Dive Brief:
- Hormel Foods is introducing a selection of healthy on-the-go snacks under its Natural Choice brand, according to a company press release.
- Each snack tri-pack includes one type of 100% natural deli meat made without artificial preservatives or ingredients, either cheddar or pepper jack cheese cubes, and a dark-chocolate covered treat of either almonds, blueberries or pretzels.
- "We are proud to say your 100% natural deli meat is now available in a convenient, portion-controlled option, and coupled with a sweet treat, attributes our wellness-seeking consumers have long been craving," brand manager Andrew Quinn said in the release.
Dive Insight:
Hormel Foods is taking another stab at the growing snack market. This time, the meat manufacturer is extending its Hormel Natural Choice portfolio with healthy on-the-go snacks aimed at capitalizing on shifting consumer preferences in the category.
The new snacks sound like a much smarter move than the company’s last meat snack launch, Spam Snacks, which were dried meat bites released in a variety of flavors. The offer failed to resonate with consumers, and after just six months Hormel pulled the plug.
Despite the Spam Snacks debacle, Hormel is still betting on the high-growth snack market. The company offers numerous "snack tray" offerings, including popular cheese, cracker and protein packs as well as a more upmarket "Culinary Pairings" line that combines gourmet meats, like Italian dry salami, with artisan cheeses.
On average, consumers eat about four to five snack foods a day, according to Datassential's MenuTrends Keynote snacking report. A study by research firm Technavio projects global meat snack sales will reach $9.47 billion in 2021, reflecting a 9.5% compound annual growth rate. Growth is being fueled by consumer demand for healthy, low calorie and high protein foods as well as a larger variety of meat snacks offered by both big manufacturers and innovative newcomers.
Hormel’s new products closely resemble tri-pack on-the-go snacks of other food manufacturers. The forerunner in this space was Kraft’s Oscar Mayer brand with the introduction of its P3 Protein Packs, touted as “the more interesting way to get your protein.” More recently, the company launched Kraft Snack Trios, featuring cheese, fruit and chocolate or granola clusters.
Hormel is clearly acting as a fast follower here, but sales results could be very satisfying if the execution is right.