Newark, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 18.79 Billion Meat Snacks market will reach USD 35.11 Billion by 2033. Increasing strategic developments by the private players in the market may create lucrative opportunities for Meat Snacks devices in the market. Higher concentration towards product launch of premium products may boost the growth of the Meat Snacks Market in the period forecasted. For instance: In March 2023, Chomps launched two new flavours of meat snack beef category products in the US. The main objective of this launch was to entice the US-based potential market customers to purchase the product and increase the target-based population.
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Key Insights on Meat Snacks Market
Meat Snacks Market Size by Product Type (Jerky, Stick, Sausage, Other product types), by Distribution Channel (Convenience stores, Supermarkets/hypermarkets, Online retail stores, Other distribution channel types), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
North America emerged as the largest market for the global Meat Snacks market, accounting for 43.57% of the total market. Owing to the rising preference for snacking options and increasing preference towards healthy food options. Whereas APAC is anticipated to exhibit the highest growth rate over the period. Owing to the increased production of poultry meat and pork in the region.
Jerky has dominated the market thereby acquiring a market share of 35% in the year 2023.
The jerky segment has dominated the market accounting for 35% of the total market. Rising awareness towards health-conscious consumers and increasing demand for healthy snacking options have led to rising demand for Jerky in the global market. Whereas, Sticks are forecasted to be the fastest-growing segment in the market. Owing to increasing preference towards chicken-based meat sticks in the market.
Supermarkets/Hypermarkets accounted for the largest share of 35.43% in the market, in 2023.
The Supermarkets/Hypermarkets segment has dominated the Meat Snacks market thereby acquiring the market with a share of 35.43% in the global market. Owing to high discounting options and rapidly growing footfall in the market. Online retail stores are the fastest-growing segment in the market. Owing to high discounting options and increasing purchases through online retail channels. Such as Amazon, Flipkart, E-bay, and others.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.45% |
| 2033 Value Projection | USD 35.11 Billion |
| Market Size in 2023 | USD 18.79 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Product Type, Distribution Channel, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Meat Snacks Market Growth Drivers | Increasing strategic developments by the private players in the market |
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Latest Development:
• In October 2023, Country Archer Provisions launched two new meat snack products: Rosemary Turkey Mini Sticks and Original Beef Jerky Snack Packs. The Launch was made amid falling trends in consumer health towards healthy snacking.
• In September 2023, Volpi Foods expanded its product line thereby introducing a new product line of Salami Stix. The products in this product line are healthy, and available in a variety of flavors, packs, and sizes suitable to consumer choices and needs.
• In April 2023, Doki Foods launched chicken chips and buffalo jerky. The products are available in a variety of flavours, sizes, packets, and others.
Market Dynamics
Drivers: Increasing demand for convenient snacking options
The inability to meet work-life balance, especially among the working class and the rising young generation of consumers is one of the primary factors driving the growth of the Meat Snacking Market on the global front. For instance: According to Statista, the number of co-working spaces has increased from 19,421 co-working spaces in the year 2020 to 41,975 co-working spaces by the year 2024.
Restraint: Rising consumer preference towards vegetarianism
One of the major restraints that may hamper the growth of the Meat Snacks Market is increasing consumer preference towards vegetarianism. With the increasing demand for a health-conscious diet and the adoption of vegan-diet, consumers are likely to shift to other meat alternatives in the market. For instance: According to Future Kind, the U.S vegetable-based food industry showed an increase of 40% from 2017 to 2019 globally, the forecasts predict that the industry is expected to rise to USD 27.9 billion by the year 2025
Opportunity: Increasing strategic developments by the private players in the market
Higher concentration towards product launch of premium products may boost the growth of the Meat Snacks Market in the period forecasted. For instance: In March 2023, Chomps launched two new flavours of meat snack beef category products in the US. The main objective of this launch was to entice the US-based potential market customers to purchase the product and increase the target-based population.
Challenge: Rising numbers of new entrants in the market
An increasing number of new market players and the lack of space for them to enter the market is one major challenge that may hinder the growth of the Meat Snacks Market in the period forecasted.
The new entrants face several challenges from outside forces, such as government norms, rules and regulations, lack of customer preference for their product are some challenging factors for the market.
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Some of the major players operating in the Meat Snacks market are:
• ConAgra Brands Inc.
• Hormel Foods Corporation
• Link Snacks Inc.
• Golden Valley Natural, LLC
• The Meatsnacks Group
• Bridgford Foods Corporation
• Monogram Food Solutions LLC
• Sweetwood Smoke & Co.
• Wild West Jerky
• Country Archer Provisions & WorldPantry.com LLC
Key Segments cover in the market:
By Product Type:
● Jerky
● Stick
● Sausage
● Other product types
By Distribution Channel:
• BFSI
• Convenience stores
• Supermarkets/hypermarkets
• Online retail stores
• Other distribution channel types
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About the report:
The global Meat Snacks market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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