Analysis of Potential Impact of COVID-19 on Meat Snacks Market
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. 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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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.
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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.
Meat Snacks Market by Product
- Jerky
- Biltong
- Strips, Sticks, and Chips
- Bars
- Chunks & Cubes
- Sausages
- Others
Meat Snacks Market by Nature
- Organic
- Conventional
Meat Snacks Market by End Use
- Food Industry
- Household
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