Market Snapshot
| Study Period: | 2016 -2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Asia-Pacific |
| CAGR: | 9.1 % |
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Market Overview
The global meat snacks market is expected to register a CAGR of 9.1% during the forecast period (2022 - 2027).
In the recent past, industry players' growing focus on sustainable and environmentally friendly alternatives to traditional meat and a consumer shift toward consuming meat alternatives has been observed. The outbreak of COVID-19 has further fueled this consumer shift toward meat alternatives. Livestock meat is not the cause of disease spread. However, the widespread caution due to social media and false rumors associated with consuming meat and meat products may push consumers to opt for meat alternatives such as plant-based and cultured meat, which are presumed to be more hygienic. These factors minimally decreased the consumption of meat snacks during the COVID-19 pandemic.
The market is driven by the increased demand for snacks rich in nutrients, such as omega-3s, iron, and vitamin B12, resulting in players introducing fortified meat snacks products. Portable snacks such as jerky, sticks, and sausages make it a convenient option for consumers requiring healthy meat snacks on the go.
Also, regular/original flavored meat snacks still hold the market demand. At the same time, exotic flavor-based proteins are projected to grow faster during the forecast period. Some of the preferred flavors available currently are spicy, hickory, barbeque, smoked, etc.
Scope of the Report
Meat snacks are on-the-go food products that are made from different animal sources such as beef, turkey, etc., The meat snacks market is segmented by type, distribution channel, and country. The market is segmented by jerky, stick, sausage, and other product types. The distribution channel segments the market into convenience stores, hypermarkets/supermarkets, and online retail stores. By geography, the global meat snacks market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The market sizing and forecast for each segment have been done in value terms (USD million).
| By Product Type | |
| Jerky | |
| Sticks | |
| Sausages | |
| Other Product Types |
| By Distribution Channel | |
| Convenience Stores | |
| Hypermarkets/Supermarkets | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |||||||||
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Key Market Trends
Surging Demand for Healthy Snacks
Consumers’ snacking habits are becoming more sophisticated, and they often crave functional benefits. This trend eventually led to a surge in demand for specialist snacks like meat snacks, a quick food product made from various meats, including beef, turkey, and pork. Further, consumers tend to look out for snacks with high protein and traditional meat items that are reinvented with more complex flavor combinations and formulations for a natural product image. Also, introducing less-common protein sources, including turkey, seafood, and game meats, and expanding offerings in the refrigerated case through power packs, bars, and deli bites, is giving the category a new push and an opportunity for more snack occasions.
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North America Witnessed Highest Revenues
The United States is the largest market in North America and worldwide, wherein meat snacks are consumed as basic food products. It has been noted that around 48% of the United States population, nearly 160 million, eats meat snacks and beef jerky regularly. In the United States, jerky was among the most popular meat appetizers in 2020. Moreover, with the increasing popularity of grab-and-go protein snacks, producers of jerky and dried meat snacks are capitalizing on the concept by introducing new products to meet the growing demand. Players are also concentrating on producing premium products, intending to entice North American consumers of the higher income group with their no preservative and additive products, thus, driving the segment.
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Competitive Landscape
The global meat snacks market is competitive due to the presence of various international, regional, and local players such as Conagra Brands Inc., Hormel Foods Corporation, and Link Snacks Inc. Technological inputs have been at the forefront, leading many regional players to innovate and move ahead in this competitive industry. Key players are also focusing on online distribution channels for marketing and branding their products. With the shift in the market demand towards a region-specific and exotic spectrum of flavors, major businesses have focused on long-term strategies involving product and flavor innovation.
Recent Developments
· In October 2021, Conagra Brands launched Slim Jim, weighing in at 3 oz., the meaty wallop. The Slim Jim Original Giant stick delivers 13g of protein per pack.
· In March 2021, Cherkizovo Group launched its new meat snack product range under the Cherkizovo Premium brand in three groups: pork, chicken, and turkey snacks. The snacks are made of cured and dried meat.
· In November 2020, Conagra brands rolled out new mild flavors and more meat snacks, seeds, salty snacks, popcorn, and sweet treats, building on the success of Slim Jim Savage meat sticks.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Jerky
5.1.2 Sticks
5.1.3 Sausages
5.1.4 Other Product Types
5.2 By Distribution Channel
5.2.1 Convenience Stores
5.2.2 Hypermarkets/Supermarkets
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Russia
5.3.2.6 Italy
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Conagra Brands Inc.
6.4.2 Hormel Foods Corporation.
6.4.3 Link Snacks Inc.
6.4.4 Golden Valley Natural, LLC
6.4.5 The Meatsnacks Group
6.4.6 Bridgford Foods Corporation
6.4.7 Monogram Food Solutions LLC
6.4.8 Sweetwood Smokehouse
6.4.9 Wild West Jerky
6.4.10 Country Archer Jerky Co.
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Meat Snacks Market market is studied from 2016 - 2027.
What is the growth rate of Meat Snacks Market?
The Meat Snacks Market is growing at a CAGR of 9.1% over the next 5 years.
What is Meat Snacks Market size in 2016?
The Meat Snacks Market is valued at 12 Billion USD in 2016.
Which region has highest growth rate in Meat Snacks Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Meat Snacks Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Meat Snacks Market?
Conagra Brands Inc., Hormel Foods Corporation., The Meatsnacks Group, LINK SNACKS, INC. , Golden Valley Natural, LLC are the major companies operating in Meat Snacks Market.
