Global meat snacks market size is estimated to be over UD$ 4.3 billion in 2018
Global Meat Snacks Market Size Analysis, 2018-2028
While developed regions have reached market saturation wherein companies are competing to sustain the market share; there has been immense growth in overall demand for meat snacks in developing regions. However, socioeconomic woes has been a major concern for industry players planning to expand their business reach. In order to assure the profitability, the leading companies are consistently launching various variants with different flavors.
Global Meat Snacks Market Drivers and Challenges:
Global Meat Snacks market revenue is expected to be driven by various factors. Some key macroeconomic factors expected to boost the sales of the product include manufacturers offering unique flavor profiles and new marketing approaches backed by RnD and product innovation, growing demand for healthy snacks that have a familiar taste and are suitable for daily consumption is also contributing to the sales. Ready-to-eat snacks such as meat snacks are becoming increasingly popular among consumers as they save time and effort.
Rising consumer awareness regarding nutritional ingredients and the perception wherein meat snacks are considered as affordable comfort food is acting as a significant market driver.
The industry is also characterized by mergers and acquisitions. The meat snacks sector is an attractive and growing sector with many relatively untapped markets. The acquisition of Hillshire Brands by Tyson Foods is a recent example of a strategic acquisition in the market.
The global meat snacks market is segmented on the type of consumption (jerkies, sticks, and steaks). It is also available as kippered steak, pickled sausage, combo packs, sliced jerky and chews. Within the meat snack category, jerky is the most popular type and is typically low in fat, carbohydrates and calories and provides a high amount of protein but high in sodium. Jerky accounted for 46% of global meat snacks market in 2016. The share is expected to go down by nearly 300 basis points between 2017 and 2027.
To know more and download the sample, click below:
Meat Snacks Market Size and Industry Trends| Strategic Report 2018-2028Global meat snacks market size is estimated to be over USD 4,300 million in 2018 and will grow with …
Read on bekryl.?comGlobal Meat Snacks Market Regional Analysis:
Global meat snacks market is dominated by Europe followed by North America. Countries such as Germany, the UK, France, Russia, and Spain has been lucrative destination for meat snacks players. The demand in these countries is expected to grow on account of product awareness campaigns conducted and the introduction of flavored product. Belgium, Luxembourg, and the Netherlands are expected to be the major contributors to the overall demand over the forecast period. The UK market is driven by the rising new product developments. Countries such as the UK and Germany, which were originally dominated by sausages and pickled poultry meat, are now witnessing an increasing demand for jerky. Turkey is also expected to be the major markets for halal sticks, which would consequently augment the demand for this form of snack over the forecast period.
Asia Pacific, though, will register highest CAGR, will add little in terms of overall revenue opportunity. As such, aggressive expansion is still restricted to Europe and North America. In Asia Pacific, much of the demand for meat snacks is from ASEAN (Thailand and Vietnam) followed by China and South Korea. As per the estimates, China is estimated to account for nearly 57% of total Asia Pacific share in 2017. High population demographics along with comparatively lower meat snacks prices (~20% lower compared to global prices) has actually created demand among Asia Pacific region.
Global Meat Snacks Market Competition Analysis:
Industry participants are acquiring regional companies to gain access to the market along with the technology and regional flavors. Key industry participants include MeatSnacks Group, Cremonini Group, IZICO, Jack Link’s GmbH, Windau, Citterio, Kerry Group, and Bell Group.
The meat snack industry is still in its nascent stage. However, industry participants are adopting strategies that enable them to dominate and control the entire value chain. Companies such as Danish Crown and Cremonini Group are investing heavily in slaughterhouse facilities and distribution channels to gain sustainable advantage.
The presence of a large number of supermarkets and changing retail landscape in Central and Eastern Europe is expected to boost the demand for meat snacks. However, the rising cafe culture around the world is expected to propel the restaurant distribution channel growth over the forecast period. The Top vendors include Conagra Brands, Hormel Foods, JACK LINK’S (Link Snacks), KINGS ELITE SNACKS, Marfood USA, The Meatsnacks Group and Tyson Foods.
For any other queries reach out to us at
sales@bekryl.com
+1 347 464 1068