What is the global market size of Jerky Snacks Market?

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 Market Size, Share, Growth Analysis, By Type(Beef, Pork, Poultry, Others), By Packaging Type(Stand Up Pouch, Flat Bottom Pouch, Others), By End User(Residential, Commercial), By Distribution Channel(Online, Offline (Hypermarkets/ Supermarkets, Specialty Stores, Convenience Stores), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Report ID: SQSG30C2006 | Region: Global | Published Date: April, 2024
Pages: 158 | Tables: 148 | Figures: 68

Jerky Snacks Market Dynamics

Jerky Snacks Market Drivers

Snacking habits of consumers are becoming more sophisticated, and they frequently seek functional benefits. This trend eventually resulted in an increase in demand for specialty snacks such as meat snacks, which are quick food products made from various meats such as beef, turkey, and pork. Furthermore, consumers are looking for high-protein snacks and traditional meat items that have been reinvented with more complex flavor combinations and formulations for a natural product image. In addition, introducing less-common protein sources such as turkey, seafood, and game meats, as well as expanding offerings in the refrigerated case through power packs, bars, and deli bites, is giving the category a new push and creating more snack occasions.

Jerky Snacks Market Restraint

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.

Jerky Snacks Market Report Snapshots

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Global Jerky Snacks Market size was valued at USD 5.44 billion in 2022 and is poised to grow from USD 5.84 billion in 2023 to USD 9.72 billion by 2031, growing at a CAGR of 6.70% in the forecast period (2024-2031).

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. 'The Blue Ox Jerky Company', 'Jack Link's Beef Jerky', 'The Hershey Company', 'Oberto Snacks Inc.', 'Conagra Brands', 'Country Archer Jerky Co.', 'Devour Foods', 'Old Trapper', 'JerkyXP', 'Marks & Spencer'

Snacking habits of consumers are becoming more sophisticated, and they frequently seek functional benefits. This trend eventually resulted in an increase in demand for specialty snacks such as meat snacks, which are quick food products made from various meats such as beef, turkey, and pork. Furthermore, consumers are looking for high-protein snacks and traditional meat items that have been reinvented with more complex flavor combinations and formulations for a natural product image. In addition, introducing less-common protein sources such as turkey, seafood, and game meats, as well as expanding offerings in the refrigerated case through power packs, bars, and deli bites, is giving the category a new push and creating more snack occasions.

Consumers aged 34 and under are more likely than their elders to prioritize protein in their diets, which is a major driver of the jerky snack category. This, combined with their increasing snacking proclivity, has greatly expanded the potential of the protein snack segment. Such snacks also benefit from perceived nutritional advantages over traditional corn and potato chips, as well as their relative uniqueness, which appeals to younger customers seeking new and unusual consuming experiences.

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.

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Jerky Snacks Market Dynamics

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