The meat snacks market size is expected to grow from US$ 12,169.01 million in 2022 to US$ 17,680.68 million by 2028; it is expected to grow at a CAGR of 6.4% from 2022 to 2028.
Meat snacks are made with beef, chicken, pork, fish, lamb, or other meats. Consumers are highly concerned about product quality and ingredients used. They are increasingly preferring organic, all natural, and additive-free products. Therefore, manufacturers are launching certified organic products free of synthetic flavors, colors, additives, and genetically modified organisms. For instance, Applegate, a wholly-owned subsidiary of Hormel Foods, launched ’The Great Organic Blend Burger’. The burger is made by blending meat with mushrooms. It is made with 100% organic grass-fed beef, organic turkey, mushrooms, and rosemary extracts, which makes it nutritious and flavorful. Moreover, Organic Valley, a US-based co-operative, offers USDA-(United States Department of Agriculture) certified organic beef sticks and sausages made with 100% grass-fed beef. These products are free of artificial color, flavors, preservatives, and genetically modified organisms (GMOs). Launch of such products are expected to significantly drive the meat snacks market growth in the coming years.
Based on distribution channel, the meat snacks market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share of the meat snacks market in 2021 whereas the online retail segment is projected to account for the highest CAGR from 2022 to 2028. Supermarkets and hypermarkets are large retail establishments which offer a wide range of groceries, foodstuffs, beverages, and other household goods. Products from various brands are available at reasonable prices in these stores, allowing shoppers to find the right product quickly. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Supermarkets and hypermarkets focus on maximizing product sales to increase their profit margins. Manufacturers of meat snacks usually prefer to sell their products through supermarkets & hypermarkets owing to the high footfall received by these stores. Increasing urbanization, rising working-class population, and competitive pricing boost the popularity of supermarkets & hypermarkets in developed and developing regions. Moreover, such stores have modern storage facilities that ensure ideal storage conditions for meat snacks. The rising sales of meat snacks through supermarkets and hypermarkets is driving the market growth.
By region, the meat snacks market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2021, North America held the majority of meat snacks market share; however, Asia Pacific is estimated to register the fastest CAGR from 2022 to 2028. The rising population, rapid urbanization, and changing consumption habits of people are supporting the growth of meat snacks market across Asia Pacific. According to Asia Research and Engagement (ARE), Pakistan, Vietnam, and Thailand are the prominent beef-consuming countries in Asia Pacific. This factor provides significant growth opportunities to the beef-based meat snacks manufacturers across the region. However, due to religious sentiments associated with beef consumption in India, the demand for poultry meat is increasing which is driving the chicken and poultry-based meat snacks market.
The key players operating in the meat snacks market include Tyson Foods Inc, Bridgford Foods Corporation, General Mills Inc, Werner Gourmet Meat Snacks, Premium Brands, Hormel Foods Corporation, Conagra Brands Inc, Link Snacks Inc, Country Archer Provisions, and Organic Valley among others. These players are engaged in developing affordable and innovative products to meet the rising customer demands and expand their market shares.
The overall meat snacks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants?such as valuation experts, research analysts, and key opinion leaders?specializing in the meat snacks market.