ID: MRFR/F-B & N/6781-HCR | February 2021 | Region: Global | 111 pages
Global Jerky Market is projected to reach USD 4.9 billion by 2025, expanding at a CAGR of 6.6% between 2019 and 2025. The jerky market is highly fragmented with the presence of a large number of regional players catering to the increasing demand. Very few large players operate in this market. High number of regional brands are dominating the jerky industry; however, few brands such as Jack Link’s, Slim Jim, Krave, and Ayoba-Yo are recognized globally. High competition among the industry players leads to product innovation, which attracts more consumers. This, in turn, drives the market growth. To tap into the lucrative opportunities, many key players such as Kellogg, Kraft Heinz, and Hershey’s are investing in this market. Kellogg’s developed plant-based jerky to cater to the increasing vegan and vegetarian population through its brand Leaf Jerky.
The global jerky market has witnessed high growth in recent years owing to increasing preference for high-protein snacks. Jerky accounted the largest share of around 55% of the global meat snacks market, which valued at nearly USD 5.8 billion in 2018. Meat snacks have gained popularity due to increasing health consciousness among the consumer, product innovation, easy availability, and increasing demand for on-the-go food products. Moreover, low manufacturing costs associated with the production of meat snacks such as jerky makes the products affordable for the consumers. The rapid growth of the e-commerce industry has created opportunities for players in this market to expand their consumer base.
The traditional jerky is made from beef, pork, deer, and chicken. However, presently, jerky is available in various flavors and is made from different types of meat such as duck, kangaroo, and alligator, which, in turn, has declined the sales of traditional jerky. These factors are significantly contributing to the growth of the jerky industry. Increasing adoption of plant-based diets has created opportunities for various players to introduce jerky for vegan and vegetarian customers. However, product recalls due to stringent regulations regarding product labelling are expected to create challenges for manufactures.
Increasing demand for protein-rich and low-fat meat snacks
High-protein/low-fat convenience food products: Rising preference for high-protein food products has increased the demand for meat snacks such as jerky. An American household spends an average of around USD 27 on meat snacks every year.
Long shelf life
Low cost of manufacturing
Availability of numerous meat types and flavors
Increasing health awareness
Adoption of vegan and vegetarian diets
Religious restrictions in Asian countries
Beef: The largest segment in this market. Beef was initially used to prepare jerky; therefore, it retains its large share of the North American and European markets. This segment is poised to grow faster than the other segments.
Pork: This jerky is popular in countries such as China, Japan, Singapore, and other South-East Asian nations where pork consumption is high.
Poultry: Though not as common as beef or pork jerky, chicken and turkey jerky are viable alternatives in countries with pork and beef aversion.
By Distribution Channel
Store-Based: A majority of jerky is sold through store-based retailers. This segment is divided into hypermarkets and supermarkets, convenience stores, and retail stores. The convenience stores segment dominates the market. In the US alone, the sale of traditional jerky through convenience stores accounted for more than USD 640 million in 2017.
Non-Store-Based: Most jerky manufacturers sell their products online through e-commerce portals where all varieties can be easily bought by the consumers.
North America: North America dominates the jerky market. This trend is projected to continue during the forecast period due to the high demand for jerky in the US and Canada. The number of consumers in the US that purchased meat snacks, especially jerky was more than 125 million in 2018, which is approximately 40% of the population.
Europe: High demand for healthy, protein-rich, and low-fat meat products is fueling market growth.
Asia-Pacific: The market in this region is projected to expand at a high CAGR during the forecast period. Asia-Pacific can be considered as new revenue pocket for the jerky market.
Rest of the World: High per capita meat consumption fuels the growth of the jerky market in this region.
The Blue Ox Jerky Company (Blue Ox) (US)
Jack Link's Beef Jerky (Jack Link’s) (US)
The Hershey Company (Krave) (US)
Oberto Snacks Inc. (Oberto) (US_
Conagra Brands (Duke’s, Slim Jim) (US)
Country Archer Jerky Co. (US)
Devour Foods (US)
Old Trapper (US)
Marks and Spencer (UK)
Wild Bill’s Food (US)
Newport Jerky Company (US)
Boston Jerky Co. LLC. (US)
The Greeneville Jerky Company (US)
Golden Island Jerky Co., Inc. (US)
Frequently Asked Questions (FAQ) :
Jerky market is projected to grow at approximately 6.6% CAGR during the assessment period (2019-2025).
Jerky market is estimated to reach a valuation of approx. USD 4.9 BN by the end of 2025.
Rising preference for high-protein food products and increased spending on meat snacks, are the major tailwinds pushing the growth of the global Jerky market.
North America holds the largest share in the global jerky market, followed by Europe and Asia Pacific, respectively.
The Blue Ox Jerky Company (US), The Hershey Company (US), Jack Link's Beef Jerky (US), Oberto Snacks Inc. (US), Country Archer Jerky Co. (US), Conagra Brands (US), Devour Foods (US), JerkyXP (US), Old Trapper (US), Marks and Spencer (UK), Newport Jerky Company (US), Wild Bill’s Food (US), Boston Jerky Co. LLC. (US), Golden Island Jerky Co., Inc. (US), and The Greeneville Jerky Company (US), are some of the top players operating in the global jerky market.