At 6.5% CAGR, the South & Central America Meat Snacks Market is Projected to be Worth US$ 1,500.95 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the South & Central America meat snacks market was valued at US$ 1,026.87 million in 2022 and is expected to reach US$ 1,500.95 million by 2028, registering a CAGR of 6.5% from 2022 to 2028. Increasing demand for high-protein snacks, surging popularity of chicken-based meat snacks, advent of lab-grown or cultured meat are among the critical factors attributed to the South & Central America meat snacks market expansion.                     

Since the past few years, the awareness toward animal cruelty has been increasing, as they are heavily tortured and abused in slaughterhouses. Although veterinary standards and the meat industry prohibit several abusive practices in factory farming, there are cases of animal cruelty documented by the animal rights groups that need serious attention. Hence, people are rigorously seeking for products that do not support animal cruelty and are made of ethically sourced ingredients. However, some people cannot quit meat consumption easily and switch to meat analogs or plant-based meat products due to their distinguished organoleptic properties. Such alternatives and practices surge the demand for cell-cultured or lab-grown meat among consumers.

Cell-cultured meat is produced by vitro cultivation of animal cells and does not involve slaughtering. With the rising awareness, the cell-cultured or lab-grown meat is expected to witness tremendous growth in the coming years. A large number of companies are expanding their production infrastructure with technological assistance to develop lab-grown meat, a sustainable alternative to the conventional one. Mosa Meat offers lab-grown meat burgers made using beef produced from cow cells. Similarly, Aleph Farms produces beef steaks using cow cells. Thus, the demand for meat snacks made from cell-cultured meat is anticipated to surge tremendously during the forecast period.  

On the contrary, increasing vegan population hurdles the growth of South & Central America meat snacks market.

Based on type, the South & Central America meat snacks market is segmented into jerky, meat sticks, sausages, and others. The jerky segment held 42.2% share of South & Central America meat snacks market in 2022, amassing US$ 432.91 million. It is projected to garner US$ 635.30 million by 2028 to expand at 6.6% CAGR during 2022–2028.

Based on source, the South & Central America meat snacks market is segmented into beef, chicken, pork, and others. The beef segment held 69.2% share of South & Central America meat snacks market in 2022, amassing US$ 711.03 million. It is projected to garner US$ 1,033.42 million by 2028 to expand at 6.4% CAGR during 2022–2028.  

Based on category, the South & Central America meat snacks market is segmented into plain and flavored. The flavored segment held 87.5% share of South & Central America meat snacks market in 2022, amassing US$ 899.01 million. It is projected to garner US$ 1,348.01 million by 2028 to expand at 7.0% CAGR during 2022–2028.

Based on distribution channel, the South & Central America meat snacks market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hyper markets segment held 61.3% share of South & Central America meat snacks market in 2022, amassing US$ 629.24 million. It is projected to garner US$ 913.39 million by 2028 to expand at 6.4% CAGR during 2022–2028.

Based on country, the South & Central America meat snacks market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 49.5% share of South & Central America meat snacks market in 2022. It was assessed at US$ 508.42 million in 2022 and is likely to hit US$ 725.48 million by 2028, exhibiting a CAGR of 6.1% during 2022–2028.      

Key players operating in the South & Central America meat snacks market are Conagra Brands, Inc, General Mills Inc, Hormel Foods Corporation, Link Snacks Inc, and Tyson Foods Inc, among others.   

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