Meat Snacks Market Size Worth $17.68Bn, Globally, by 2028 to Growing at 6.4% CAGR | Exclusive Report by The Insight Partners
Meat snacks market is expected to grow from US$ 12.16901 billion in 2022 to US$ 17.68068 billion by 2028; it is estimated to grow at a CAGR of 6.4% from 2022 to 2028.
New York, Nov. 23, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Meat Snacks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Source, Category, Distribution Channel, and Geography,”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.
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Meat Snacks Market Report Scope & Strategic Insights:
|Market Size Value in||US$ 12.16901 Billion in 2022|
|Market Size Value by||US$ 17.68068 Billion in 2028|
|Growth rate||CAGR of 6.4% from 2022 to 2028|
|No. of Pages||170|
|No. of Tables||89|
|No. of Charts & Figures||90|
|Historical data available||Yes|
|Segments covered||Type Source Category, and Distribution Channel|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Meat Snacks Market: Competitive Landscape and Key Developments
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 key players operating in the meat snacks market . These companies provide a wide range of product portfolios for the market. These companies have a widespread global presence, which provides a lucrative opportunity for the market to serve a large set of customers and increase the market size.
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North America held the largest share of the meat snacks market in 2021. The US is the world’s largest poultry meat producer and consumer. Growing consumer preference for leaner meat options with changing dietary patterns boosts the demand for chicken-based meat snacks in the region. North America has been a desirable market for meat snack producers, with most consumers leading busy lifestyles and preferring convenience products that can help in saving cooking time. Moreover, meat snacks are a good source of iron, creatine, and various vitamins and minerals. They are highly suitable for people seeking high-protein and low-carb diet. Consumers are rapidly shifting toward high-protein snacks as they have become highly health-conscious, especially post COVID-19 outbreak. Also, the meat snacks are available in a wide range of flavors. These factors are significantly driving the meat snacks market across North America.
Rising Awareness Regarding Lab-Grown/Cultured Meat Snacks to Drive Meat Snacks Market Growth during Forecast Period
In the recent years, the awareness regarding animal cruelty in slaughterhouses is increasing rapidly. Veterinary standards and the meat industry prohibit many abusive practices in factory farming. Therefore, people are rigorously searching for products made with ethically sourced ingredients that do not support animal cruelty. However, some people cannot easily quit eating meat and switch to meat analogs or plant-based meat products owing to their differentiated organoleptic properties. Thus, there is an increase in demand for cell-cultured meat or lab-grown meat among consumers. Cell-cultured meat is produced by vitro cultivation of animal cells. The process does not involve slaughtering of animals. Instead, it uses animal cells to produce meat in laboratories. The demand for cell-cultured meat or lab-grown meat is expected to rise in the coming years as consumers are becoming increasingly aware of the concept. This factor is expected to significantly propel the meat snacks market growth in the future.
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Meat Snacks Market: Segmental Overview
Based on type, the meat snacks market is segmented into jerky, meat sticks, sausages, and others. The jerky segment held the largest market share in 2021, whereas the meat sticks segment is expected to register the highest CAGR during the forecast period. The jerky segment dominates the meat snacks market globally owing to its high protein benefits and consumer inclination from carbohydrate-enriched snacks to highly nutritional snacks. All these factors propel the market growth.
Based on source, the meat snacks market is segmented into beef, chicken, pork, and others. The chicken segment is expected to register the highest CAGR during the forecast period. Chicken has gained increased popularity among health-conscious consumers as it has a higher protein and lower fat content compared to other meat products. Moreover, chicken snacks are most affordable than beef-based and pork-based snacks. Furthermore, in 2018 ASF, commonly called “African Swine flu”, gave traction to the production and consumption of chicken meat. These factors are anticipated to propel the market growth in the chicken segment during the forecast period.
Impact of COVID-19 Pandemic on Meat Snacks Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel restrictions, and business shutdowns. The food & beverages industry was one of the major sectors that suffered severe disruptions, such as breaks in supply chains and shutdowns of production plants. During the initial phases of the COVID-19 pandemic, various companies announced possible delays in the deliveries of products and a slump in the future sales of their products. However, the demand for frozen meat increased amid the crisis due to panic buying by consumers. Moreover, the shutdown of schools and corporate workplaces led to an increase in at-home food consumption, which boosted the retail sales of processed meat and seafood. These factors bolstered the meat snacks market. However, the dietary preferences of consumers changed significantly due to the outbreak. Consumers in countries such as the UK, the US, and Canada 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 onset of the pandemic. This factor hampered the meat snacks market. Thus, the overall impact of the COVID-19 pandemic on the meat snacks market is mixed.
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