Global Meat Snacks 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 the forecast period, 2018 to 2023. Meat snacks are among the popular snacks in the savory snacks category and this market is witnessing a strong growth rate, since the past five years, mostly targeting travelers; with the convenience factor and high demand from the millennial generation. The introduction of new products and flavors is driving the market. Manufacturers are coming up with 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 snacks market is an attractive sector with a large number of untapped market.
Cost-effective and convenient makes it 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, the 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 the travelers, who prefer and demand more such food items. A majority of the consumers prefers meat snacks as a source of high protein content, and the low-calorie content is an added advantage to meat snacks, especially in jerky products. Owing to the large availability of c-stores along the road, the 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 is expected to grow at a CAGR of approximately 7% between 2018 and 2023. US is the largest market in this region due to higher consumption of meat snacks owing to its convenience. The high protein content in the product acts as an appetite suppressor and energy booster, which are driving the growth of meat snack market. Jerky consumption is high among the developed markets, Beef jerky sales in the US grew by nearly 7% in 2017. However, the high adoption rate of these products, since a decade, and new marketing strategies adopted by players such as Jack Link’s and Slim Jim are driving the sales by targeting the Millennial with new packing models and exotic flavors. As consumers are snacking more on the go, the demand for handheld protein has never been higher.
Though the dried meat snacks are traditionally consumed, the 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 the sales and the market is growing at a good rate. For instance, Pepsi has come up with an exclusive promotional offer of 50% discount on jerky, with the purchase of a set of soda packs. C-stores are dealing in partnerships with car dealers and expanding their business units.
July 2017: The makers of Hormel® Natural Choice® deli meats announced today four new all natural deli meat snacks, paired with cheddar or pepper jack cheese and a dark-chocolate confection.
May 2017: Paleo-friendly meat sticks are the latest product innovation from Country Archer Jerky. The variety is made with 100% grass-fed and finished beef and turkey raised without antibiotics or added hormones.
April 2017: Conagra Brands, Inc. (NYSE: CAG) announces acquisition of protein-based snacking businesses Thanasi Foods LLC, maker of Duke's® meat snacks, and BIGS LLC, maker of BIGS® seeds.
Major Players: CONAGRA, HORMEL FOODS, JACK LINK'S, KING ELITE SNACKS, MARFOOD USA, MEATSNACKS GROUP AND BRIDGFORD FOODS
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Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet in excel.
Value chain analysis
Consumer behavior analysis in country level
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