The global jerky snacks market size is expected to reach USD 6.5 billion by 2027, expanding at a CAGR of 6.7%, according to a new report by Grand View Research, Inc. The shifting trend from carbohydrate-enriched to protein-based snacks is driving the growth of the market. Jerky snacks offer high nutritional value including proteins and minerals. Such snacks become an ideal meal supplement for campers and hikers owing to light weight and long-lasting features.
The beef segment dominated the market and contributed more than 50.0% of the revenue share in 2020. Traditionally, beef is a favorite kind of red meat among U.S. consumers owing to affordability and flavor. However, the pork and poultry product segments are expected to witness a steady growth in the upcoming years. Several health-conscious consumers prefer chicken products over beef. This will create an opportunity for the manufacturers to expand their consumer base.
North America led the jerky snacks market in 2020, with more than 45.0% of the global revenue share. A large part of the U.S. population consumes jerky snacks on a regular basis, thereby driving the market in the region. However, Europe is expected to witness fastest growth rate in the near future due to the growing demand for healthy and protein enriched snacks among the consumers.
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.
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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.
Further key findings from the report suggest:
In terms of distribution channel, the offline segment dominated the market and accounted for over 75.0% of the revenue share in 2020. A choice of physical verification among consumers is expected to keep the dominance of offline channels including supermarkets and convenience stores
Europe is expected witness fastest CAGR of 9.8% from 2020 to 2027 owing to the growing demand for healthy and nutritional snacks in countries such as Germany, U.K., and Italy
The poultry product segment is expected to foresee fastest CAGR of 7.2% from 2020 to 2027. Consumers are expected to prefer poultry or chicken jerky snacks as they take less time to marinate as compared to other red meat options
North America dominated the jerky snacks market in 2020, accounting for more than 45.0% share of the global revenue in 2020 as large number of population consumes such products as daily snacking options in U.S.
Major manufacturers include JACK LINK'S, LLC.; Old Trapper Beef Jerky; Oberto Snacks Inc.; Chef's Cut Real Jerky; Frito-Lay North America, Inc.; and Conagra Brands, Inc. New product development is expected to remain a critical success factor for the industry participants.
Grand View Research has segmented the global jerky snacks market on the basis of product, distribution channel:
Jerky Snacks Product Outlook (Revenue, USD Million, 2016 - 2027)
Jerky Snacks Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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