Meatless Jerky Market Outlook
The global jerky market is expected to exhibit a strong 6.6% CAGR over the forecast period from 2020 to 2028, according to the latest research report from Market Research Future (MRFR). The global jerky market is expected to reach a valuation of USD 4.9 billion by 2028, according to the MRFR report. The global jerky market is examined in detail in the report, which provides readers with a comprehensive overview of the market by profiling its historical growth drivers and extrapolating their likely impact on the market over the forecast period. The major growth drivers and restraints acting on the global jerky market are profiled in detail in the report.
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Jerky is any kind of meat snack that is made from meat that is cured in a salt solution and then dried. This process gives jerky a unique flavor as well as a texture that has proved to be wildly popular in many countries across the world. This has been the major driver for the global jerky market over the historical review period. The growing popularity of jerky products is likely to be a major driver for the global jerky market over the forecast period. Manufacturers of jerky products are also making great efforts to introduce a wide range of varieties in the jerky market, which is also likely to be a key driver for the global jerky market over the forecast period.
Many manufacturers in the global jerky market have also come up with faux jerky by producing jerky from vegetarian raw materials. This is likely to be a key trend in the global jerky market over the forecast period, as the number of vegetarian and vegan consumers is likely to grow over the forecast period.
Leading players in the global vegan jerky brands market include The Blue Ox Jerky Company (Blue Ox), Jack Link’s Beef Jerky (Jack Link’s), The Hershey Company (Krave), Oberto Snacks Inc., Conagra Brands (Duke’s, Slim Jim), Country Archer Jerky Co., Devour Foods, Old Trapper, JerkyXP, Marks and Spencer, Wild Bill’s Food, Newport Jerky Company, Boston Jerky Co. LLC, The Greeneville Jerky Company, and Golden Island Jerky Company Inc. Small players are likely to play a key role in the global jerky market over the forecast period, as the small regional divisions of the market all see different players operating in them, as the distribution of the jerky market is quite fragmented.
In October 2019, Pony Express Foods, a leading small player in the jerky market in North America, announced plans to open a new store in Leola.
The same month, Sims Meat Processing announced a voluntary recall of 8-ounce jerky packages, calling the product out for not being shelf-stable and possibly unsafe to eat.
The global jerky market is segmented based on source, distribution channel, and region.
By source, the global Meatless jerky market is segmented into beef, pork, and poultry. The beef segment holds the largest share in the global jerky market, followed by pork. Beef jerky is widely popular in North America and Europe, which are the major markets for beef jerky. On the other hand, pork jerky is more popular in East Asian countries such as China, Japan, South Korea, and Taiwan, where pork is more ingrained into the eating habits of the consumers.
By distribution channel, the global jerky market is segmented into store-based and non-store-based. The convenience stores segment dominates the global jerky market, though online retailing is likely to exhibit steady growth over the forecast period.
North America is the leading regional jerky market and is likely to exhibit steady growth over the forecast period, leading to steady dominance in the market. Europe is also a leading regional market for jerky and is likely to be a major revenue generator over the forecast period. Asia Pacific is also an important market for the global jerky market, as jerky products are widely popular in East Asia. The lack of a strong jerky market in India is also good news for players in the jerky market, as this presents them with a high volume of untapped demand.
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