Surge in demand for convenience food products is projected to escalate the meat snacks market at a CAGR of 5.4%
Latest market study on “North America Meat snacks Market to 2027 - Analysis and Forecasts By Type (Jerky, Sticks, Strips & Bites, Bars, Sausages, Others); Nature (Organic, Conventional); Sales (Direct, Indirect); Flavour (Original, Pepperoni, Spicy Red Pepper, Others); Source (Beef, Pork, Turkey, Others)”. The North America meat snacks market is accounted to US$ 3,254.2 Mn in 2018 in 2018 and is expected to grow at a CAGR of 7.2% during the forecast period 2019 - 2027, to account to US$ 6,036.5 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Under the product type segment, the jerky segment accounted for the largest share in the North America Meat snacks market. Jerky is a type of meat snack that is preserved with a salt solution, and the moisture content in the meat is reduced to less than 50% of the total moisture content. The word jerky derives from the Quechua word ch'arki, which means dried and salted meat. It is typically brown in color and has a rough texture. As compared to unprocessed meat, jerky is tougher and has a more enhanced flavor. This is mainly due to the taste concentrating effect of the moisture removal process. Jerky produced from beef is promoted as a nutritious and low-calorie product that is low in cholesterol and fat and high in protein and energy. Jerky is a common meat snack consumed mainly in the US, Canada, and Mexico.
Convenient foods are food products that often need less time and effort for preparation. The demand for convenience foods is growing at a faster pace due to changes in social and economic patterns, coupled with an increase in urbanization, a rise in purchase power an, changes in meal patterns and existing food habits, and desire to taste new products. They are becoming extremely popular, especially among working-class people, teenage children, and people living in hostels and bachelors. The significant shift of the consumers towards convenience food products in developed countries such as the US, Canada, and Mexico is driving the demand for meat snacks in North America. Moreover, with the growth of the food and beverage industry and the rise in the disposable income of consumers, consumers are inclining more towards convenience foods. These convenience foods, including meat snacks, have found a shelf in the retail outlets and supermarkets as they are highly demanded due to a busy lifestyle. These foods minimize time and energy for preparing food at home or in hotels. Also, technology and innovative packaging involved attracting consumers to purchase them. Currently, convenience foods supply much of the food requirements of the population in developed countries. Their prominence in the modern diet pattern is the result of the urbanization of society and changing the food habits of the consumers.
The market for North America meat snacks is concentrated with some very well-established players. Some of the key players in the North America meat snacks market include Bridgford Foods Corporation, Conagra Brands, Inc., Hormel Foods Corporation, Link Snacks, Inc., Monogram Food Solutions, LLC., Oberto Snacks Inc., Old Trapper Smoked Products Inc., The Hershey Company, Tyson Food Inc. and Meatsnacks Group Ltd, among others.
North America Meat Snacks Market - By Country Breakdown, 2018