Meal replacement products market is growing at a CAGR of 9% during the forecast period (2019-2024).
- The market is driven by increased demand for snacks that are rich in nutrients such as omega-3s, iron, and vitamin B12.
- The portable snacks make it a convenient option for consumers requiring healthy meat snacks for on-the-go.
- The rapid growth of the e-commerce sector will also aid the growth of the market by offering a wide array of meat snacks for online purchase.
Scope of the Report
Meat snacks are available as jerky, stick, sausage, and others that are sold in convenience stores, hypermarkets/supermarket, online retailers, and others. The products are available in different flavors to meet distinct taste preferences of consumers.
Key Market Trends
Increasing Popularity of Sausages Globally
Consumers are increasingly purchasing three major varieties of meat snacks such as jerky, sticks, and sausages. While jerky is popular in North America and Europe, sausages are increasingly gaining market shares in non-traditional countries, such as India and China. Brands like Conagra are offering pickled sausages in several flavors and pack sizes to meet the unique preferences of consumers. Also, the launch of different product forms, like handmade sausage crisps, are expected to have a positive impact on market demand as well.
North America Witnessed Highest Revenues
The United States is the largest market in North America and worldwide, wherein meat snacks are seen as basic food products. Beef is the single largest meat type in the country. People in the region especially individuals following an active and healthy lifestyle are opting for peppered flavor beef jerky due to its health benefits and taste. Moreover, with the increasing popularity of grab and go protein snacks, producers of jerky and dried meat snacks are capitalizing on the concept by introducing new products to meet the growing demand.
Conagra Brands, Inc., Hormel Foods Corporation, THANASI FOODS, and JACK LINK’S, LLC., are some of the companies leading the meat snacks market. Major players have focused on the long-term strategies, involving product and flavor innovation as the market demand is shifting toward a region-specific and exotic range of flavors. Additionally, large number of international players are expanding their geographical presence to expand their customer reach.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support