New York, United States, March 14, 2024 (GLOBE NEWSWIRE) -- Meat nibbles are meat-based dishes eaten as a snack or between meals. These products, including jerkies, sausage sticks, meat bars, and meaty chips, are available in the global Meat Snacks market. They are frequently high in protein, low in carbs, and a good energy source. Customers who seek fast, on-the-go snacks that are still healthy and flavourful snacks like meat snacks. These products appeal to athletes and fitness enthusiasts looking for a convenient snack to help them meet their protein requirements.
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Development of the Retail Sector Drive the Global Market
According to Straits Research, “The global meat snacks market size was worth USD 8.99 billion in 2022. It is estimated to reach USD 13.95 billion by 2031, growing at a CAGR of 5% during the forecast period (2023–2031).” Marketing Retail businesses are expanding due to the rapid growth of the economy, as well as an increase in the consumption of new snacking goods such as meat snacks, an increase in urbanization, and an increase in the middle-class population, particularly in emerging economies. Increased foreign direct investment (FDI) leads to increased involvement from foreign and private businesses, further propelling retail industry growth. This development in retail infrastructure raises the visibility and reach of products like food and other convenience items, which helps with total sales. Thus, all of these factors contribute to expanding the retail network in emerging nations, which is expected to support the growth of the meat snacks market.
Premiumization Trend Provides Immense Opportunity
The process through which producers make a product more desirable to consumers by stressing its greater quality and uniqueness is known as premiumization. It is motivated by a desire for high-quality items and services over low-cost alternatives. Customers are more likely to purchase high-quality items or services when per capita income rises. Most branded meat snack items fall into the premium sector, which offers greater efficiency. These items are projected to create profitable chances in the worldwide market.
Regional Analysis
North America is the largest worldwide meat snacks market stakeholder, with a CAGR of 4.3% expected over the projected period. The rise in snack consumption, a surge in demand for convenience food items, and an expansion in the region's local and foreign producers have all contributed to the market's value sales growth. In 2018, the typical American family spent $25.81 per year on meat snacks. In this location, popular foods include jerky, beef sticks, and popcorn. With the surge in demand for meat snacks, manufacturers want to improve their product offerings to meet the needs of their target clients better. As a result, free-from forms of meat snacks, such as fat- or sugar-free, have recently gained appeal among customers. Some prominent brands in this region include Jack Link's, Old Wisconsin, Slim Jim, and Werner.
Europe is expected to grow at a CAGR of 4.1% over the predicted period. Even in the food goods they eat daily, European consumers expect clarity. As a result, producers advertise or sell their products as free of or explicitly labeled with certain ingredients. GMO-free, sugar-free, or fat-free goods are examples. As a result, Europe has seen an increase in demand for meat snack products with clean labeling.
Key Highlights
- Based on product type, the global meat snacks market is bifurcated into jerky, sticks, bars, and others. The jerky segment dominates the global market and will likely exhibit a CAGR of 4.4% over the forecast period.
- Based on nature, the global meat snacks market is bifurcated into organic and conventional. The conventional segment owns the global market and is predicted to exhibit a CAGR of 4.7% over the forecast period.
- Based on distribution channels, the global meat snacks market is divided into offline and online channels. The offline segment is the most significant market contributor and will likely exhibit a CAGR of 4.5% over the forecast period.
- North America is the most significant global meat snacks market shareholder and is estimated to grow at a CAGR of 4.3% over the forecast period.
Competitive Players
The key players in the global meat snacks market are Associated British Foods plc., Conagra Brands Inc., General Mills Inc., Golden Valley Natural, Hormel Foods Corporation, Jack Links, Monogram Food Solutions, LLC., Meatsnacks Group, Nestle S.A., and Tyson Foods.
Market News
- In May 2023, Hormel Foods announced intentions to increase its capacity for producing beef snacks.
- In February 2023, Hillshire Brands, a manufacturer of meat snacks, hot dogs, and sausages, was acquired by Tyson Foods.
Global Meat Snacks Market: Segmentation
By Product Type
- Jerky
- Sticks
- Bars
- Others
By Nature
- Organic
- Conventional
By Distribution Channel
- Offline
- Online
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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