing the taste of soups, sauces, gravies, and various other dishes, making them a favored choice for busy households.
The List of Companies - 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
- Kettle & Fire Inc.