Jerky Snacks Market Size, Share & Trends Analysis Report By Product (Beef, Pork, Poultry), By Distribution Channel (Offline, Online), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027

Report Overview

The global jerky snacks market size to be valued at USD 6.5 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% during the forecast period. The increasing demand for high-grade protein and intriguing flavors that provide quick energy to on-the-go consumers is expected to expand the scope of jerky snacks. This snacking trend is more visible among the millennial consumer group as they prefer snacks that are less processed, made with natural ingredients, and are available in different flavors.

Jerky snacks are trending owing to its high-protein benefits. Consumers, particularly in North America and Europe, are switching from carbohydrate-enriched snacks to more nutritional snacks. Over the past few years, consumers’ preference has shifted towards healthy snacks displaying the entire list of ingredients used. Consumers prefer more information on the packaging of the product. Clean labels, including non-GMO, gluten-free, low sodium, no artificial ingredients, minimal processing, and no antibiotics are raising trends in the industry.

Lately, snacking has become more popular among consumers as compared to sit down meals. The growing dietary trend of shifting toward protein from carbohydrates is anticipated to lead consumers to have more meat than chips in the near future. Additionally, the availability of a wide range of flavors including habanero, teriyaki, maple, pineapple, sriracha, barbecue, pepper, and sweet cherry has been attracting consumers. However, ethical issues can hinder the growth of the market for jerky snacks in some countries including India.

The growing demand for the product over the past few years has allowed both big and small companies to enter the market. International companies dealing in the food industry such as The Hershey Company; Conagra Brands, Inc.; and General Mills, Inc. have entered the market for jerky snacks by acquiring the existing firms. For instance, in January 2015, The Hershey Company bought KRAVE Pure Foods, Inc., producer of all-natural premium jerky. Through this acquisition, the company entered the market to tap the rapidly growing meat snacks demand. Similarly, in January 2016, General Mills, Inc. acquired Epic Provisions, producer high-end animal protein. Furthermore, startups are entering the market with innovative and appealing names. This rising number of players is expected to increase competitiveness in the market for jerky snacks.

Jerky Snacks Market Trends

The industry is being pushed by rising demand for nutrient-dense snacks, such as healthy fats, iron, and b Vitamins, which are prompting companies to create enriched meat snacks. It's a practical option for consumers looking for nutritious meat snacks, owing to portable foods like jerky, sticks, and sausages. These factors are driving the market’s growth.

The market's expansion is also attributed to the rise of e-commerce and the widespread usage of smartphones leading several small and medium-sized enterprises to develop their online platforms to broaden their distribution channels. Manufacturers, particularly small enterprises, have benefited from the online distribution channel. Millennial clients, one of the highest density categories, are targeted by businesses leading to high adoption of the products in the market.

A high intake of jerky snacks is estimated to lead few health challenges such as unhealthy weight gain, and risk of heart disease as these snacks are highly processed. These factors are limiting the adoption of the product amongst people. Moreover, the rising vegan population is also expected to hinder the market growth over the forecast period.

Food products with low fat, protein-rich, and nutritionally high have a high market value due to the rising desire for protein snacks around the world. These snack jerky meets all of these requirements. In addition, the shift of preferences of consumers from meat-sourced proteins to plant-based proteins is also estimated to provide lucrative opportunities for manufacturers to invent new products. All these factors are responsible to drive the growth of the market over the forecast period.

Distribution Channel Insights

The offline distribution channel held the largest share of the jerky snacks market in 2019 and accounted for over 75.0% of the total revenue share. Supermarkets, hypermarkets, and convenience stores are still highly preferred by regular grocery shoppers. A large number of consumers across the globe buy food and beverages from traditional grocery stores or supermarkets. However, the online distribution channel is anticipated to expand at the fastest CAGR of 7.1% from 2020 to 2027.

The growth is attributed to the expansion of the e-commerce industry and the high penetration of smartphones across the globe. As a result, the small and middle-sized manufacturers are strengthening their distribution channels by introducing their own online platforms. Online distribution channel has widened the opportunity for the manufacturers, especially for the small players. Through online platforms, companies can target better millennial consumers, one of the largest population groups. Amazon, Dickson's Farmstand, EPIC, People's Choice Beef Jerky, and Jerky.com are the prominent online retailers of the industry.

Product Insights

The beef segment dominated the market for jerky snacks with more than 50.0% of the total revenue in 2019. These products are high in protein, minerals, and vitamins. The U.S. consumers prefer beef the most among the red meats. Traditionally, beef jerky was sold as an affordable, convenient, flavorsome snack and was primarily available at gas stations and convenience stores. Over the past few years, the demand for grass-fed beef has been emerging among consumers. Beef products account for more than half of the revenue share of Jack Link's Beef Jerky, the dominant player of the market for jerky snacks.

Many consumers prefer beef products, as they tend to be more filling than other jerky snacks and are a better supplement for a meal. In addition, the beef products are more convenient owing to their lightweight and last for a long time. This, in turn, makes them perfect for activities such as camping and hiking. Some consumers favor beef products owing to their health benefits such as high protein but low fat. These products have become a favorite source of protein for several health and fitness enthusiasts. Furthermore, the availability of the product in several flavors, including original, teriyaki, peppered, mild, and spicy, is also working as an appealing factor for consumers.

Regional Insights

North America dominated the market for jerky snacks in 2019 and accounted for 50.0% of the revenue share. As reported by the Simmons National Consumer Survey (NHCS) and the U.S. Census, approximately 50.0% of the U.S. population, which is nearly 160 million people, eat meat snacks and beef jerky regularly In U.S., jerky is one of the most popular meat appetizers. Furthermore, the majority of the adult population of the U.S. eat snacks at least once in a day.  This nation has the largest market for snacks in the world.

On the other hand, in Europe, the market for jerky snacks is projected to expand at the fastest growth rate of 9.8% from 2020 to 2027. The growth is majorly attributed to the increasing demand for healthy protein enriched snacks along with rising awareness of a healthy lifestyle. Germany, U.K., Luxembourg, and Belgium are the potential markets of the region. The key companies have been entering the market to grasp the growing demand for jerky snacks. For instance, in September 2017, Jack Link's Beef Jerky planned to open a new manufacturing facility in U.K. to increase production capacity.

Key Companies & Market Share Insights

The key jerky snacks manufacturers include JACK LINK'S, LLC.; Old Trapper Beef Jerky; Oberto Snacks Inc.; The Hershey Company; General Mills Inc.; Chef's Cut Real Jerky; Frito-Lay North America, Inc.; Tillamook Country Smoker; Conagra Brands, Inc., and The Meatsnacks Group. The industry is largely dominated by JACK LINK'S, LLC. However, over the years, new players have been entering the market considering the potential demand for jerky snacks. Country Archer Jerky Co., Perky Jerky, Fusion Jerky, The New Primal, and Arizona Beverage Company are the emerging players of the jerky snacks industry.

The players of this industry have been launching jerky snacks highlighting their natural, artisanal, and premium origins. In March 2016, JACK LINK'S, LLC. acquired Grass Run Farm, a supplier of grass-fed beef, for its new brand Lorissa's Kitchen. This will appeal to the health-conscious and young consumers who are seeking for healthy snacks.

Recent developments

• In March 2022, Beyond Meat, Inc., a plant-based meat company, and PepsiCo, Inc. announced the invention of the first plant-based jerky in their joint venture. This step aims to expand the product portfolio and increase its reach among consumers.

• In May 2021, Bai Capital, a private investment firm, announced the acquisition of Valeo Foods Group, a European food company. This acquisition aims at strengthening the company’s position and accelerate growth.

• In October 2021, Baja Jerky partners with four distributors to increase its visibility and expansion. This partnership aims at creating transparency in product development and widening its reach among the consumers.

Jerky Snacks Market Report Scope

Global Jerky Snacks Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global jerky snacks market based on the product, distribution channel, and region.

• Product Outlook (Revenue, USD Million, 2016 - 2027)

  • Beef

  • Pork

  • Poultry

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa