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The tremendously increasing popularity of savory snacks within developed and developing regions is expected to boost the global meat snacks market growth. The increasing demand for savory meat snacks such as sausages, sticks, and others, coupled with the high protein content of the product is anticipated to boost the product demand. Furthermore, the convenience offered by meat snacks with no cooking and just refrigeration is fueling the market growth.
Increasing emphasis on the high level of protein intake among consumers along with the rigorous product launch and branding efforts undertaken by the prominent market players is projected to be the favorable factors stimulating the market growth in the upcoming years. For instance, in September 2019, Jack Links, U.S. based protein snack company, announced the launch of two new meat bar variant viz., 100% beef bar and 100% chicken bar.
Key Market Driver -
Increasing Demand for Umami Flavored Snacks
Key Market Restraint -
Rising Consumption of Plant-based Meat Snacks
The increasing popularity of portability of snacks and high nutrition content in meat types key factors driving the growth of the market. The rising acceptance of meat snacks in developed regions along with the high purchasing power of the consumers is anticipated to boost the demand for meat snacks. Furthermore, the growing acceptance of healthy snacks that have traditional and familiar flavor and taste along with the suitability for daily consumption is predicted to drive the market in forthcoming years. The players operating in the global meat snacks market are embarking upon the merger and acquisition activities to increase their footprint in the market. For instance, in April 2017, Conagra Brands, Inc., announced the complete acquisition of Thanasi Foods LLC., a prominent meat and other protein-based snacks producing company.
The increasing trend of vegan and vegetarian diet is predicted to hamper market growth. The plant-based meat snacks are gaining traction among consumers and expected to restraint the market growth in forthcoming years.
The prominent players operating in the global meat snacks market are, Conagra Brands Inc., Hormel Foods Corporation, Golden Valley Natural, JACK LINK’S LLC., The Meatsnacks Group, Monogram Food Solutions Inc., Nestle USA Inc., Marfood USA Inc., Werner Gourmet Meat Snacks, and Others.
The beef meat segment is anticipated to hold a considerable share in the global meat snacks market during the forecast period. The ease of availability of beef meat along with the innovation in new products offered by the prominent market players is anticipated to drive the market. For instance, May 2017, Country Archer Jerky has expanded its product portfolio by the launch of Paleo-friendly meat sticks. The new product is made with 100% grass-fed beef and turkey which are raised without antibiotics and added hormones.
Jerky segment is anticipated to hold a prominent share in the global meat snacks market owing to high popularity among consumers. The rapidly changing eating habits and rising awareness about healthy and protein-rich snacking is expected to fuel the market demand of jerky. The extended shelf life of the jerky due to drying process coupled with various flavors offered by the market players in jerky snacks is projected to propel the demand of the product. For instance, in January 2020, Wenzel’s Farm, U.S. based brand announced the launch of Beef Jerky in three different flavors. The product is available in Original. Teriyaki, and Peppered flavors.
Supermarkets/Hypermarkets accounts to hold a prominent share in the sales of meat snacks. The various discounts offered by the supermarket/hypermarket coupled with the different shelves arranged for the meat snacks are anticipated to propel the sales through supermarket/hypermarket. The busy lifestyle of the consumers is anticipated to leverage the sales of meat snacks through online retail stores positively owing to its benefits such as doorstep delivery, easy return, and exchange policies if the product quality is not good and product assurity.
North America is predicted to hold a considerable share in the global meat snacks market in forthcoming years. The busy lifestyle and increasing elderly population across the region are some of the prominent reasons for rising demand of protein-rich and on-the-go meat snacks. Furthermore, the extensive demand for meat and meat products due to the large meat consuming population is expected to fuel market growth. Countries such as the United States and Canada are some of the major markets in the region, wherein meat snacks are seen as common food products.
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Asia Pacific is anticipated to witness significant growth in the global market of meat snacks owing to the increasing popularity of meat sausages across the region. The growing demand for meat snacks in emerging countries such as China and India owing to their increasing population is expected to fuel the market growth. The long working hours coupled with the increasing popularity of healthy snacking to avoid the adverse health effects of junk food are some of the reasons which are expected to propel the market growth within the region.
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