Dive Brief:
- New Nielsen data shows that sales of meat snacks are digging in to the salty snacks category, with annual sales growth of more than 7% in each of the past four years, according to Food Business News.
- Meat snacks as a whole — including both jerky and sticks — account for a $2.8 billion category.
- Consumers buy meat snacks at supercenters 25% of the time, and from grocery stores 23% of the time.
Dive Insight:
While Nielsen’s report showed that sales of chips and pretzels have been declining in recent years, meat snacks are keeping the salty snack segment on an upward path with a strong growth rate.
Millennials especially are enjoying meat snacks, as they look for something different and healthier in their snacking. Meat snacks have a “health halo” because of their protein and healthy fat amounts. Many also contain vegetables and grains, furthering the healthy belief.
Given the lofty sales, it’s no surprise that companies such as Tyson Foods and Hershey’s are exploring the potential of meat snacks and are looking to penetrate the market. Hershey already took a big step forward by acquiring trendy jerky brand Krave, which delivers continued success through its on-trend innovations.
Meat snacks' popularity comes at a time when desire for protein is surging — and deflation is keeping meat prices down. The Rabobank Food & Agribusiness Research and Advisory group said U.S. per capita meat consumption saw a nearly 5% uptick last year, the largest increase in 40 years. For many consumers, meat consumption has translated to meat snacks, which are considered more convenient and provide the same protein and health benefits.