USD 4.4 billion
Report ID: SQSG30C2006 | Region: Global | Published Date: September, 2022 | Pages: 158
Global Jerky Snacks Market was valued at USD 4.4 billion in 2021 and it is expected to reach at USD 6.9 billion by 2028, with CAGR of 6.7% over the forecast period (2022-2028).
Jerky snacks are popular due to their high protein content. Consumers are shifting away from carbohydrate-rich snacks and toward more nutritional snacks, particularly in North America and Europe. In recent years, consumers' preferences have shifted toward healthy snacks that list all of the ingredients. Consumers prefer more information on product packaging. Non-GMO, gluten-free, low sodium, no artificial ingredients, minimal processing, and no antibiotics are among the emerging industry trends.
Snacking has recently become more popular among consumers than sit-down meals. The growing dietary trend of shifting away from carbohydrates and toward protein is expected to lead to consumers eating more meat than chips in the near future. Furthermore, the availability of a diverse range of flavors such as habanero, teriyaki, maple, pineapple, sriracha, barbecue, pepper, and sweet cherry has enticed customers.
The rise of e-commerce and the widespread use of smartphones has also contributed to jerky snacks market expansion, prompting several small and medium-sized businesses to develop online platforms in order to broaden their distribution channels. The online distribution channel has benefited manufacturers, particularly small businesses. Businesses target millennial clients, one of the highest density categories, resulting in high market adoption of the products.
Global Market Size
USD 4.4 billion
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Global jerky snacks market is segmented based on product, distribution channel, and region. Based on product, it is categorized into beef, pork, poultry, and others. Based on distribution channel, it is categorized into online and offline. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product:
In 2019, the beef segment dominated the jerky snack market, accounting for more than 50.0% of total revenue. Protein, minerals, and vitamins are abundant in these foods. Among red meats, beef is the most popular among Americans. Beef jerky was traditionally sold as an inexpensive, convenient, and flavorful snack at gas stations and convenience stores. Consumers' preference for grass-fed beef has been growing in recent years. Beef products account for more than half of Jack Link's Beef Jerky's revenue share, the market leader in jerky snacks.
Analysis by Distribution Channel:
In 2019, the offline distribution channel held the largest share of the jerky snacks market, accounting for more than 75.0% of total revenue. Regular grocery shoppers still prefer supermarkets, hypermarkets, and convenience stores. Food and beverages are purchased by a large number of consumers worldwide from traditional grocery stores or supermarkets. However, the online distribution channel is expected to grow at the fastest CAGR of 7.1% between 2021 and 2028.
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North America dominated the jerky snack market in 2019, accounting for 50.0% of the revenue share. According to the Simmons National Consumer Survey (NHCS) and the US Census, approximately 50.0% of the US population, or nearly 160 million people, consume meat snacks and beef jerky on a regular basis. Jerky is one of the most popular meat appetizers in the United States. Furthermore, the majority of the adult population in the United States consumes snacks at least once per day. This country has the world's largest snack market.
Asia Pacific is expected to see significant growth in the global jerky snacks market owing to growing popularity of meat sausages in the region. The rising demand for meat snacks in emerging markets such as China and India, owing to their growing populations, is expected to drive jerky snacks market growth. Long working hours, as well as the growing popularity of healthy snacking to avoid the negative health effects of junk food, are some of the factors that are expected to drive market growth in the region.
In Europe, on the other hand, the jerky snacks market is expected to grow at the fastest rate of 9.8% from 2021 to 2028. The rising demand for healthy protein-enriched snacks, as well as rising awareness of a healthy lifestyle, are driving the market growth. The region's potential markets include Germany, the United Kingdom, Luxembourg, and Belgium. The major players have been entering the market in order to capitalize on the growing demand for jerky snacks. For example, in September 2017, Jack Link's Beef Jerky announced plans to open a new manufacturing facility in the United Kingdom to increase production capacity.
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Rising popularity of vegan and vegetarian diets is expected to stifle jerky snacks market growth. Plant-based meat snacks are gaining popularity among consumers and are expected to limit market growth in the coming years. In addition, ethical concerns may stymie the growth of the jerky snack market in some countries, including India.
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Growing demand for the product in recent years has allowed both large and small businesses to enter the market. International food companies such as The Hershey Company, Conagra Brands, Inc., and General Mills, Inc. have entered the jerky snack market by acquiring existing firms. For example, The Hershey Company purchased KRAVE Pure Foods, Inc., a manufacturer of all-natural premium jerky, in January 2015. With this acquisition, the company entered the market to capitalize on the rapidly growing demand for meat snacks. Similarly, General Mills, Inc. acquired Epic Provisions, a producer of high-end animal protein, in January 2016. Furthermore, startups with creative and appealing names are entering the market. This growing number of players is expected to increase market competition.
Top Players in the Global Jerky Snacks Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, growing trend of premiumization, fortified products, and clean label is supporting the growth of the food and beverage industry. Consumer sentiments and preferences for premium, safe, and healthy food products shape the global food and beverage industry, as well as the global meat snacks market. The meat snacks market is expanding at an incredible rate, driven by novel innovations that are flavorful and fortified with unique and healthy proteins and ingredients.
|Market size value in 2021||USD 4.4 billion|
|Market size value in 2028||USD 6.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Jerky Snacks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Jerky Snacks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30C2006