LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global meat snacks market to grow at a CAGR of almost 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global meat snacks market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The global meat snacks market is expected to witness stable growth during the forecast period due to the rising awareness of healthy, low calorie, and high protein foods, and a healthy lifestyle. Jerkies are most popular among the US consumers and account for a share of more than 50% of the global meat snacks market. Beef jerkies are the most popular jerky products and account for a share of about 80% of the jerky market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global meat snacks market:
- Growing demand for ready-to-eat products
- Mergers and acquisitions
- Innovation in packaging
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Growing demand for ready-to-eat products
Ready-to-eat snacks such as meat snacks are becoming increasingly popular among consumers as they save time and effort. Owing to the hectic lifestyles of consumers, the growing demand for convenience in food preparation, and increasing disposable incomes, ready-to-eat snacks have witnessed an increasing demand over the predicted period. The increasing number of working women globally has boosted the consumers' demand for ready meals.
Sharan Jaganathan, a lead food research analyst at Technavio, says, “The vendors in the market are developing marketing and advertising strategies to increase the use of ready meals among households. This has increased the demand for meat snacks. The availability of wider varieties will drive the demand in this market during the forecast period.”
Mergers and acquisitions
Mergers and acquisitions is one of the major drivers promoting growth for the global meat snacks market during the estimated period. The meat snacks sector is an attractive and growing sector with many relatively untapped markets. The vendors in the food industry engage in M&A to achieve corporate cooperation. When vendors offering complementary product lines merge together, their portfolios expand, resulting in cost savings and growth opportunities by establishing core brands and divisions.
“The acquisition of Hillshire Brands by Tyson Foods is a recent example of a strategic acquisition in the market. As Tyson Foods is a producer and distributor of chicken, beef, and pork and Hillshire Brands produces packaged meat, frozen bakery products, and other niche product lines, the acquisition will enable Tyson Food to strengthen its food product division,” adds Sharan.
Innovation in packaging
To suit the changing consumption preferences of customers, manufacturers are coming up with innovative packages that are convenient to carry and enable consumption directly from the package while on the go. Consumers are now demanding smaller pack sizes and packaging materials that are environment friendly. New modes of packaging such as stand up pouches and flat barrier bags are gaining popularity in the meat snacks market.
Stand up pouches are easy to carry, can be resealed for later consumption and are available in vibrant colors and designs, whereas, flat barrier bags form the best packaging format for beef jerkies as they exhibit various other features such as oxygen absorbers and tear notches for easy opening.
Top vendors:
- Conagra Brands
- Hormel Foods
- JACK LINK'S (Link Snacks)
- KINGS ELITE SNACKS
- Marfood USA
- The Meatsnacks Group
- Tyson Foods
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