Global Meat Snack Market- Segmented by Type, Distribution Channel, Meat Type and Geography (2018 – 2023)
The global meat snack market is expected to register a CAGR of 9% during 2018 to 2023 (the forecast period). Meat snacks are popular snacks, in the savory snacks category, and this market is witnessing a strong growth rate, since the past five years, mostly targeting travelers, as these snacks are a convenient option, and also, they have a high demand from the millennial generation. The introduction of new products and flavors drives the market. Manufacturers are launching new flavors, like jalapeno, teriyaki, and habanero. The increasing number of mergers and acquisitions is expected to boost the market growth, during the forecast period. The meat snack market is an attractive sector, with a large untapped market. Cost-effectiveness and convenience make meat snacks travel-friendly.
Increasing consumer preference towards meat products
North America has recorded the highest number of travelers, by road, among all the countries, worldwide. Among the travelers, about one-third are business travelers, and the rest are leisure travelers. With the availability of gas/convenience stores along the way, jerky or dried meat snacks have become popular. These are easy to grab and store. Due to the availability of these products in small packets, wastage is avoided; this strategy has caught the attention of travelers, who prefer and demand more such food items.
A majority of the consumers prefer meat snacks, as a source of high-protein content, and the low-calorie content is an added advantage for meat snacks, especially in jerky-based products. Due to the abundant availability of c-stores along the road, sales are more concentrated in this channel. Jerky holds around 50% of sales in the product category
North America to Dominate the Market
North America accounted for the major share of the market, globally, during 2016, and it is expected to record a CAGR of 7.2% between 2018 and 2023. The United States is the largest market in the North American region, due to higher consumption of meat snacks, after salty potato chips, due to its convenience. The high-protein content in the product acts as an appetite suppressor and energy booster, which drives the growth of the global meat snack market. Jerky consumption is high among the developed markets, beef jerky sales, in the United States, grew by nearly 7% in 2017.
Due to high adoption of these products, since a decade, the Asia-Pacific region is expected to grow at faster rate. New marketing strategies adopted by players, such as Jack Link’s and Slim Jim, are driving sales, by targeting millennials, with new packing models and exotic flavors in the European and Asia-Pacific region. As consumers are snacking more on-the-go, the demand for handheld protein has never been higher.
Though dried meat snacks are traditionally consumed, sales have declined, due to various reasons. However, new marketing strategies, such as the introduction of new flavors, innovative packaging, impressive offers or discounts, partnerships and franchise, have revived sales and the market is growing at a good rate.Major PLAYERS: CONAGRA, HORMEL FOODS, JACK LINK'S, KING ELITE SNACKS, MARFOOD USA, MEATSNACKS GROUP, BRIDGFORD FOODS, DUKE'S SMOKED MEATS, GOLDEN VALLEY NATURAL, KEPAK GROUP, KERRY GROUP, KLEMENTS, MARFOOD USA, MONOGRAM FOODS, NESTLE USA, OBERTO SAUSAGE, OLD WISCONSIN, WILD RIDE BEEF JERKY and WINTERBOTHAM DARBY, amongst others.
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