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The global meat snacks market in 2022 stood at US$10.05 billion, and is likely to reach US$15.13 billion by 2028. Meat snacks are a type of snack food made from meat, often beef or pork that has been processed, seasoned, and packaged for convenient consumption. They are typically high in protein and often marketed as a healthier alternative to traditional snack foods.
The meat snacks market has been growing in recent years due to increasing consumer demand for convenient and healthy snack options, with a prominent factor being the rising popularity of high-protein diets and snacking habits among consumers. Furthermore, the demand for meat snacks is also driven by the increasing awareness of the nutritional benefits of meat-based snacks, such as their high protein content, as well as the growing trend of on-the-go snacking, which requires portable and convenient food options. The global meat snacks market is projected to grow at a CAGR of 7.05% during the forecast period of 2023-2028.
Market Segmentation Analysis:
By Type: The market report has segmented the global meat snacks market into four segments namely, Jerky, Meat Sticks, Sausages, and others. The meat sticks segment is expected to be the fastest-growing segment due to its unique appeal to younger demographics, who are attracted to their novelty and convenient, mess-free consumption. Meat sticks are known for their portability, long shelf life, and high protein content, making them an appealing snack option for consumers seeking convenient and nutritious on-the-go food choices.
By Source: Based on the source, the global meat snacks market can be segmented into four segments: Beef, Pork, Chicken, and others. The chicken segment is expected to be the fastest-growing segment due to their leaner protein content and lower fat levels compared to other meat sources, which appeal to health-conscious consumers. Additionally, chicken's versatility in flavors and its more sustainable and eco-friendly production compared to red meat sources make it an increasingly attractive option for environmentally aware individuals.
By Packaging: The global meat snacks market can be divided into two segments based on packaging: packaged and unpackaged. The packaged segment holds the largest market share due to their convenience, portability, and hygienic packaging, which ensure food safety and cater to the busy lifestyles of modern consumers.
By Category: The global meat snacks market can be divided into two segments according to category: flavored and plain. The flavored segment holds the largest market share due to the increasing consumer demand for diverse and unique taste experiences, as well as the growing interest in bold and exotic flavors that cater to different cultural and regional preferences, providing an exciting and satisfying snacking experience.
By Distribution Channel: The global meat snacks market can be divided into four distribution channels: supermarkets & hypermarkets, convenience stores, online retail, and other channels. The online retail segment is expected to be the fastest-growing segment due to the convenience of comparing products, accessing customer reviews, and exclusive promotions. This distribution channel offers consumers the convenience of purchasing meat snacks from the comfort of their homes or workplaces, with a wide selection of brands, flavors, and types available at their fingertips.
By Region: According to this report, the global meat snacks market can be divided into five major regions: North America (the US, Canada, and Mexico), Europe (Germany, France, Spain, UK, and rest of Europe), Asia Pacific (China, Japan, India, and Rest of the Asia Pacific), Middle East & Africa, and Latin America. In 2022, North America dominated the meat snacks market with the largest market share. The region has witnessed steady growth in recent years, driven by factors such as the increasing demand for protein-rich and convenient snacks, growing awareness of the benefits of high-protein diets, and a shift towards healthier and natural meat snack options. The US plays a major role in the growth of the North American meat snacks market, as it is the largest market in the region and accounts for a significant portion of the total consumption.
The Asia Pacific meat snacks market is expected to grow at the highest CAGR from 2023 to 2028 due to rising health awareness and increased demand for high-protein snacks, with significant potential for online meat sales in emerging economies such as India, Indonesia, and Malaysia, contributing to market expansion.
Global Meat snacks Market Dynamics:
Growth Drivers: The meat snacks market has grown significantly in recent years, driven by the rising demand for high-protein snacks due to increased health consciousness and active lifestyles. The popularity of high-protein diets and the convenience of portable, protein-rich snacks have also contributed to the market's expansion. Meat snack manufacturers have responded by diversifying their product offerings, flavors, and meats to cater to a wide range of consumer preferences. Further, the market is expected to grow owing to rapid urbanization, significant growth of ecommerce, increased health and wellness trends, and rising consumer preference for convenient snacking options, etc. in recent years.
Challenges: The rising health concerns present a challenge for the meat snacks market, as consumers become more health-conscious and seek healthier snack options, leading companies to respond with low-fat, low-sodium, and preservative-free options, as well as plant-based alternatives to meat snacks to adapt to changing consumer preferences and maintain their growth trajectory. Additionally, other factors like tough competition from alternative snack options, etc. are other challenges to the market.
Market Trends: The adoption of sustainable and ethical production techniques will be critical in driving demand for the meat snacks industry in the coming years, as consumers become more environmentally and ethically conscious and demand greater transparency and responsibility from food producers. By prioritizing these principles, meat snack manufacturers can appeal to a growing number of customers and maintain a competitive advantage, resulting in increased demand and market growth. More trends in the market are believed to grow the meat snacks market during the forecasted period, which may include increasing penetration of AI applications, popularity of cloud kitchen, advent of lab-grown or cultured meat, smaller, convenient, and eco-friendly packaging, rise of plant-based alternatives, etc.
Impact Analysis of COVID-19 and Way Forward:
The global meat snacks market has been negatively impacted by the COVID-19 pandemic. While there was an initial surge in demand, the disruptions in the supply chain and the shift towards healthier snacking options have posed long-term challenges for companies, necessitating adaptation to changing market conditions. The post-COVID-19 impact on the global meat snacks market is expected to feature heightened competition, diversification, and innovation as companies adapt to the accelerating shift toward healthier eating habits, emphasize food safety, offer more portable and convenient options, and diversify their supply chains.
Competitive Landscape and Recent Developments:
The global meat snacks market is highly competitive, with both large, established players and small, innovative companies operating within the industry. As consumer preferences shift towards healthier snacking options and demand for high-protein, low-carb snacks increase, and the industry has seen growth and innovation. Meat snack companies are focusing on product innovation, expanding their distribution networks, and investing in marketing campaigns to attract new customers. These types of products are expected to become increasingly popular among consumers in the foreseeable future. The industry has also seen mergers and acquisitions as companies look to consolidate their market position, expand their product portfolio, and enter new markets.
Further, key players in the meat snacks market are:
Tyson Foods, Inc.
Conagra Brands, Inc.
General Mills
Premium Brands Holdings Corporation
Hormel Foods Corporation
Bridgford Foods Corporation
Country Archer Jerky Co.
Old Trapper Smoked Products, Inc.
Werner Gourmet Meat Snacks Inc.
Monogram Food Solutions LLC
Tall Tree Foods Holdings Inc. (Klement Sausage Company, Inc.)
Link Snacks, Inc.
The meat snacks market has been characterized by intense competition among various players striving to secure a sizeable market share. To maintain their position in the market, companies have employed several strategies such as product innovation, expansion of product lines, and entry into new markets. Moreover, heavy investments in advertising and marketing campaigns are employed to create brand awareness and increase sales. With the meat snacks market growing rapidly, companies have been consolidating their market position by diversifying their product portfolios and venturing into new markets via mergers and acquisitions. The acquisition of New World Foods Europe (NWFE), a meat snacks producer in the UK, by Valeo Foods in 2021 is an example of such strategic expansion efforts. The acquisition presents a significant growth opportunity for Valeo Foods, enabling the company to meet the growing demand for meat snacks in the UK and other regions while consolidating its business and expanding into new markets.?