The market for meat snacks was worth $7.4 billion in 2018 and is predicted to grow to $11.3 billion by 2026, with a CAGR of 5.50 percent between 2019 and 2026.
In 2015, the global snack market was assessed at $375 billion, with snack food consumption being highest in North America and Europe. Some of the important reasons driving the overall expansion of the market in terms of value sales include an increase in demand for convenience food products, a gradual rise in desire for salty snacks, and an increase in disposable income of target customers. This eventually leads to a surge in demand for specialist snacks like plant-based, dairy, and meat snacks. Meat nibbles are a form of quick meal.
Consumers have recently replaced their normal meals with convenience food products due to their busy lifestyles. As a result, there has been a surge in demand for snacking products that are high in protein and flavour. For example, Jack Link, a major player in the worldwide meat snacks market, sells beef steak strips in both original and teriyaki flavours, each with eight grammes of protein per serving. As a result, some of the product's primary attributes pave the way for a meat snack market opportunity.
The snacking trend is being driven by millennials, who seek less-processed goods with fewer salt and more natural ingredients with taste and trendy flavours. As a result, some of the world's leading manufacturers have been planning to improve their product offers in response. For example, Perky Jerky announced in 2018 that it was relaunching its brand in order to expand its client base among millennials. It developed a large range of flavoured beef snacks in a variety of packaging options. As a result, the millennial generation's inclination for healthy snacks is a key issue to consider when forecasting the meat snacks industry.
The global market for meat snacks is divided into four categories: product type, nature, distribution channel, and geography. Jerky, sticks, bars, and other products are divided into four categories. It is divided into organic and conventional by nature. It is separated into online and offline distribution channels. North America (the United States, Canada, and Mexico), Europe (Germany, Spain, the United Kingdom, Italy, France, and the rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) (Latin America, Middle East and Africa).
In 2018, the jerky sector accounted for the highest value meat snack market share by product type. There are many different forms of meat jerky available on the market, but beef jerky is the most popular, accounting for roughly half of the overall market. Beef jerky was once marketed as an inexpensive, tasty, handy, low-quality snack that could be found largely in convenience stores and gas stations. Some of its distinguishing characteristics, such as its taste and the fact that it is considerably more full than other snacks, make it both gratifying and enticing to customers. Some of the leading brands in this category are Duke's, Krave, Slantshack, Kings County, and House of Jerky.
The worldwide meat snacks market is naturally divided into organic and conventional segments. Due to the wide availability of these items at reasonable prices, the traditional format of meat snack products accounts for a bigger value share. Traditional items come in a variety of flavours, including original, teriyaki, mild, and spicy. Jerky, sticks, bars, sausages, and lunch box snacks are among the products available in this area, which is greater than the organic segment. Manufacturers concentrate on new advancements and marketing in order to generate higher-value sales. Some of the prominent brands in this area include Jack Link's, SlimJim, Old Trapper, Matador, and Penrose.
The meat snacks market is divided into online and offline distribution channels. For the year 2018, the offline channel was deemed to be the most dominating segment in the global meat snacks industry. The offline store section includes some of the most important brick-and-mortar stores, such as hypermarkets/supermarkets, specialty stores, and franchisee stores. Offline stores provide a wide range of meat snack options, marketing both branded and private-label items. Furthermore, in order to produce larger revenue sales, these types of stores implement numerous crucial promotional and marketing activities, such as customer loyalty programmes, discounts, and seasonal specials. As a result of this, the fact that offline.
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