A recent study has detailed that meat snack sales, such as pickled sausages, meat sticks and beef jerky have been effected by the growth of veganism.
The Global Meat Snack Market was set to grow at a compound annual growth rate (CAGR) of 8.60 by 2022, but this recently decreased to 8.01 per cent, highlighting a decline in the industry.
Research from 2018 has suggested that the growth in the vegan diet has been one of the most challenging factors for the meat snack industry.
In an attempt to boost sales and consumer demand, companies have opted for more vibrant packaging, yet it is believed that the public’s decline in meat consumption will not be swayed by eye-catching packaging. The decline in meat has also been said to be a repercussion of consumer’s growing health concerns, as swapping to a plant-based diet bring both health and environmental benefits.
Today’s modern market showcases a variety of plant-based snacks which aim to taste and look like real meat. With these innovative new products, it can be expected that more consumers will choose plant-based products rather that their ‘regular’ snacks which include meat.
Another big threat to the meat industry is meat-alternative products, which are marketed at vegans, vegetarians and meat-eaters, while also targeting meat-reducers and flexitarians to opt for plant-based options more often that meat.