Allied Market Research published a research report on the global meat snacks market. The report states that the global meat snacks market generated $7.4 billion in 2018, and is expected to garner $11.3 billion by 2026, witnessing a CAGR of 5.5% from 2019to 2026.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
Shankar Bhandalkar, a Senior Analyst, Consumer Goods at Allied Market Research, highlighted, “Key players operating in the global meat snacks market consider online channel as one of the effective tools in promoting their products and services, due to increase in internet penetration across the globe.”
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The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on market opportunities. Rise in demand for convenience food to replace regular meals and development in the retail structure, and innovation facilitates by manufacturers fuel the growth of the global meat snacks market. However, high production cost of meat snacks restrains the market growth. On the contrary, risein social media marketing and premiumization trend is expected to provide immense opportunities in the future.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the meat snacks market across the globe.Due to the outbreak of covid-19, there was a consumer shift for sustainable and environmentally-friendly meat alternatives such as cultured meat and plant-based meat alternatives, thus decreasing the consumption of meat snacks and declining the growth in the market. However, the introduction of fortified meat snacks products in the market by leading players will improve the market in the coming years.
The report offers a detailed analysis of segments of the global meat snacks market. These segments include product type, nature, distribution channel, and region. This analysis assists new entrants, investors, and market players as itcan determine the fastest growing and highest revenue-generating segments for determining growth strategies for the next few years.
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On the basis of product type, the jerky segment led the market share in 2018, accounting for more than two-fifths of total market share, and is expected to maintain its dominance throughout the forecast period. The demand is due to the affordable rates and popularity in dominant countries. However, the bars segment is anticipated to grow at the fastest CAGR of 6.8% during the forecast period,owing to the unique taste and convenience offered by these products.
By nature, the organic segment is anticipated to grow at the highest CAGR of 6.8% from 2019 to 2026, due to increase in demand for various types of organic food products. However, the conventional segment dominated the global meat snacks marketin 2018, accounting for more than four-fifths of the total market share, and is expected to lead the market in terms of revenue by 2026. The ease in availability and affordable prices of the product drives the demand of the segment.
Region-wise, North America held the largest share of the global meat snacks marketin terms of revenue in 2018, and is expected to retain its position in the forecast period. Rise in demand for convenience food products, increase in the rate of snack food consumption, and increase in the number of domestic as well as international manufacturers in the region have driven the growth of the market in the region.
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Leading players of the global field service management market analyzed in the research include golden Valley Natural, Nestle S.A., Associated British Foods plc., General Mills Inc., Conagra Brands Inc., Hormel Foods Corporation, Tyson Foods, Monogram Food Solutions, LLC., Jack Links, Meat snacks Group, and others.
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