Chicken Powder Market to Reach $701.23Mn Globally by 2030 – Exclusive Report by The Insight Partners
The global chicken powder market is growing at a CAGR of 5.6% from 2022 to 2030.
Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Chicken Powder Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the chicken powder market is expected to grow from $452.98 million in 2022 to $701.23 million by 2030; it is estimated to grow at a CAGR of 5.6% from 2022 to 2030.
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 a few leading players operating in the chicken powder market. These players focus on developing innovative products to meet the changing requirements of consumers.
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The rising consumer demand for chicken-based products across the global market drives the demand for chicken powders. The demand for convenience food such as ready meals and snacks is increasing due to hectic work schedules and increasing working women population, resulting in increased use of chicken powder in the food & beverage industry. Chicken powder enhances the flavor, supplies amino acids that are needed for good health, and is rich in protein content. With the growing demand for meaty-flavored products, several giant manufacturers focus on the innovation of products and expansion of their product lines, which ultimately boosts the demand for chicken powders. In August 2019, the US-based Bell Flavor and Fragrances launched a range of natural chicken flavors. As per the US Department of Agriculture, meat consumption in the US is increasing at a higher pace. The total amount of meat consumed per person is anticipated to reach nearly 219 pounds by 2025. Thus, all the factors mentioned above drive the growth of the chicken powder market worldwide.
Wide Array of Applications of Chicken Powder as Flavor Propels Chicken Powder Market Growth
Chicken powder is made from concentrated chicken powder or chicken bone powder. Chicken powder is used to enhance the flavor and nutritional quality of end product. The powder adds meaty flavor to food products such as savory snacks, ready-to-eat meals, soups, and sauces. People progressively prefer healthier lifestyles but do not want to compromise on taste. Chicken powders are a healthier alternative to synthetic flavoring agents. Moreover, manufacturers of on-the-go meat products and meat snacks incorporate chicken powders in their products to attract a large number of consumers. Chicken powder also enhances the flavor of meat-based products. According to the Organization of Economic Co-operation and Development and the Food and Agriculture Organization statistics, the per capita meat consumption across the world is estimated to reach 43.7 retail weight. Thus, increasing consumption rate of meat-based products and rising preference for poultry products fuel the growth of the chicken powder market.
Chicken is the most popular pet food. Pet owners incredibly opt for chicken-flavored pet food. Chicken powder gives a meaty flavor to pet food products. Additionally, it increases the palatability of pet food and other animal nutrition products such as animal feed. Owing to this factor, the demand for chicken powder increases among pet food and animal feed manufacturers.
Thus, the increasing use of chicken powder as a flavor in several end products by application industries boosts the global chicken powder market growth.
Chicken Powder Market: Segmental Overview
Based on type, the chicken powder market is segmented into low-fat and conventional. The conventional segment held a significant market share in 2022. The market growth for the segment is attributed to easy availability, low cost, and less processing required compared to the low-fat chicken powder. However, in the coming years, the demand for conventional chicken powder is expected to decrease as consumers become more health-conscious due to increased obesity and lifestyle issues. Further, less awareness regarding low-fat chicken powder propels the demand for conventional chicken powder.
Based on application, the chicken powder market is segmented food & beverages, dietary supplements, pet food, and animal feed. The food & beverages segment accounted for the largest share in 2022. The increasing utilization of chicken powder as a flavor enhancer in various products and rising preference for umami flavors boost the demand for chicken powder in the food & beverages industry. The market for the food & beverages segment is subsegmental into soups, sauces, and dressing; RTC and RTC meals; savory snacks; noodles and pasta; and others. The RTE and RTC meals are cooked meals that can be consumed with minimum or no preparation. The growing purchasing power of consumers boosts the demand for RTE and RTC meals. Furthermore, the working population and millennials are inclined toward these meals as they only require heating before consumption or a small preparation process, reducing overall effort and time and providing protein-enriched nutrition. Chicken powder is used in RTC and RTE meals to enhance their flavors and increase protein content. Thus, increasing preference for RTC and RTE meals propels the demand for chicken powder.
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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. In addition, 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. Moreover, the closure of slaughterhouses due to lockdown negatively impacted the market growth. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of the chicken powder market.
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