Market Overview:
The Global Meat Snacks Market size is expected to grow from USD 3.78 billion in 2022 to USD 6.54 billion by 2030, at a CAGR of 7.1% during the forecast period (2023-2030).
Meat snacksare a type of convenient food product. It is made from different meat products such as beef, turkey, and pork. Meat snacks are made by marinating meat in a curing solution and drying the product to get the required product. Meat processed in this manner gives it a unique flavor and aroma. The marinating process also improves and increases the shelf life of meat snacks. The unique flavor of meat snacks is attributed to the concentrating effects of the moisture removal process
Top Key Players for Meat Snacks Market:
Conagra (US), Hormel Foods (US), Jack Link’s (US), King Elite Snacks (UK), Marfood USA (US), Meatsnacks Group (UK), Bridgford Food (US), Associated British Foods (UK), Golden Valley Natural (US), General Mills Inc (US), Monogram Food Solutions LLC (US), and other major players.
Market Dynamics and Factors for Meat Snacks Market:
Drivers:
Increasing Habits of Eating Meat Snacks
People are moving to words meat snacks rather than veg snacks due to their high protein content. Protein-rich quality meat snacks attract customers. 52% of consumers are more likely to spend on snacks that are high in protein. In addition to this, meat snack manufacturers are offering different delicious flavors, and forms of meat snacks according to the customer preference this strategy is convincing customers to buy meat snack products. Moreover, introducing less-common protein sources, including turkey, seafood, and game meats, and expanding offerings in the refrigerated case through power packs, bars, and deli bites helps to increase snack eating habits. As a result, increasing the habit of eating meat snacks propels the growth of the market.
Opportunities:
Emerging Technical Innovations in Meat Snacks Market
Meat snacks are highly consumed in the world. In the US two two-thirds of adults admit to regular consumption of snacks between meals and fulfill the increasing demand of the consumer are many innovative techniques used in the production of meat snacks. For instance, The QDSnacks system is an evolution of the QDS Process (Quick Dry Slice process) system, it is a disruptive technology of quick-drying for cured sliced sausage based on improved efficiency of drying time since instead of drying entire bars, the cured and fermented product is dried once it has been sliced so that drying time goes from some 40 days to about 40 minutes.
Segmentation Analysis of the Meat Snacks Market:
By Product Type, the jerky segment is expected to account for the largest share of the meat snacks market during the forecasted period. Jerky is a meat product that has been dried to less than 50% moisture content and It has a greater flavor and texture than uncured beef.
By Source, the beef segment is expected to dominate the meat snacks market in the forecast period. Beef jerky is the most popular product in the market. It contains high protein content and essential nutrients, making it more famous in the meat snack market.
Regional Analysis of the Meat Snacks Market:
The North American region is the second most dominated region in the meat snacks market during the forecasted period. The U.S. is a leader in the production of beef and poultry. An increase in the production of meat snacks boosts the growth of the market. According to the U.S. Department of Agriculture (USDA), 20% of meat snacks are produced by the U.S., out of the world’s total production of beef. In the U.S., Canada, and Mexico beef Jerkies are largely produced.
Key Industry Development:
In March 2022, Slim Jim a US-based snack brand. The meat-snack maker filed for licenses under the names ‘Slim Jim', ‘Metaverse', and ‘Long Boi Gang' and is now looking to bring ‘services featuring virtual goods, food products, and non-fungible tokens (NFTs)' to the metaverse. To allow people to buy, sell, trade, and collect Slim Jim food products in the virtual universe.
In March 2021, Under the Cherkizovo Premium brand, the Cherkizovo Group introduced three new meat snack product lines: pork, chicken, and turkey snacks. Meat that has been cured and dried is used to make these meat snack products.
