Global Jerky Snacks Market - 2022-2029

Global Jerky Snacks Market - 2022-2029

Market Overview

Jerky snacks market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 6.9% during the forecast period (2022-2029). Jerky is lean-trimmed meat cut into strips and dried (dehydrated) to prevent spoilage. Jerky snacks offer high nutritional value, including proteins and minerals and also, they have a high shelf life. Consumers' preferences have evolved toward healthier snacks that identify all the ingredients utilized in recent years. Jerky snacks are becoming popular due to the rising demand for high-quality protein and interesting flavors that give fast energy to on-the-go customers. Consumers in Europe and North America, in particular, are shifting away from carbohydrate-rich snacks and toward more nutritious snacks like jerky snacks.

Market Dynamics:

Shifting consumer's preference toward healthy snacks

Consumer preferences are shifted from carbohydrate-enriched snacks to more protein-rich nutritional snacks. Jerky snacks with clean labels, non-GMO, gluten-free, low sodium, no artificial ingredients, minimal processing, and no antibiotics are rising trends in the industry. Snacking is a popular meal as compared to sit-down meals. The availability of multiple flavors, including habanero, teriyaki, maple, pineapple, sriracha, barbecue, pepper, and sweet cherry, attracted consumers to jerky snacks. The food industry is pushed by rising demand for nutrient-dense snacks, such as healthy fats, iron, and B Vitamins are prompting companies to create nutrient-rich meat snacks. It's a great option for consumers looking for nutritious and portable meat snacks.

Customers have also been drawn to the variety of tastes available, including sweet cherry, pepper, barbecue, pineapple, sriracha, habanero, maple, and teriyaki. The increasing incidence of meat-related diseases and the growing health consciousness among consumers will drive demand for healthy alternatives such as jerky snacks. Also, an increase in disposable income has led many people worldwide to adopt healthier lifestyles that require less cooking time and more convenience foods like jerky snacks.

Market Segmentation:

Beef jerky segment accounted for the highest share in global jerky snacks market

Beef jerky is the reddish-brown colored strips of thinly sliced pieces from lean beef which have been marinated with spices or dry rubbed and then dehydrated and smoked to preserve the jerky. Beef jerky is mostly perfect for road trip snacks. It is available in various flavors and has a long shelf life. It has high protein and low carbohydrate content. Beef jerky is rich in iron, folate, calcium and vitamins A and C. Also, it is high in sodium content; with the popularity of paleo and keto diets and a big consumer focus on protein, beef jerky has become more popular due to its taste. Beef jerky is a rich source of iron that helps form red blood cells, which are important to carry oxygen throughout the body. Beef jerky is a rich source of protein and is high in many vitamins and minerals, including zinc, iron, vitamin B12, phosphorus, and folate.

Among the distribution channels, offline segment is anticipated to be the leading channel and the majority responsible for the sales growth of jerky snacks. Huge customer dependency on offline stores for purchasing grocery products is expected to contribute significantly to the growth of jerky snacks. The easy availability of a variety of brands and buying options attracts consumers to offline stores for shopping. Quick service and easy payment option fuels the growth of offline sales.

Geographical Penetration:

North America is the dominating region during the forecast period

In 2021, North America had the highest market share of almost XX percent. Major countries in the region, like US and Canada, contributed the highest market share. The US is expected to account for the largest share of the jerky snacks market with high disposable income and changing lifestyles, among other factors such as the easy product availability through online retail stores, rising number of working women, and the presence of a large number of jerky snacks manufacturers in this region which offer healthy snacking options at different price points. Also, major key players are expanding their business in the North American region. For instance, US meat producer country Archer Jerky Company planned to move to a larger facility following $ 12 m capital raised from long-time equity partner monogram capital. The company started a 72000 square feet production facility for operation. Jerky snacks are the fourth most popular snack in the United States, followed by chips and nuts. Also, increasing consumers demand from Canada helps to drive the market growth.

The Asia Pacific is another region that contributed to the jerky snacks market over the forecast period. Factors like the rising number of working women, increasing middle-class population, and rising consumer awareness about healthy snacks consumption drive the jerky snacks market growth. The easy availability of different brands of jerky snacks in convenience stores attracts consumers to jerky snacks. India and China are expected to be the largest market for jerky snacks. Factors like a low-income population with limited food options, coupled with a growing number of working women and increasing health awareness, among other factors such as easy product availability through online retail stores, are responsible for market growth. Also, changing lifestyles and a rise in health awareness and the benefits of protein-rich products help to drive the market growth. Convenience stores present a prime opportunity for growth owing to their large number across Asia pacific countries, coupled with high consumer expenditure on healthy eating products to boost the market growth.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are The Blue Ox Jerky Company, Jack Link's Beef Jerky, The Hershey Company, Oberto Snacks Inc., Conagra Brands, Country Archer Jerky Co. and Devour Foods, among others. Some of the major companies launched new products to expand their portfolio. For instance, in August 2020, Country Archer Provisions Launched New Zero Sugar Beef Jerky. It includes Spicy Sesame Garlic, Mustard BBQ and Classic. It is available in 3 flavors Spicy Sesame Garlic, Mustard BBQ and Classic. In January 2018, Jack Link launched five new protein snacks named Lorissa's Kitchen Beef Sticks, Jack Link's Cold Crafted, Jack Link's Pork Rinds, Jack Link's Multi-Packs and Jack Link's Steak Strips. In July 2020, the Conagra brand launched Gardein Ultimate Plant-Based Jerky. It is available in three flavors Original, Teriyaki and Hot & Spicy.

COVID-19 Impact:

Positive impact on the global jerky snacks market

In recent past years, industry players have been focusing on exploring sustainable and environmentally friendly alternatives to traditional meat, and a consumer shift toward the consumption of meat alternatives has been observed. The outbreak of COVID-19 has further fueled this consumer shift toward meat alternatives. Though livestock meat is not the cause of disease spread, the widespread caution due to social media influence and false rumors associated with the consumption of meat and meat products might push consumers for meat alternatives such as jerky snacks, which are considered more hygienic and healthy options. These factors minimally increase the consumption of meat snacks during the COVID-19 pandemic.

Moreover, increased consumer demand for jerky and dried meat products as alternative protein sources during self-isolation. Major key players have a high demand for their meat snacks products. Some companies help people by distributing jerky snacks during a pandemic. For instance, Country Archer donated beef jerky to the LA Unified School District’s 64 food centers. Chomp Company launched its products in Kroger during the pandemic.

The global jerky snacks market report would provide an access to approximately 53 market data tables, 42 figures and 170 pages