Sales of beef concentrate are anticipated to total US$ 16 billion by 2023-end, and will likely follow an expansion trajectory at a 5.3% CAGR until 2033, as per a recently published Future Market Insights report. The study on the beef concentrate landscape expects the market to be valued at US$ 26.82 billion by the end of the 2023 to 2033 forecast period. Beef concentrates are alternatives to traditional beef, comprising an intense flavor and reduced meat content. These concentrates are laden with some amounts of fat, sugar, and salt. Beef concentrates can be derived either from the stock or the bone. Further, the concentrates can be formulated into powders, liquid, or cubes.
As consumers shift towards consuming foods that are convenient to prepare, sales of beef concentrates are booming significantly. Growth is expected to be especially high across the United States, thanks to its status as the largest hub of beef production and consumption. It is estimated that an average American consumes about 55 pounds of beef annually, according to statistics published by the Department of Agriculture (USDA). On the production front, beef farms represent 30% of USA farms, making up the single largest agricultural sector.
On the global front, the world consumed 59.1 million metric tons of beef in 2020, representing a decline of 398,000 metric tons compared to 2019. With the global population expected to exceed 9 billion by 2050, coupled with rising income levels, demand for beef is increasing and will continue to grow. Beef production requires copious quantities of land, water, and energy, and generates considerable waste. 25% of global land use, land-use change, and forestry emissions are driven by beef production.
Hence, consumers and producers alike are looking for ways to reduce the deleterious impact the beef industry has on the environment, incorporating sustainable production processes. One way to make sustainable the beef industry has been to transition toward the consumption of alternatives, including beef concentrates. Moreover, health risks associated with extensive red meat intake are motivating consumers to switch to less fattening yet highly nutritious diets, thereby accelerating the popularity of beef concentrates.
The beef concentrates landscape is highly consolidated, with a majority of the players situated across Europe and the United States. A number of small to medium-sized manufacturers dominate the market. For instance, Custom Culinary Inc. offers its range of beef stock broth and base concentrate. The product is a chef-grade flavor enhancer for soups and sauces. Furthermore, it is gluten-free, and contains no maltodextrin or added MSG. In addition, it is manufactured using clean-label ingredients, containing no hydrolyzed vegetable protein or artificial colors.
Market players are seeking to expand their production capabilities so as to cater to the ever-increasing demand for meat alternative products. As of January 2023, American food giant Campbell Foods announced an investment worth US$ 50 million to reimagine its headquarters in Camden. The company intends to consolidate its snack offices in Charlotte, North Carolina, and Norwalk, Connecticut. The construction of an integrated complex is due to commence in March 2023. This is expected to streamline the company’s operations and be able to better manage its production activities.
Knorr Foods, a German food manufacturer, offers a range of beef concentrate products. Some of its offerings include Natural Beef Bouillon, Zero Salt Beef Bouillon, Beef Cube Bouillon, Beef Granulated Bouillon, Beef au Jus, and the Knorr Beef Concentrated Stock.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Beef Concentrates in 2023 | US$ 16 billion |
| Projected Market Value of Beef Concentrates in 2033 | US$ 26.82 billion |
| Expected Growth Rate of the Beef Concentrate Market (2023 to 2033) | CAGR of 5.3% |
Beef concentrate is the stock or broth that is reduced to a concentrated form to provide intense flavour of beef to the food product added. This thick liquid is further processed into powder and cubes, or sold in liquid concentrate form. Powder form is the more preferred form of beef concentrate because of easy storage and higher shelf life. However, the beef concentrate is now available in liquid form for sale in the retail market and is high in demand.
Beef concentrate available in the market is made using either of the sources, beef stock or beef bone broth. Beef concentrate from both these sources have different applications in the food and foodservice industry with beef stock being more preferred in those due to the rich flavour.
The beef concentrate is commonly used as food additive in soup, sauce, crews, canned meats items, pot pies, casseroles, and other food products. Usage of beef concentrate as a flavoring agent in the aforementioned food products enhances the overall taste.
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Beef broth and stock are ingredients that takes a lot of time to cook and is an essential ingredient in traditional food products. The ease of preparing broth from beef concentrate has increased its demand among the working population.
Thus, consumers in developed countries prefer ready-to-use beef concentrate and frozen liquid broth as a replacement for freshly prepared broth. USA, United Kingdom, Japan, South Korea are few of the countries where the demand for beef concentrate is higher compared to other countries.
Additional certifications such as Halal, Kosher, USDA Organic etc. add to its appeal for the consumers in these countries. The packaging for beef concentrate has also become an important factor for the consumers to choose beef concentrate. The manufacturers are specifically launching beef concentrate products in single use as well as family size packaging to help increase shelf life of the product and to target specific consumer base.
Some of the key market players in the beef concentrate market are
The beef concentrate market is a consolidated market with market players mainly operating in the USA and in the Europe. These market players have a wide spread presence with exports in South Asia and Middle East. The rising demand in these regions will further increase new entrants and strengthen the positioning of the existing players.
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Beef concentrate has a longer shelf life as compared to fresh meat product. Case ready packaging formats represent a fast growing trend in retail ground beef distribution, which in turn, to increase consumption of beef concentrate. Increasing demand for nutritious, rich product by growing population and penetration of health benefits of beef concentrate is also expected to increase demand for beef concentrate market globally.
The research report presents a comprehensive assessment of the beef concentrate market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as nature, form, source, end use and sales channel.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Beef Concentrate Market
