Meat Snacks Market Growth Drivers and Forecast by 2028

[Research Report] The meat snacks market size is expected to grow from US$ 12,169.01 million in 2022; it is estimated to grow at a CAGR of 6.4% from 2022 to 2028

Meat snacks are gaining immense traction among consumers as they are rich in protein, iron, creatine, and several vitamins. Moreover, they are available in a variety of sweet and savory flavor, which increases their demand among consumers. Currently, majority of the meat-based snacks available in the market are made with beef or pork. However, with increased health and wellness concerns, people are shifting toward leaner sources of animal protein. Beef, pork, and lamb consist of higher saturated fat content than chicken. Due to increasing prevalence of obesity and heart diseases, consumers are preferring low fat meat products. This factor is driving the demand for chicken-based meat snacks among consumers.

In 2021, North America held the largest share of the meat snacks market, whereas Asia Pacific is estimated to register the highest CAGR during the forecast period. Poultry meat and pork are widely consumed meats across Asia Pacific. According to the National Bureau of Statistics, pork production in China increased to 35.9% in 2021 from previous year. Moreover, the poultry industry is growing rapidly in China, India, Japan, and other Asia Pacific countries, as the demand for poultry meat is increasing significantly. These factors are expected to drive the growth of the meat snacks market across Asia Pacific over the forecast period.

Meat Snacks Market: Strategic Insights

Impact of COVID-19 Pandemic on Meat Snacks Market

The food & beverages sector faced unexpected challenges due to the COVID-19 pandemic. Government restrictions, such as lockdowns, production shutdowns, travel bans, and border restrictions, disrupted the global supply chains in 2020. Disruptions in manufacturing and raw material sourcing operations hampered the growth of the meat snacks market during the initial months of the pandemic. However, the demand for frozen meat snacks increased amid this global crisis due to panic buying by consumers. Consumers in countries such as the US, Canada, Germany, and the UK dramatically shifted to a plant-based diet. According to research by The Vegan Society, one in every five British people reduced their meat consumption since the start of the pandemic. This factor hampered the demand for meat snacks. In 2021, the marketplace witnessed recovery, as the governments announced relaxation in previously imposed restrictions and permitted manufacturers to work at full capacities. Thus, increased production volumes and improved supply chain operations bolstered the growth of the meat snacks market. The pandemic had a mixed impact on the global meat snacks market.

Market Insights

Strategic Developments by Key Market Players to Drive Meat Snacks Market during Forecast Period

Companies are expanding their production capabilities to meet the rising demand for meat snacks across the world. For instance, in April 2022, Jack Link’s, one of the prominent meat snacks brands in the US, invested US$ 450 million to build a new manufacturing facility in Georgia. Similarly, in July 2020, Conagra Brands invested US$ 100 million to expand its meat snacks manufacturing facility in Ohio, US, to meet the increasing demand for Slim Jim meat products and Duke’s Smoked Sausages. Such strategies are expected to significantly drive the meat snacks market growth during the forecast period.

Type Insights

Based on type, the meat snacks market is segmented into jerky, meat sticks, sausages, and others. The jerky segment held the largest share in the market in 2021. However, the meat sticks segment is expected to register the highest CAGR from 2022 to 2028. Jerkies are the most popular meat snacks. Manufacturers are developing healthier versions of jerky snacks to meet the emerging health concerns of consumers. For instance, in September 2019, the US-based Werner Gourmet Meat Snacks, a jerky and snack manufacturer, launched a new product in the meat snack category with a zero-sugar jerky made with grass-fed beef. Such products are expected to gain immense traction among consumers, which would fuel the meat snacks market growth during the forecast period.

Source Insights

Based on source, the meat snacks market is segmented into beef, chicken, pork, and others. The beef segment held the largest market share in 2021. However, the chicken segment is projected to register the highest CAGR during the forecast period. Beef, pork, and lamb consist of higher saturated fat content than chicken. Thus, high consumption of beef, pork, lamb, and other meats with high saturated fat content increases the blood cholesterol level, which thereby increase the vulnerability of heart diseases, obesity, and high blood pressure. Therefore, consumers are increasingly preferring chicken-based meat products to fulfill the protein requirements while keeping the calorie count low. This factor is expected to drive the growth of the market in the chicken segment in the coming years.

Distribution Channel Insights

Based on distribution channel, the meat snacks market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest market share in 2021, whereas the market in the online retail segment is expected to witness the fastest growth during the forecast period. Online retail stores offer various products with heavy discounts. Also, consumers can conveniently buy desirable products remotely through e-commerce platforms, such as Amazon.com, Walmart, and E-bay. Consumers are increasingly preferring online retail platforms for buying meat snacks due to the availability of a wide range of products of different brands at discounted prices and availability of home delivery services. This factor is driving the market growth in the online retail segment.

Tyson Foods Inc, Bridgford Foods Corporation, General Mills Inc, Werner Gourmet Meat Snacks, Premium Brands, Hormel Foods Corporation, Conagra Brands Inc, Link Snacks Inc, Country Archer Provisions, and Organic Valley are among the major players operating in the meat snacks market. These companies mainly focus on product innovation to expand their market size and meet emerging market trends. For instance, in September 2020, Noel Alimentaria, a Spain-based company launched better-for-you, on-the-go meat snacks under the brand ‘Picalos.’ The company adopted a unique production technology that slowly dehydrates and bakes the snacks in an artisanal way and retains the nutritional qualities of meat. Such products are expected to gain high traction among consumers during the forecast period.

The regional trends and factors influencing the Meat Snacks Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Meat Snacks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Meat Snacks Market Report Scope

Meat Snacks Market Players Density: Understanding Its Impact on Business Dynamics

The Meat Snacks Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Report Spotlights

• Progressive industry trends in the meat snacks market to help companies develop effective long-term strategies
• Business growth strategies adopted by the meat snacks market players in the developed and developing countries
• Quantitative analysis of the market from 2020 to 2028
• Estimation of global demand for meat snacks
• Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in the meat snacks market
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the meat snacks market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
• Size of the meat snacks market at various nodes
• Detailed overview and segmentation of the market, as well as the meat snacks industry dynamics
• Size of the meat snacks market in various regions with promising growth opportunities