Meat Snacks Market to reach $ 20.21 Billion by 2028 owing to the emergence of hyperlocal channels will boost the market for meat snacks
Global Meat Snacks market size was valued at USD 9.88 billion in 2021, and it is expected to reach a value of USD 20.21 billion by 2028, at a CAGR of 7.6% over the forecast period (2022–2028).
Westford, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Meat Snacks market provides valuable insights. The industry is currently in a growth phase, with sales increasing at a rate of 7.6% per year. Meat snacks, which serve as twofers to satisfy consumers’ desire for protein-rich as well as dietary options, will see a rise in demand from 2023 to 2028. The recent Paleo diet trend will catalyze the need for high-protein nutrition, which will be heavily influenced by North America.
Another amazing aspect to watch for in the meat snacks market will be the increased penetration and exposure of products through newly devised strategies aimed at improving distribution channels in emerging economies. While the merger and acquisition-oriented truly global method has been the norm in the landscape, the emergence of e-Commerce will supplement market players’ sales opportunities. Furthermore, meat snacks, which are seen as a nutritional supplement option among consumers, are expected to provide a strong speed boost to the market during the forecast period.
However, market participants must also consider the undercurrents of regulatory requirements and volatile consumer preferences. Stringent food safety regulations that govern the meat snacks industry are likely to keep a close eye on product claims, as well as any failure to rationalize these claims may result in product recalls. What is more concerning for market participants is the growing popularity of plant-based snacks, as well as the increasing adoption of vegetarianism and vegetarian diets among the Western populace, which may reduce the size of the target consumers.
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Emergence of hyperlocal channels will boost the market for meat snacks
According to SkyQuest Analysis, sales figures through indirect distribution channels, which include store-based retail outlets and online sales, are expected to reach $8.3 billion by 2028. While the heavy concentration of hypermarkets, grocery stores, convenience stores, and supermarkets can be attributed to the majority of sales closed through retail location retailing, consumers’ proclivity for comfort will open up new measurements of income through online channels for sales. Similarly, sales of meat snacks via online channels are expected to grow at a CAGR of 9.15% during the forecast period.
With the growth of e-commerce networks, market participants began to look at aiming niche demands and are moving more toward novel hyper-local marketing trends. Hyperlocal is likely to expand the boundaries of e-Commerce channels by targeting and designing to cater to niche demand. An increase in the number of on-demand startups such as Grofers, Instacart, Amazon Fresh, and Amazon Pantry indicates a shift away from brick-and-mortar stores or toward online stores. Because of the significantly shorter delivery window for consumers, the success rate and prominence of hyperlocal are likely to exceed that of e-Commerce channels.
Supporting this, we advise companies to focus on Innovation which is a critical component that will likely drive the market over the forecast period.
Top Trends in Global Meat Snacks Market
- Rising consumer preference for brands that practice sustainable practices such as zero waste management and eco-friendly packaging is driving market demand. Another factor driving the demand for meat snacks is a shift in customer preference from conventional meats to plant-based meat substitutes.
- The advantages of eating organic plant-based food that is free of chemical additives are expected to boost demand for meat alternatives. The demand for cultured meat contains bioactive ingredients such as omega 3, iron, and vitamin B12. This is expected to increase the demand for meat snacks.
- To increase product accessibility, key players are collaborating with leading e-commerce channels. For example, some of the leading players have partnered with various channel partners such as Gofers and Licious to deliver meat to customers’ doorsteps.
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The addition of various flavors to meat products is a major factor driving global growth in the meat snacks market.
The meat snacks market is expanding due to a growing preference for spicy, salty, and specific-flavored snacks. Manufacturers are now concentrating on producing Jalapeno, teriyaki, and habanero-flavored meat snacks, as well as cranberry and pineapple-flavored meat snacks. The increasing adoption of new flavors like these, in turn, is propelling the meat snacks market forward. Manufacturers are constantly innovating these products in order to make them more accessible to consumers. For example, the creation of small and innovative on-the-go packages makes meat snacks convenient and easy to consume. These environmentally friendly and convenient packaging options are gaining traction in the meat snacks market.
Demand for Meat Snacks in the United States Will Increase As Consumption of Sausages Meat Snacks Rises
According to SkyQuest, demand for meat snack products in North America is expected to be high. As consumers adopt a healthier lifestyle, demand for sprinkled flavor beef is increasing due to its nutritional value and unique flavor. According to a recent study, the United States and Canada have the highest sales of ready-to-eat meat snacks.
As a result, regional players are developing a variety of dried meat products with regional flavors. Manufacturers are investing in technologies to develop plat-based meat with the same nutrients as animal meat as consumers reduce their consumption of meat.
The full results of SkyQuest’s survey of Meat Snacks are available in the report consumer preferences for Meat Snacks section.
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Major Players in Global Meat Snacks Market
- Associated British Foods plc.
- Conagra Brands Inc.
- General Mills Inc.
- Golden Valley Natural
- Hormel Foods Corporation
- Jack Links
- Monogram Food Solutions LLC.
- Meatsnacks Group
- Nestle S.A.
- Tyson Foods
Related Reports in SkyQuest’s Library:
Global Plant Based Protein Supplements market
Global Liquid Botanical Extracts Market
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