Meat snacks gains momentum in Europe
The global meat snacks market has a chance to expand by $4.14 billion in the next years and Europe will support the growing trend, according to a recent analysis from London-based research company Technavio. The meat snacks market has the potential to grow by USD 4.14 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 8.16%, says the report.
The growth of online distribution channels for meat snacks is expected to drive the growth of the market during the forecast period. Online distribution of meat snacks is expected to increase owing to factors such as rising internet penetration and the growing number of smartphone users across the globe. Online distribution channels help meat snacks manufacturers to reach customers in remote locations. The convenience offered by the online medium, such as the ease of payment using debit or credit cards from the comfort of the consumer's home and the home delivery of products, will drive the growth of the market during the forecast period. Owing to the growing online purchase, new players are entering the market with a variety of value-added services for online distribution.
The increasing demand for protein-rich snacks due to increasing health consciousness among consumers is another driver influencing the meat snacks market. The number of new product launches in the global meat snacks market, highlighting the protein content of the products, has increased. They are shifting the focus of their marketing strategies and projecting their offerings as healthy protein snacks. The players in the market are investing in developing new and healthier products that are free of harmful ingredients. The increasing demand for protein-rich snacks among millennials and the convenience offered by meat snacks, such as on-the-go consumption, will make meat snacks a popular option among millennials during the forecast period, analysts concluded.
Meat snacks are expected to become popular among European consumers and the trend is already visible. In fact, 48% of the growth foreseen is expected to be supported by Europe, according to the study. France, Germany, and Spain are the key markets for meat snacks in Europe. Market growth in this region will be faster than the growth of the market in MEA and South America. The increasing demand for jerkies among consumers will facilitate the meat snacks market growth in Europe over the forecast period. The meat snacks market share growth by the jerkies segment will be significant during the forecast period. The demand for jerky is expected to increase during the forecast period due to its high protein content and low fat. Jerky is finding popularity among runners and weightlifters during and after exercise as a source of protein. The popularity of protein snacking is increasing among consumers, and this is expected to increase the demand for jerkies during the forecast period.
For this year, the growth in the meat snacks market will be 7.34% y-o-y.