Plant Based Jerky Market Size Worth $918 Million By 2030: IndustryARC

The Global Plant Based Jerky Market size is predicted to reach $918 million by 2030, growing at a CAGR of 5.6% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The government initiatives and soaring soy-based meat demand and the rising adoption of plant-based diets is intrinsically linked to the increasing affordability and accessibility of plant-based options are poised to propel the market growth, finds IndustryARC in its recent  report, titled “Plant Based Jerky Market Size, Share & Trends Analysis Report By Source (Wheat, Pea, Soy, Gluten, Mycoprotein, Others), By Type (Tempeh, Tofu, Quorn, Seitan, Mushroom, Natto, RTC/RTE, Others), By Flavour (Teriyaki, Honey Garlic, Spicy Sriracha, Barbecue, Hickory Smoke, Black Pepper, Others), By Distribution Channel (Offline, Online), By End-User (Food Industry, HoReCA [Hotels, Restaurants & Cafes], Household, Others), By Region and Segment Forecasts, 2023–2030”

 

 

The Plant Based Jerky industry in the Asia Pacific region is expanding due to the increasing consumer awareness of health and sustainability, coupled with a surge in adoption of plant-based diets. As the population of health-conscious individuals expands across countries like Australia, Japan, and South Korea, the demand for plant-based jerky has seen substantial growth. Innovative startups and established brands are seizing the opportunity to introduce a wide variety of plant-based jerky products, catering to this expanding market. Moreover, the sheer size of the Asia-Pacific population offers tremendous growth potential and making this region a hotbed for innovation and expansion in the plant-based jerky market.

 

 

 

The Tofu segment had the largest market share in 2022 owing to its versatility and widespread consumer appeal. Recognized for its mild flavour and adaptability to various seasonings, tofu has successfully captured a diverse market share. Its high protein content and soft texture make it a popular choice for replicating traditional jerky. With growing consumer preferences for plant-based, protein-rich snacks, tofu-based jerky has positioned itself as a favoured alternative. 

Pea is analyzed to grow with the highest CAGR during the forecast period. This is owing to high protein content and its ability to replicate the texture closely and taste of traditional jerky. Pea protein offers a familiar and nutritious alternative, making it a preferred choice for health-conscious consumers. With an increasing number of individuals adopting plant-based diets, Peato's robust growth reflects the growing appetite for plant-based, protein-rich snacks that don't compromise on taste and texture.

North America region held a major market share of 34% in 2022 owing to the surge in health-conscious consumers seeking sustainable and ethical dietary alternatives. North America benefits from a well-established market for plant-based foods and snacks, with a wide array of innovative startups and renowned brands introducing diverse plant-based jerky products. The substantial consumer base, alongside extensive distribution networks and robust marketing strategies, positions North America as a leader in the plant-based jerky market. According to the Good Food Institute report, the overall sales of plant-based food products in the United States amounted to $8 billion in 2022. This significant figure underscores the growth and potential of the plant-based food industry, including products like plant-based jerky.

As consumers increasingly seek meat alternatives for health, ethical and environmental reasons, plant-based jerky emerges as a compelling choice. This trend aligns with the evolving dietary preferences of health-conscious and sustainability-minded consumers, positioning plant-based jerky as a sought-after snack. Manufacturers have the chance to capitalize on this demand by introducing innovative and flavourful plant-based jerky products, tapping into a rapidly growing market that caters to those in search of sustainable, health-conscious and ethical dietary options. In 2022, According to Frontiers report, meat alternatives had the lower consumption rate at 12.3%, trailing behind convenience products at 57.4%, Notably, plant-based meat alternative consumption primarily featured within vegetarian diets, highlighting the distinct choices within the plant-based foods industry.

 

 

Manufacturers and entrepreneurs are recognizing the potential to captivate consumers by introducing unique and enticing flavour profiles that go beyond traditional options. This trend not only expands the customer base but also fosters brand loyalty. It encourages consumers to explore the diverse world of plant-based jerky, making it an exciting and satisfying snacking choice. The pursuit of innovative flavours aligns perfectly with the ever-evolving consumer demand for a variety of taste experiences, creating a dynamic and prosperous avenue within the plant-based jerky market. This data underscores the growing consumer interest and openness to diversifying their taste preferences within the Plant-Based Jerky market and the broader plant-based food industry.

The Homemade Plant-Based Jerky trend is creating exciting opportunities within the plant-based jerky market. As more individuals experiment with crafting their own plant-based jerky at home, it fosters a dynamic environment for entrepreneurs. This trend encourages the development of unique equipment tailored to the recipes, ingredients, and DIY enthusiasts. The personalized touch and plant-based creativity that homemade jerky brings to the market align with the growing demand for customized, health-conscious snack options, presenting both consumers and entrepreneurs with a wealth of opportunities in this expanding industry.

  

With consumers increasingly prioritizing protein in their diets, plant-based jerky emerges as an attractive option. As people gravitate toward healthier and sustainable dietary choices and the demand for convenient and protein-rich snacks surges. Manufacturers are seizing the opportunity to craft flavourful and nutritionally dense plant-based jerky products that not only align with consumer preferences but also cater for a broad audience looking for protein-packed and on-the-go options. This trend mirrors the expanding market for health-conscious and eco-friendly snack choices propelling the plant-based jerky sector into a dynamic phase of growth.

In 2022, According to Cargill Plant Palooza report, Americans are embracing plant-based snacking like never before, with nearly 60% of consumers now confirming that they engage in daily snacking. This trend in increased snacking presents notable opportunities for the Plant-Based Jerky market and other snack segments to cater to the evolving snacking preferences of consumers.

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• Plant Based Jerky Market Size and Forecast 

• Plant Based Jerky Market Trends

• Plant Based Jerky Market Analysis by Type

 

• CAGR of the market during the forecast period 2023-2030

• Value Chain analysis of key stake holders

• Detailed analysis of market drivers and opportunities during the forecast period

• Plant Based Jerky Market size estimation and forecast

• Analysis and predictions on end users’ behavior and upcoming trends 

• Competitive landscape and Vendor market analysis including offerings, developments, and financials

• Comprehensive analysis of challenges and constraints in the Plant Based Jerky Market

 

•  The COVID-19 pandemic had a substantial impact on the plant-based jerky industry. With the onset of lockdowns and economic uncertainty the consumers turned their focus towards essential items, causing a temporary dip in plant-based jerky sales. Supply chain disruptions and manufacturing challenges also hindered production. However, the pandemic catalyzed a shift in consumer preferences towards healthier and sustainable food choices, leading to a long-term resurgence in plant-based jerky demand. Brands that swiftly adapted their marketing strategies and online presence found success in a digital-first marketplace. 

•  The Ukraine crisis had a discernible impact on the plant-based jerky industry. This global conflict disrupted supply chains and contributed to fluctuations in ingredient prices. Currency exchange rate volatility added to the complexity, affecting the cost structure of production. In response, many plant-based jerky manufacturers pivoted to explore alternative ingredient sources and diversify their supplier networks. While the crisis presented formidable challenges, it underscored the industry's need for adaptability and supply chain resilience. The sector demonstrated its ability to weather these challenges by innovating to maintain product quality and cost-effectiveness, ultimately ensuring continued availability and affordability of plant-based jerky for consumers.

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The Global Plant Based Jerky Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• PRIMAL SPIRIT FOODS, INC.

• Louisville Vegan Jerky Co.

• Maple Leaf Foods

• Unilever

• General Mills Inc.

• Eat Real

• Eat Nature

• Quorn

• Nestlé S.A. 

• Oumph 

• Conagra, Inc., 

• Uptons Naturals, 

• Kellogg NA Co., 

• Tofurky

• Amy’s Kitchen, Inc.

Plant-Based Beverages Market – The Plant-Based Beverages Market is projected to grow at a CAGR of 9.7% from 2023 to 2030. The growth is attributed to the increased reported levels of food allergies and dietary sensitivities, this marketing may especially appeal to these generations.

Lactose intolerance is becoming more common, which is driving the market's growth.

Plant Based Protein Supplements Market – The Plant Based Protein Supplements Market is projected to grow at a CAGR of 7.2% from 2023 to 2030. The increasing importance of a vegan diet as a result of the increased risk of cardiovascular disease and type 2 diabetes associated with meat consumption is expected to have a positive impact on the industry's growth.

Plant Based Meat Market – The Plant Based Meat Market is projected to grow at a CAGR of 19% from 2023 to 2030.  The growth is attributed to the rising consumer appetite for food choices that are both sustainable and health-conscious.

Plant Based Dairy Products Market – The Plant Based Dairy Products Market is projected to grow at a CAGR of 8.7% from 2023 to 2030.  Market is driven by shifting consumer preferences towards healthier and more sustainable dietary choices. Growing awareness of animal welfare issues and ethical concerns about the treatment of animals in the dairy industry have prompted consumers to switch to plant-based options. 

 

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Mr. Venkat Reddy

IndustryARC

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