Newark, NJ, June 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global meat snacks market is expected to grow from USD 8.24 billion in 2020 and to reach USD 14.7 billion by 2028, growing at a CAGR of 7.5% during the forecast period 2021-2028.
The meat snacks market is witnessing significant growth form the past years. Meat snacks can be defined as the snacks that are prepared by marinating meat in curing solution and then drying it. The meat that is processed in this manner provides with a unique flavor and also helps to increase the shelf life of the meat snacks. Meat snacks are convenient and ready to eat products and are preferred by many as everyone is busy with their busy schedules. Meat snacks are sources of high protein, zinc, iron, omega- 3 fatty acids and vitamin B-12. They boost up energy and act as appetite suppressor. Meat snacks are made available to consumers both in convenient stores and in online. To gain competitive advantage over the market, the key players adopt few strategic initiatives such as product innovation, mergers & acuisitions, expansions, development of product lines and collaborations etc.
The global meat snacks market is expected to witness significant growth, owing to rapid increase in economy, increasing demand for spicy and salty snack products, health conscious among the public, changing food habits, innovations of products in different flavors by considering tastes and preferences of customers, strong promotional and branding strategies to draw customers attention, rise in urbanization. The out-break of Covid has a positive impact on the market growth as it resulted in the increase in demand for fresh and healthier food products like meat snacks. Convenient packages like wrapping and making the product available in small sachets are considered to propel the market growth. As it is a source of required proteins, vitamins and fatty acids, it helps to maintain balanced diet. The factors restraining the market growth are availability of many substitute food products that are rich in protein, fluctuating costs of raw materials, prevalence of heart and diet related diseases, obesity. Growing humans tendency for veganism and high costs of products restrain the growth of market. Innovations of new flavors of meat snacks, trial mixes of nuts and dry fruits with meat snacks are likely to showcase the opportunities or market growth.
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Key players operating in global meat snacks market include Jack Link’s, Marfood USA, King Elite Snacks, Hormel Foods, Meat snacks Group, Conagra Brands Inc., Nutreco N.V., Winterbotham Darby, Oberto Sausage Co., CamoFrio Foods Group, Duke’s Smoked Meats, Wild Ride Beef Jerky, Bridgford Foods Corporation, Golden Valley Dairy Products, Monogram Food Solutions, LLC., Nestle USA Inc., Associated British Foods Inc., General Mills Inc., Tyson Foods, Thanasi Foods, Werner Gourmet Meat Snacks Inc.
Beef segment dominated the market and held the largest market share of 35.9% in the year 2020
On the basis of meat, the global meat snacks market is segmented into poultry, beef, pork, seafood and others. Beef segment dominated the market and held the largest market share of 35.9% in the year 2020, owing to its affordability, availability, taste, convenience. In addition it contains low fat, no preservatives, gluten free and helps in stabilizing the sugar levels in blood that contributes to the market growth.
Jerky segment dominated the market and held the largest market share of 28.25% in the year 2020
On the basis of product, the global meat snacks market is segmented into Jerky, Bars, Steaks & Strips, Sticks, Sausage. Jerky segment dominated the market and held the largest market share of 28.25% in the year 2020, as various types of meat jerky are made available easily in the market. Meat sticks are considered as the fastest growing market segment.
Conventional segment dominated the market and held the largest market share of 61.45% in the year 2020
On the basis of nature, the global meat snacks market is segmented into organic and conventional segments. Conventional segment dominated the market and held the largest market share of 61.45% in the year 2020. The growth is attributed to its availability in multiple variants such as original, spicy, mild and teriyaki. The product catalogue in conventional segment is larger when compared to organic segment. The affordable costs and ease availability contributes to the market growth.
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Regional Segment of Meat SnacksMarket
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global meat snacks market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest market share of 26.26% in the year 2020. This growth is ascertained by the U.S. in the North America region owing to wide customer base for meat and meat products. In fact it is the leading producer of beef and poultry products. Asia- Pacific is projected as the fastest growing region mainly in India and China due to the growing population which in turn results in the increase in demand for meat. China is the major producer of pork meat, followed by poultry and beef. India is a growing economy in the processed meat products for poultry meat.
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About the report:
The global meat snacks market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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