The latest report published by TMR on the meat snacks market includes global industry analysis and opportunity assessment for the period of 2019-2029. Revenue generated from the global meat snacks market has been estimated to be valued at ~US$ 7.1 Bn in 2019, which is projected to increase at a CAGR of ~7%, to reach US$ 14.5 Bn by 2029.
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Urbanization & Industrialization, Especially in Developing Economies, and Economies in Transition to Propel Market Growth
Developing countries such as India, China, Brazil, Turkey, Indonesia, etc., are experiencing positive growth in their GDPs, underpinned by the increasing rate of urbanization and industrialization. The optimistic scenario of the economic conditions of these countries is creating ease of business and fueling the growth of the food and beverage industry.
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The flourishing food and beverage industry is creating huge market potential in developing nations, and therefore, big food and beverage companies are penetrating in the market and expanding in untapped regions. The meat snacks market is expected to grow at a rapid rate in developing countries due to increasing consumer awareness and increased availability of these products.
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Also, due to the urbanization and industrialization, per capita disposable income and consumer purchasing power is rising in countries such as India, China, Turkey, Brazil, Indonesia, etc. This is likely to increase the sales of the meat snacks and create a surge in the market demand for meat snack products in the global market.
Increasing Usage of Social Media Supporting Growth of Meat Snacks Market
The global market for meat snacks is anticipated to be highly impacted due to increasing social media usage. This likely scenario of the meat snacks market is due to the change in consumer perception concomitant to the extensive use of intelligent technologies. Consumer buying patterns can be related to the increased promotion and marketing of new and innovative meat products on online social media platforms in most eye-catching advertisements. These new products are being packaged and advertised in the most attractive ways to attract the younger generation, which is the most enthusiastic as far as trying new products is concerned. Along with this, these products are claimed to be natural and healthy, with added protein and omega-3s, which is anticipated to increase the sales of meat snacks products in the global market.
Premiumization and Convenience to Fuel Sales of Meat Snacks, Globally
Consumers perceive premium and luxury products safe and healthy, produced in a safe environment, with the least possibility of any food fraud or adulteration. Meat snacks product sales are increasing in regions such as MEA, Latin America, and Asia Pacific, due to their premium nature. Moreover, the convenience nature of meat snacks products is driving their sales. Convenient packaging of meat snacks in small sachets and wrappings can be associated with the growth of meat snacks sales, worldwide. Due to competitive work and social life, most people lead fast-paced lifestyles, and prefer to consume ready-to-eat products that are highly convenient in nature. As such, manufacturers are introducing products with maximum convenience, a factor that is expected to drive the global meat snacks market.
Health and Wellness Play a Crucial Role in the Growth Trend of the Meat Snacks Market
According to the International Diabetes Federation, in 2017, approximately 425 million adults were diagnosed with diabetes, a figure that is estimated to reach 629 million by 2045. Also, 1.1 million children were suffering from type 1 diabetes. Along with diabetes, the prevalence of obesity, high blood pressure, high cholesterol, and heart problems is increasing. A hectic and tense lifestyle is the cause of these increased health issues. Due to this, a rise in health consciousness is being observed, giving rise to eating healthy and nutrient-rich food products. The demand for vitamin-, protein-, and omega-3-rich meat snacks is increasing. The ever-mounting demand for healthy, tasty meat snacks with natural constituents is anticipated to propel the sales of meat snacks in the global market.
Ethnic and Novel Flavors to Attract Millennial Consumers
Consumer sentimental analysis concludes that, health and wellness is the prime factor considered by consumers while purchasing any food product. Besides health and wellness, taste and flavor are also important factors impacting the sales of meat snacks. Herbs and ethnic flavors are the most preferred flavors in the market. However, new innovative flavors are endeavoring in the global meat snacks market, such as basil, curry, kimchi, rosemary, and adobo. Novel and innovative flavors of meat snacks are meant to attract different demographers and increase the sales of meat snacks in the market. For instance, True Jerky offers premium product lines of beef and turkey jerky, available in Honey Brisket, Blackberry Merlot, and Thai Chili Mango.