(Food-Beverage-News.Com, March 29, 2022 ) The LATAM Meat Snacks Market size is estimated to reach $917 million by 2027 and is poised to grow at a CAGR of 6.7% over the forecast period of 2022-2027. Meat snacks consist of an entire catalog of products such as steak bites, meat steak, jerky, and sausages. Consumers within the region of Latin America have increasingly started to purchase ready-to-eat snacks. Favorable policies amongst most of the meat-dominant regions have allowed for product introduction and innovation. The said products are dried and dehydrated, after which they go through the process of flavorings and seasonings. The raw material can be molded according to the preferences of the public. Strips, sheds, nuggets, slabs, and rinds are some of the popular forms. Meat as known posses’ various medicinal properties such as being high in protein, zinc, iron, choline, vitamin B-12, and other omega-3 fatty acids. Hence, marketers have adapted to the strategy of publicizing the products not just for their taste, but for the overall health benefits each snack would offer. A widening product innovation supplemented by the growing disposable income and rising taste preferential is one of the factors which are driving the LATAM Meat Snacks Industry forward in the projected period of 2022-2027.
LATAM Meat Snacks Market Segmentation Analysis- By Meat Type
The LATAM Meat snacks market based on meat type can be further segmented into Chicken, Beef, Turkey, Pork, Fish, and Others. Beef held a dominant market share in the year 2021. It is owing to the presence of predominant products within the category of beef available within the region. Further, the import of meat from bovine animals such as beef has been growing in the regions of South America. Additionally, beef meat provides essential health benefits and is considered one of the healthiest red meat available. Firstly, beef is fulfilled with proteins which helps bodily functions and improves overall immunity. Moreover, beef snacks are rich in minerals and vitamins of various kinds. Additionally, beef contains abundant carnosine which helps in improving immune functionality while reducing the body’s inflammation.
Moreover, Beef is estimated to be the fastest-growing with a CAGR of 7.3% over the forecast period of 2022-2027. It is owing to the various health benefits the said meat possesses. Beef is rich in Vitamins-b12 which researchers have proved helps in increasing the mineral bone density. Osteoporosis, a condition of deficient mineral bone density affects nearly 1 in 12 Mexican women while also affecting 1 in 20 Mexican Men over the age of 50. Owing to the health benefits the said snacks, posses- the beef segment would grow at a steadfast pace.
LATAM Meat Snacks Market Segmentation Analysis- By Distribution Analysis
The LATAM Meat snacks market based on distribution analysis can be further segmented into Offline and Online. The offline segment held the largest market share in the year 2021. It is owing to the wide spectrum of meat snacks available on the shelves of various hypermarkets, supermarkets, and convenience stores. Moreover, retailers associate with various brands through which the salesperson provides the “tasting feature” which allows the public to try and taste the offered product. The said strategy has been said to be effective in converting plausible leads into customers. Moreover, discounts such as 5% off on your next purchase or higher billing benefit make the segment hold strong.
However, the Online segment is estimated to be the fastest-growing, with a CAGR of 7.4% over the forecast period of 2022-2027. It is owing to higher internet penetration in the regions of Latin America. In 2019, there were close to 450 million Internet users in the region, which is up from 200 million in 2010. Owing to the following surge supplemented using internet marketing campaigns, the segment would grow steadily.
LATAM Meat Snacks Market Segmentation Analysis- By Country
The LATAM Meat Snacks market based on Country can be further segmented into Mexico, Chile, Argentina, Brazil, Peru, and the Rest of LATAM. Mexico’s held a dominant market share of 30% as compared to the other regions in 2021. It is owing to the favorable “Free-Trade Agreements” with regions such as the US and Europe who are predominant suppliers of livestock meat. As per IndustryARC analysis, the exports of Mexico for the meat of bovine animals increased by 37% from 2016 to 2020. The bovine animal meat comprises the meat from cattle, cows, buffalos, and various others.
However, Chile is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to a rising trend of imports, specifically pertaining to the imports of meat from bovine animals. Additionally, Chile has a modern and developed food processing industry which represents 31% of Chile’s Economy, as per the country estimates it is projected to reach 35% by 2030. Owing to the presence of such an industry, the country would grow at a steadfast pace.
LATAM Meat Snacks Market Drivers
Growing demand for consuming healthy meat snacks has been a key market driver
A predominant proportion of marketing of the said market goes in advertising the products as “healthy” and not just “tasty.” The said notion has been a key market driver, as people are oriented towards having a better lifestyle while also not compromising on their meat cravings. Chicken protein bars, beef jerky, beef sticks, and teriyaki chicken are some of the common examples of the products which are available in the market, which enhances the consumer sentiment. For example, Chicken Sriracha Bar has been publicized as a protein bar owing to the presence of 13 grams worth of chicken protein-packed with only 130 calories. The product is carb-low, sugar-free, and high in fiber thereby sufficing all the requirements of the body. As per Harvard Health, one should consume one gram of protein for every kg of their weight. Hence, bars such as these could easily suffice as an alternative for one meal, while also filling the other nutritional requirement. Similarly, beef sticks for every 1 Oz contain 70 calories while providing 6 grams of protein. Owing to such factors, the market is positioned favorably.
Hectic lifestyles amongst the region have further acted as a key market driver
According to OECD, Mexico, as a region contributed to the long working hours as compared to the average set by the organization as almost 29% of employees, work very long hours, one of the highest in the OECD where the average is 11%. About 36% of men work very long hours compared with 18% of women. Similarly, Chile as a nation provides 10% longer working hours against the set 11%. Moreover, Columbians provide 27% longer working hours against the 11% standard notion. Such high percentages of the data show the people are automatically drawn towards consuming snacks, which are made from bovine or other animal meat as they are filling, provide the needed nutrition, and are healthy.
LATAM Meat Snacks Market Challenges
The emergence of plant-based meat snacks has impeded market growth
The plant-based protein market has been gaining immense market traction in the last year and a half. More so because of their nature and rising trends of veganism. Additionally, 20% of the population in Mexico has been identified as vegan or vegetarians. Furthermore, as per the data published by the Plant-Based Association- in the year 2020, plant-based meat became a segment leader in terms of YoY growth, as it registered a value of $1.4 billion while growing at 45.3%. Lastly, the majority of the South American nation traditionally followed the notion of eating vegan food, and it wouldn’t take much to tip them off to start continuing on the same trend.
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the LATAM Meat Snacks Market. LATAM Meat Snacks top 10 companies include:
Bridgford Foods Corporation,Conagra Brands Inc.,General Mills Inc.,Hormel Foods Corporation,Jack Link’s LLC,Monogram Food Solutions LLC,Nestlé S.A.,Meatsnacks Group Ltd. (New World Foods Europe Limited),Tyson Foods Inc.Werner Gourmet Meat Snacks Inc.
Recent Developments
In November 2021, Vermont Smoke and Cure launched its new product. The new Hickory Smoked Uncured Bacon Pork Mini sticks would taste like protein you’d love, along with a tinge of maple syrup. The Uncured Bacon .5oz go-packs are perfect for everything from adventures to the daily routine. The new Hickory Smoked Uncured Bacon Pork Mini Sticks will be available in retail stores in Q1 2022. Additionally, the product is made with 100% natural ingredients.
In October 2021, Conagra Brands would make an entry into the NACS show by introducing powerful brands such as Slim Jim, BiGS Sunflower Seeds, ACT II popcorn. The attendees of the event could take a peak of the Slim-Jim which weighs 3 Oz and is a meaty wallop of Slim Jim Savage. The new spicy flavor would be introduced in the product line after the success of the first offering. The classic combo of meat and cheese also has a bold new Slim Jim format with the debut of the Slim Jim Original ‘n Cheese Big Boss.
In September 2021, Veroni has introduced four products for the markets of the Americas, with each snack being full of flavor and protein. The brand-new line of the beloved Italian cured meat maker is inspired by the traditional Italian “Merenda.” It comes in four pairing variations that combine Italian salami (mild and spicy), Provolone cheese, breadsticks, and dry fruits such as dried cranberries and dried apricots. Furthermore, the portable snacking trays make it extremely easy for kids to carry it along in their breakfast.
Key Takeaways
Mexico’s meat snacks market held a dominant market share in the year 2021 owing to the growing attribution of the population to depend on the meat snacks, additionally, favorable trade agreements with US and European Unions have supplemented an easy import of livestock animals. Additionally, Chile is estimated to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the signing up of “Free-Trade Agreements” and the growing disposable income amongst the masses.
The growing demand for consuming healthy meat snacks amongst the hectic lifestyles has been a key market driver. However, consumer sentiment pertaining to the availability of healthy vegan options has impeded market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the LATAM Meat Snacks Market Report.
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