In-depth analysis of the COVID-19 impact on the Meat Snacks Market
The meat snacks market size was valued at $7.4 billion in 2018 and is expected to reach $11.3 billion by 2026, registering a CAGR of 5.50% from 2019 to 2026.
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The global snacks market was valued at $375 billion in 2015 with North America and Europe witnessing highest rate for snack food consumption. Increase in demand for convenience food products, gradual rise in preference for salty snacks, and increase in disposable income of target customers are some of the key factors behind the overall growth of the market, in terms of value sales. This eventually triggers demand for specialty snacks such as plant-based snacks, dairy snacks, and meat snacks. Meat snacks are a type of convenient food products that are processed with different meat products such as beef, turkey, and pork. Hence rise in demand for specialty snacks products eventually drive the global meat snacks market growth.
Although plant-derived protein has been making headlines, demand for protein in general is on the rise, including animal-derived proteins. Once considered a particularly North American snack, jerky has gained popularity in Europe as well, after the Jack Link's brand entered the market in 2014, drawing attention of European snack manufacturers. Innovative new products, such as sausage crisps and traditional meat snacks from other regions, such as South African biltong, have since boosted the meat snacks. Hence rise in demand for jerky in European region is an influential meat snacks market trend.
Over past couple of years, the global meat snacks market has evolved, in terms of its product offerings, which specifically caters to varying needs and requirements of health-conscious customers. For instance, Jack Link's, one of the key players in the global meat snacks market announced that it would be launching its new line of beef flavored bars for the North America market in the year 2020.
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The global meat snacks market analysis is segmented on the basis of product type, nature, distribution channel, and region. By product type, it is classified into jerky, sticks, bars, and others. By nature, it is bifurcated into organic and conventional. By distribution channel, it is divided into online and offline. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, Spain, the UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, the UAE, and rest of LAMEA).
Key Findings of the Study:
By product type, the bars segment is expected to register a CAGR of 6.80%.
By nature, the organic segment is expected to witness significant value sales meat snacks market growth
On the basis of distribution channel, the offline segment accounts for a higher value meat snacks market share.
Region wise, North America is estimated to garner a higher value share.
Key players profiled in the global Meat snacks industry include Associated British Foods plc., Conagra Brands Inc., General Mills Inc., Golden Valley Natural, Hormel Foods Corporation, Jack Link's, Monogram Food Solutions, LLC., Meatsnacks Group, Nestle S.A., Tyson Foods, and others.
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