Meat snacks: Key market research findings
- Introduction of new products and flavors
- Growth I mergers and acquisitions among vendors
Technavio has released a new market research report on the global meat snacks market, which is expected to grow at a CAGR of 10% between 2016 and 2020. The introduction of new products and flavors is the primary growth driver of this market. Jerky snack are the most preferred meat snacks among consumers, where beef jerky accounts for 80% of the total sales. Americas account for 57% of the total market share. A majority of the consumers in this region prefer meat snacks as a source of high protein content, and the low-calorie content is an added advantage to meat snacks, especially in jerky products.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Manufacturers are coming up with meat snacks in new and spicy flavors such as teriyaki, jalapeno, and habanero and also with gender specific products such as pineapple and cranberry flavored turkey jerky. For instance, meat straws offered by Benny’s Original are available in different varieties such as beef and pork straws and is expected to increase the demand for meat snacks during the forecast period,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
The increasing number of mergers and acquisitions is expected to boost the market growth during the forecast period. The meat snacks market is an attractive and growing sector with a large number of untapped markets. Apart from major regions such as the US and South Africa, most of the markets have not yet matured, and this provides a significant opportunity for companies to tap into the potential of the market.
The leading vendors in the global meat snacks market include ConAgra, Hormel Foods, Jack Link’s, King Elite Snacks, Marfood USA, Meatsnacks Group, and Tyson Foods. This market is highly fragmented due to the presence of numerous small and large vendors. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The high vendor competition has led an increased number of mergers and acquisitions, wherein smaller entities are being acquired by, or are being merged with, major players.
A more detailed analysis is available in the Technavio report, Global Meat Snacks Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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