The Global Jerky Market is projected to be valued at USD 4.9 Billion by 2025, expanding at a CAGR of 6.6% between 2019 and 2025. The market has been growing by 50% since 2010. Currently, jerky is not only manufactured from different types of meat, but also from plant-based substitutes to cater to the growing demand by vegetarian and vegan consumers. Growth in the food tourism has significantly contributed to the growth of the jerky market. High competition owing to presence of large number of players in this market is forcing manufacturers to continuously focus on product innovation and development. The manufacturers have introduced products with various labels such as organic, grass-fed, and produced without antibiotics.
Growth Opportunities in the Market
Dominance of beef jerky in the market: The beef jerky segment dominated the global jerky market in 2018 and this trend is expected to continue during the forecast period. Beef jerky has high protein content and low calories. Additionally, it is convenient to carry and has a long shelf life. Thus, it has become a practical and healthy snack for consumers. Beef jerky is also projected to be the fastest-growing segment. witnessing the growth of around 7% in last one year among all other types. Jack Link’s brand of beef jerky accounted for more than 51% share of the beef jerky market in the US.
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Convenience stores to remain a popular choice to purchase jerky among consumers: Convenience stores is the most preferred choice among the consumers for buying meat snacks and jerky due to increased preference for on-the-go food and growing trend for travelling and tourism. Consumers are increasingly shopping at supermarkets and hypermarkets such as Walmart, Tesco, and Target due to their widespread network and availability of jerky in a variety of types, flavors, and brands. However, e-commerce portals are gaining popularity among consumers due to the ease of home shopping and availability of choices.
- 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.
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- 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)
- JerkyXP (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)