Meat Snacks Market

Market Overview

The global meat snacks market size was worth USD 8.99 billion in 2022. It is estimated to reach USD 13.95 billion by 2031, growing at a CAGR of 5% during the forecast period (2023–2031). As meat snacks are also considered convenience food items, the growth and adoption of convenience foods positively impact the market's growth. 

Meat nibbles are meat-based foods taken as a snack or in-between-meal food. These goods may be found in various forms in the worldwide Meat Snacks market, including jerkies, sausage sticks, meat bars, and meaty chips. They are often high in protein, low in carbohydrates, and a strong energy source. Meat snacks are popular among customers who want quick, on-the-go snacks that are also healthful and flavourful. Athletes and fitness enthusiasts searching for a handy snack to help them achieve their protein requirements are also interested in these goods.

Market Dynamics

Global Meat Snacks Market Drivers:

Rise in Demand for Convenience Food Products

There has been an increase in the demand for convenience food items over the years, and this growth has been drastic in emerging regions such as Asia-Pacific and LAMEA. Convenient food has become a regular source of nutrition for consumers working in the corporate sector. This increases the adoption of these products in the market. As meat snacks are also considered convenience food items, the growth and adoption of convenience foods positively impact the market's growth.

Development of the Retail Sector

Marketing The retail industry expansion is supported by a rapid increase in the economy, coupled with a surge in consumption of innovative snacking products such as meat snacks, a rise in urbanization, and a surge in the middle-class population, particularly in emerging economies. An increase in foreign direct investments (FDI) leads to a rise in participation from foreign and private players, further boosting the growth of the retail industry. This improvement in the retail infrastructure increases the visibility and reach of products such as food and other convenience goods, which helps with the overall sales of such products. Thus, all these factors together are responsible for the growth of the retail network in emerging economies, which is anticipated to drive the growth of the meat snacks market.

Global Meat Snacks Market Restraint:

High Cost of Production

Manufacturing costs of meat snack products are high due to greater labor efforts per unit of output and a higher rate of production cost. Moreover, post-harvesting, handling of relatively small quantities of organic food items results in higher costs due to the mandatory isolation of conventional produce, especially for processing and transportation, which further adds to the total production cost. Such high production costs hinder the growth of the meat snacks market.

Global Meat Snacks Market Opportunities:

Premiumization Trend Provides Immense Opportunity

Premiumization is a process wherein the manufacturers make a product more appealing to consumers by emphasizing its superior quality and exclusivity. It is driven by a preference for high-quality products and services instead of considering affordable prices. Because of the rise in per capita income, customers tend to choose premium quality products or services. Most branded meat snack products are included under the premium segment, which promises higher efficiency. Such products are expected to provide lucrative opportunities in the global market.

Regional Analysis

North America Dominates the Global Market

Based on region, the global meat snacks market is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant global meat snacks market shareholder and is estimated to grow at a CAGR of 4.3% over the forecast period. The rise in the rate of snack consumption and surge in demand for convenience food products, coupled with an increase in the number of domestic and international manufacturers in the region, have driven the market's value sales growth. In 2018, a single American household spent an average of $25.81 per year on meat snacks. Products such as jerky, meat sticks, and popcorn are popular in this region. With the rise in demand for meat snacks, manufacturers strategize on improvising their product offerings that specifically cater to the demands of target customers. Hence, free-from formats of meat snacks such as fat- or sugar-free have recently gained higher traction among customers. Jack Link's, Old Wisconsin, Slim Jim, and Werner are some of the key brands operating in this region.

Europe is anticipated to exhibit a CAGR of 4.1% over the forecast period. European consumers seek transparency even in food products they consume daily. As a result, manufacturers promote or market their products to be free from or clearly labeled. Such products are known to be GMO-free, sugar-free, or fat-free. Hence, Europe has witnessed the demand for meat snack products with clean labels.

Moreover, organic snacks have gained higher demand in the region due to increased awareness about the health benefits of consuming these products. Germany is the largest organic snack market in the region. With the rise in internet penetration and the option of online food delivery, the market for organic snacks has increased significantly, which fuels the consumption of such food products.

Asia-Pacific provides immense opportunities for the meat snacks market to grow significantly during the forecast period regarding value sales due to some influential macroeconomic and microeconomic factors that help trigger demand for the product. Due to the increase in several workforces, most target customers prefer convenience food products, including snacks. Moreover, Asia-Pacific accounts for more millennials globally, the forefront consumers of snacks. The majority of the millennials are health-conscious and seek protein-rich food products. Hence, the demand for convenience food products and an increase in millennials pave the way for the growth of the meat snack market in value sales.

In LAMEA, it was due to increased consumer expenditure on snacking products. LAMEA is also an emerging region with a rising affluent population that has enough buying power and needs to invest in healthier options for nutrition. Due to the rise in the consumption rate of meat products, various food sectors offer their products in meat flavor, which caters to the requirements of customers in the region. The snacking sector has been enduring a similar trend, gradually increasing demand for meat snack products. The region is expected to witness significant value sales growth during the forecast period due to a surge in demand for convenient meat products. Hormel Food International is one of the key players operating in the region.

Segmental Analysis

The global meat snacks market is bifurcated into product type, nature, and distribution channels.

The global meat snacks market is bifurcated based on product type into jerky, sticks, bars, and others.

The jerky segment dominates the global market and will likely exhibit a CAGR of 4.4% over the forecast period. Jerky is a type of animal protein snack, lean-trimmed meat cut into strips and dried to prevent spoilage. There are various types of meat jerky available in the market. However, beef jerky is the largest category of jerky meat snacks, accounting for around 50% of the total market. Traditionally, beef jerky was marketed as an affordable, tasty, convenient, low-quality snack, primarily sold in convenience stores and gas stations. Some characteristic features, such as its taste and comparatively more filling than other snacks, make it satisfying and appealing among target customers. Duke's, Krave, Slantshack, Kings County, and House of Jerky are some of the key brands operating in the segment.

Based on nature, the global meat snacks market is bifurcated into organic and conventional.

The conventional segment owns the global market and is predicted to exhibit a CAGR of 4.7% over the forecast period. Meat snacks that are available in conventional forms are considered in this segment. The conventional format of meat snack products accounts for a larger value share due to the easy availability of these products at affordable prices. These products are generally available in different flavors such as original, teriyaki, mild, and spicy. Moreover, the product catalog in this segment is larger than the organic segment. For instance, this segment's product variations include jerky, sticks, bars, sausages, and lunch box snacks. Manufacturers are focused on innovations and marketing their products to generate higher-value sales. Jack Link's, SlimJim, Old Trapper, Matador, and Penrose are some key brands operating in this segment.

The global meat snacks market is divided into offline and online channels based on distribution channels. 

The offline segment is the most significant market contributor and will likely exhibit a CAGR of 4.5% over the forecast period. Offline stores facilitate a variety of options for meat snack products, promoting both branded and private-labeled segments. Moreover, these stores initiate key promotional and marketing events such as customer loyalty programs, discounts, and seasonal offers to generate higher revenue sales. Thus, the fact that offline stores facilitate the easy availability of snacking products for their target customers helps drive the segment's growth in value sales.

Recent Developments

• May 2023- Hormel Foods has announced intentions to increase its capacity for producing beef snacks.
• February 2023- Hillshire Brands, a manufacturer of meat snacks, hot dogs, and sausages, is acquired by Tyson Foods.