Impact Assessment of COVID-19 Outbreak on Meat Snacks Market

 

Meat Snacks Market - Growth Due to Quest for Protein-rich Meals

The global meat snacks market will reach a value tantamount to ~US$ 14.5 Bn by 2029, recording 2X growth from 2019. Meat snacks, acting as twofers to complete consumers’ quest for protein-rich and on-the-go dietary options, will continue to witness an increase in demand during the period of 2019-2029. The recent trend of Paleo diets will catalyze the demand for high-protein nutrition, highly contributed by North America.

Another exciting feature of the meat snacks market, to look out for, will be the improved penetration and exposure of products with newly-devised strategies, targeted at improving distribution networks in untapped markets. While the merger- and acquisition-oriented global reach approach has been a norm in the landscape, the advent of e-Commerce will complement the sales opportunities for market players. On top of that, meat snacks, seen as a meal replacement option among consumers leading a demanding lifestyle, are projected to offer a stout tailwind to the market during the forecast period.

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However, market players also need to focus on the undercurrents of regulatory norms and fickle consumer choices. Stringent food control norms overruling the meat snacks market are likely to upkeep strong scrutiny on product claims, and any failure to justify these claims could lead to product recalls. What is more of a concern for market players is the surging popularity of plant-based snacks with the growing adoption of veganism and vegetarianism among the Western populace, which could shrink the size of the consumer base.

On the whole, considering the changing dynamics, seasoned analysts maintain a propitious outlook on the growth of the meat snacks market at a CAGR of ~7% during 2019-2029.

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How Growth Will Unfold in the Meat Snacks Market

The recent revolution apropos of flavors and products brought in by market players sits at the nexus of evolving consumer preferences. While bars, chunks, and cubes need to find strong inroads in the consumer space, the popularity of jerky meat snacks is already high. This is owing to the marketability of jerky snacks as affordable, healthful, and delicious, and their easily availability at convenience stores and gas stations. According to TMR’s research, the sales of jerky meat snacks are projected to grow to ~US$ 6.3 million by 2029, while the demand for chunks and cubes is likely to strengthen at a CAGR of ~8% during 2019-2029.

Considering the high sales of jerky meat snacks, a leading company, Krave, capitalized on the popularity of quality-focused and high-protein snacks to target affluent consumers. Since affluent consumers evince a marked sensitivity towards the quality and taste of meat snacks, market players are focusing on increasing the exclusiveness of their premium product-based portfolios.

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Advent of Hyperlocal Channels to Drive More Success for Meat Snacks Market

As per TMR’s estimates, global sales through indirect distribution channels, including store-based retailing and online retailing, are projected to reach a value of ~US$ 9.3 billion by 2029. While a majority of the sales closed through store-based retailing can be ascribed to the high concentration of hypermarkets, supermarkets, convenience stores, and specialty stores, consumers’ proclivity for convenience will open up new dimensions of revenue through online sales channels. On similar lines, the sales of meat snacks through online sales channels are estimated to register a CAGR of 9.5% during the forecast period.

With the success of e-Commerce channels, market players began looking at targeting niche demands, and are moving towards novel trends of hyperlocal marketing. Hyperlocal is likely to extend the frontiers of e-Commerce channels by targeting niche demand and catering to it. A rise in the number of on-demand startups such as Grofers, Instacart, Amazon Fresh, and Amazon Pantry point towards the underway shift from brick-and-mortar stores to online stores. The success rate and popularity of hyperlocal is likely to surpass that of e-Commerce channels, owing to the substantially shorter wait window for consumers, in terms of delivery.

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