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Flavor & Consumer Preferences to Drive the Meat Snack Market

5 October 2022 by Mordor Intelligence

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Flavor & Consumer Preferences to Drive the Meat Snack Market

– The global Meat Ingredient Market is projected to register a CAGR of 5.12% during the forecast period (2022 – 2027).

– From a medium- to long-term perspective, the meat ingredients market is growing rapidly. A significant factor propelling this market is the high demand for convenience foods, such as instant beverages and snacks.

– Other factors, such as the increasing user application in processed foods, such as meat, frozen meat, etc., along with nutrition and taste convergence, which increased the usage of flavoring agents and salts, are also driving this market.

– Consumers tend to consume processed meat due to its health benefits, and the supply of processed meat through online channels has boosted the market.

– The increasing awareness about the risks associated with using nitrate for curing purposes in processed meat has enabled manufacturers to replace nitrate with other curing agents, like celery powder, to achieve the same effect.

– For example, Conagra Brands Inc., one of the major players in this specific industry, witnessed a growth of 2.1% in sales of processed meat during the second quarter of fiscal 2021.

North America is the Largest Market for Processed Meat

– Consumers in the United States and Canada opt for meat-based breakfast options, including bacon, over other breakfast options, such as pancakes, due to the changing palates and willingness to try new products.

– Consumers in the region increasingly demand ready-to-eat and ready-to-cook meat products with better taste and quality, owing to their busy lifestyles.

– In addition, the increase in consumer awareness and acceptance regarding the convenience of meat products is an essential factor driving the market’s growth.

– In January 2022, Russian meat producer Cherkizovo Group acquired Tambov Turkey, the second-largest turkey producer in Russia. The key strategy behind the acquisition is to maintain dominance over other players in the market.

– Additionally, there is an increased incidence of significant snack meat companies taking over small companies gaining popularity, owing to their unique meat snack products, which is yet another factor driving the demand for various non-meat ingredients.

Read More On: Non-meat ingredients market

Growing Consumption of Meat Snacks

– The growing snack culture led to a rise in the consumption of meat snacks, as they were positioned as a healthier alternative to traditional snack products, like potato fries and biscuits.

– Meat bars are a new wave of protein bars that contain proteins without a long list of unknown ingredients.

– In January 2021, Hormel Foods Corporation acquired Planters®’ snacks, a Kraft Heinz Company subsidy. The strategy behind this acquisition is an expansion of the business and expansion of the product portfolio.

– Companies are investing heavily in meat protein bars. It is emerging as a huge opportunity for protein bar manufacturers.

– One reason behind the increasing demand for meat protein bars is that many consumers believe meat is an all-natural protein source.

– Lean meat options are the favorite healthy protein source, especially among millennial consumers.

 

This report was contributed by knowledge partner: