Pune, India, July 14, 2022 (GLOBE NEWSWIRE) -- The global meat snacks market size is projected to reach new heights in the near future owing to increasing production and consumption of meat around the world, observes Fortune Business Insights™ in its report, titled “Meat Snacks Market Size, Share & Industry Analysis and, Regional Forecast, 2022-2029”. According to the UN Food and Agriculture Organization (FAO), the production of meat has skyrocketed in the past few decades, rising from 70 million tons in the 1960s to 330 million tons in 2017. In terms of consumption, the FAO data from 2013 shows that the US and Australia lead the charge, followed closely by New Zealand and Argentina. Furthermore, current meat consumption is being driven by the steadily growing demand for meat and meat products in the rapidly developing economies of China, Brazil, and India. The emergence of meat snacks such as jerky and sausages neatly complements this trend of increased meat intake as these snacks are able provide immediate satisfaction, especially to the urban working populations, where life is hectic and the demand for convenience foods is booming.
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List of Key Players Covered in the Meat Snacks Market Report:
- Werner Gourmet Meat Snacks
- Nestle USA Inc.
- The Meatsnacks Group
- Golden Valley Natural
- Conagra Brands Inc.
- Marfood USA Inc.
- Monogram Food Solutions Inc.
- JACK LINK’S LLC
- Hormel Foods Corporation
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2021 |
| Historical Year | 2018 – 2020 |
| Forecast Year | 2022 – 2029 |
| Segments Covered | By Product, By Source, By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Werner Gourmet Meat Snacks , Nestle USA Inc. , The Meatsnacks Group , Golden Valley Natural , Conagra Brands Inc. , Marfood USA Inc. , Monogram Food Solutions Inc. , JACK LINK’S LLC , Hormel Foods Corporation & other. |
| Meat Snacks Market Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Highlights of the Report:
- Tangible research into the factors driving the market growth;
- Careful study of the roadblocks facing the market;
- Actionable analysis of the segments of the market; and
- In-depth assessment of the competitive developments and regional landscape of the market.
Market Segmentation:
By Source
- Beef
- Pork
- Poultry
- Others
By Product
- Jerky
- Sticks
- Sausages
- Others (Bars, Nuggets, and Others)
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail Stores
- Others
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Market Restraint
Rising Adoption of Veganism to Dampen Growth
The meat snacks market growth is expected to face a major hurdle in the form of growing adoption of veganism around the world. Several factors are playing a role in promoting this trend. For example, in a 2018 report, Greenpeace observed that by 2050, meat and dairy production and consumption needs to be halved to keep the Paris Agreement on track and avoid the disastrous effects of climate change. Another study conducted by the University of Oxford found that switching to more fruits- and vegetables-based diets can reduce greenhouse gas emissions by 67% and avoid climate change damages in excess of USD 1.5 trillion by 2050. Besides environment and sustainability, the other crucial aspect that is nudging people to adopt veganism is its health benefits. For instance, the University of Oxford undertook a 15-year-long study of vegans, which revealed that those following veganism are at a lower risk of developing prostate cancer compared to their meat-consuming counterparts. This gradual shift toward vegetable- and fruit-based diet regimes will be a serious obstacle in the growth path of this market.
Regional Insights
North America to Lead the Pack Supported by High Meat Consumption
North America is expected to lead the meat snacks market share in the forthcoming years on account of consistently high consumption of meat and animal-based products. According to the FAO, per capita meat intake in the US is rising, which bodes well for this market. Furthermore, active adoption of ready-to-eat, on-the-go meat snacks coupled with extensive presence of supermarkets will also boost the regional market.
Asia Pacific is forecasted to present promising opportunities for market players as sausages and nuggets are gaining popularity speedily in India and China. In addition to this, increasing demand for healthy snacks in urban areas, rising meat production, and steadily increasing disposable income will further fuel the regional market growth.
Competitive Landscape
Key Companies to Concentrate on Broadening Operational Horizons
With a view to capture untapped domains, key players in the meat snacks market are targeting their investments toward expanding their operations, both regionally and globally. For this, the companies are partnering with regional players to establish their presence. Aside from this, the players are also strategically introducing novel animal-based snacking products and widening their offerings.
Industry Developments:
August 2020: Plumrose USA announced its plans to set up a new meats and charcuterie production facility at an estimated investment of USD 200 million. The plant will be focused on producing high-quality Italian meat items such as salami and prosciutto, allowing Plumrose to expand its footprint in the meat snacks industry.
July 2020: Peperami, a meat snacking brand under Jack Link’s, launched Smokin’ Chicken Bites, the newest addition to its flavored chicken portfolio. With its low calorie content and a high nutritional quotient, the company aims to attract the younger, more health conscious individuals with this new offering.
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