New York, USA, July 18, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Meat Snacks Market was estimated at USD 9,746.77 million in 2023. The market valuation is expected to be USD 17,750.52 million by 2032, registering a staggering CAGR of 7.0% during the forecast period of 2024-2032.
What is a Meat Snack?
Meat snacks are a type of ready-to-eat meal. It is composed of a variety of meats, including pork, turkey, and beef. These snacks are created by marinating meat in a curing solution, which is subsequently dried to achieve the desired effect. This type of processing imparts a unique flavor and aroma to the meat. The marinating technique also extends and improves the shelf life of these foods. The exceptional flavor of these snacks is believed to be caused by the concentrating effects of the moisture removal procedure.
Moreover, meat snacks are made by a variety of processes. The first step in the process is the initial preparation of the meat; this is followed by the making of the curing solution, the processing and curing of the meat, quality assurance, and packaging of the final product.
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Key Market Stats:
- The meat snacks market size was valued at USD 9,746.77 million in 2023.
- The market is anticipated to grow from USD 10,313.05 million in 2024 to USD 17,750.52 million by 2032.
- The market is expected to exhibit a CAGR of 7.0% during the forecast period.
Major Findings from the Report:
- The market is expanding due to several factors, including the rising demand for protein-rich and healthy snack options, the emergence of exotic-flavored meat snacks, and their expanding availability through online retail channels.
- The meat snacks market segmentation is primarily based on the type, source, category, distribution channel, and region.
- In 2023, North America dominated the market with the largest market share.
Meat Snacks Market Drivers and Trends:
- Increased Demand for Convenient Snacks: Major companies in the meat snack sector are constantly improving their offers as consumers look for more convenient snack options. Because of their hectic lifestyles, the working population and the younger generation, in particular, are becoming more and more accustomed to eating meat snacks.
- Rising Awareness of Protein Benefits: The meat snacks market demand is rising significantly, driven by increased consumer knowledge of the health advantages of eating protein. Convenient and high-protein snack demand has significantly increased as customers grow more health-conscious.
- Innovations: The development of the market has been significantly influenced by flavor innovation. The attractiveness of meat snacks has increased as a result of manufacturers' introduction of a variety of tastes in response to consumers' varied palates. The meat snacks market growth has continued to grow because of the emphasis on flavor, which has drawn in new customers while retaining the interest of current ones.
- Sophisticated Options: Consumers' changing snacking preferences show a desire for more complex foods with practical advantages. This change has led to an increase in the demand for specialty snacks such as meat snacks, which are prepared fast food items made from different meats like hog, beef, and turkey.
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Market Challenges:
The meat snacks market has grown significantly in popularity, but there are a number of factors that have limited its expansion. The growing knowledge and concern of consumers about nutrition and health is one significant obstacle. There is an increasing emphasis on cutting back on red meat consumption and embracing plant-based alternatives as more people prioritize leading healthier lifestyles.
Industry’s Prominent Players:
- Bridgford Foods Corporation
- Chef's Cut Real Jerky
- Hormel Foods
- Conagra Brands, Inc.
- Country Archer Provisions
- KRAVE PURE FOODS, INC,
- Old Wisconsin Sausage, Inc.
- Link Snacks, Inc.
- People's Choice Beef Jerky
- Tillamook Country Smoker
- Perky Jerky
- Tyson Foods Inc.
- Wild Bill's Foods
Geographical Landscape:
In 2023, the North American region held the highest meat snacks market share, more than 38%. North American consumers' growing awareness of health and well-being is driving up demand for high-protein, low-carb snacks. Given that protein contributes to satiety, weight loss, and muscle growth, many are looking for quick fixes that still meet their dietary requirements.
Also, because of their convenient form and variety of tastes, meat sausages are becoming more and more popular in the Asia Pacific region, which is driving the expansion of the meat snacks industry. Meat sausages have been a popular option due to their broad consumer acceptance and versatility as a snack, which has increased demand for meat snacks.
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Meat Snacks Market Segmentation:
By Type Outlook:
- Jerky
- Meat Sticks
- Sausage
- Others
By Source Outlook:
- Beef
- Pork
- Poultry
- Others
By Category Outlook:
- Plain
- Flavored
By Distribution Channel Outlook:
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retail
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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