Meat Snacks Market accounted for USD 5.0 billion in 2018 and is expected to register 3.7% CAGR during the forecast period, 2019 to 2024, Global Meat Snacks Market Research Report: by Product Type, Source, Distribution Channel and Region | Meat Snacks Market industry
— Meat Snacks Market Scenario
Meat Snacks Market are foods gaining traction due to the need for healthy food options globally. The surge in health-consciousness levels as well as the mushrooming of various fitness centers and gyms are evident of the need for healthy munching foods. The global Meat Snacks Market report by Market Research Future (MRFR) consist of numerous trends, drivers, and innovations as well as growth prospects for the period of 2019 to 2024.
The global Meat Snacks Market is predicted to exhibit 3.7% CAGR from 2019 to 2024 (forecast period). It was worth USD 5 billion in 2018. The market is portended to explode due to the demand for convenient high-protein products. Development of products with a high protein level and premiumization of such products can bode well for the market. People pursuing paleolithic and ketogenic diets are likely in need for such snacks for replenishing their protein levels and make up a major consumer base of the market.
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High expendable income levels of consumers are another major driver of the market. Popularity of premium beef jerky sourced from clean channels as well as emergence of various meat bars for catering to the large consumer base can boost sales of these products. Concerns of public health and demand for premium meat among affluent customers are other drivers of the global meat snacks market.
Major industry participants in the global Meat Snacks Market include Conagra Brands, Inc., Golden Valley Dairy Products, Marfood USA, Inc., Country Archer Jerky Co., Werner Gourmet Meat Snacks, Bridgford Foods Corporation, Copperstone Foods, LLC, Meatsnacks Group, Nestlé USA, Inc., Link Snacks, Inc., Big Chief Meat Snacks Inc., Stafford Meat Company, FireCreek Snacks, Monogram Food Solutions, LLC., Oberto Sausage Co, Inc., and Hormel Foods Corporation. The market is highly concentrated with smaller startups gaining coverage due to the need for economically priced snacking options.
Acquisitions are at an all-time high for players looking to maintain their standings in the global meat snacks market. Recently, Premium Brands Holding Corporation decided to acquire Oberto Brands which features a range of meat-based trail mixes and products.
The global Meat Snacks Market is segmented by product type, source, and distribution channel.
By product type, it is segmented into bars, steak bites, jerky, and others.
By source, it is segmented into poultry, beef, pork, and others.
By distribution channels, it is segmented into store-based and non-store-based.
North America, Asia Pacific, Europe, and Rest-of-the-World (RoW) are regions taken into consideration in the compilation of the global Meat Snacks Market report.
North America is projected to dominate the standings in the global market due to high demand for healthy and protein-rich snacks. In addition, the large consumer base for such products and presence of various manufacturers are likely to bolster the regional market demand. Launch of products in various forms and sizes can positively impact market demand. The U.S. is expected to be the biggest generator the region due to high consumption levels of beef. Inclination of consumers towards on-the-go snacks as well as pursuance of healthy lifestyles are drivers which provide opportunities for market players.
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The APAC region is expected to display the highest CAGR during the forecast period due to a large consumer base with a penchant for snacks. Manufacturers are recreating local flavors and selling them under their large product portfolio. Development of novel flavors are likely to entice the purchasing power of customers.
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