Plant Based Jerky Market

Plant Based Jerky Market Overview:

Plant Based Jerky Market size is estimated to reach $918 million by 2030, growing at a CAGR of 5.6% during the forecast period 2023-2030. The escalating demand for plant-based foods in the food industry, growing awareness of the health benefits that plant-based meat offers over animal meat is also projected to fuel the expansion of the market for plant-based jerky and the increasing awareness of the health benefits associated with plant-based diets are propelling the Plant Based Jerky Market growth.

Additionally, the growing abundance of brands and flavors is creating substantial growth opportunities for the Plant Based Jerky Market.  It is anticipated that government initiatives and rising soy-based meat consumption, which has a similar texture and flavour to meat, will support the demand for plant-based jerky. In 2023, according to Taylor & Francis Meat and meat alternatives Article, over 90% of meat alternatives within the global market are produced using plant protein sources, including products like soy-based burgers and pea-based sausages. These factors positively influence the Plant Based Jerky industry outlook during the forecast period.

Market Snapshot:

Plant Based Jerky Market - Report Coverage:

The “Plant Based Jerky Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Plant Based Jerky Market.

COVID-19 / Ukraine Crisis - Impact Analysis: 

• 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.

Key Takeaways:

• Fastest Growth Asia-Pacific Region 

Geographically, in the global Plant Based Jerky Market share, Asia Pacific is analyzed to grow with the highest CAGR of 6.8% during the forecast period 2023-2030 owing to the increasing health consciousness and environmental awareness among consumers, leading to a growing preference for plant-based diets. Countries like Australia, Japan and South Korea are embracing plant-based jerky as a healthier and sustainable snack option. Startups and established brands are capitalizing on this trend by introducing a wide array of plant-based jerky products are driving the region's market growth. in 2021, the Vegetarian Resource Group report, found that 45% of Indians believe that a plant-based diet is healthier than a meat-based diet.

• Seitan to Register the Fastest Growth

In the Plant Based Jerky Market analysis, the Seitan segment is estimated to grow with the highest CAGR during the forecast period owing to its popularity among consumers seeking meaty texture and taste. Seitan's versatility, ability to absorb flavours and rich protein content make it a preferred choice for replicating traditional jerky. As health-conscious and environmentally-aware consumers increasingly adopt plant-based diets, seitan-based jerky offers a savory and satisfying alternative, thus propelling its rapid growth within the evolving plant-based jerky market.

• Soy Leading the Market

According to the Plant Based Jerky Market forecast, Soy held the largest market share in 2022 owing to its widespread consumer acceptance and versatility. Soy-based jerky offers a diverse range of flavours and textures, often replicating traditional jerky closely. Its well-established presence and recognition in the plant-based protein arena have contributed to its leadership. With a high protein content and ability to mimic the savory essence of meat, soy-based jerky appeals to both long-time vegans and those making the transition to plant-based diets. This adaptability and broad consumer appeal have firmly positioned soy as the front-runner in the evolving plant-based jerky market.

• The Elevated Demand for Plant-Based Foods in the Food Industry 

As more consumers seek sustainable, healthier, and ethically conscious dietary choices, the plant-based food industry has flourished. This demand extends to plant-based jerky which mirrors the texture and flavour of traditional meat jerky but is crafted from plant ingredients such as soy, mushrooms or seitan. The shift towards plant-based diets driven by health and environmental concerns has led to a substantial rise in plant-based jerky sales. With innovation in product development and expanding distribution channels, the plant-based jerky market is thriving and poised for continued growth in response to evolving consumer preferences. In 2022, the Good Food Institute survey found that 72% of Americans are aware of plant-based diets and 38% are interested in eating more plant-based foods.

• The Increasing Consumption of Soy-Based Meat

The rising consumption of soy-based meat is a compelling driver for the plant-based jerky market. Soy-based meat, renowned for its texture and flavor reminiscent of traditional meat, has garnered a substantial following among consumers seeking viable alternatives. This trend not only caters to the taste preferences of flexitarians and meat lovers, but it also addresses the increasing demand for healthier and environmentally-conscious dietary choices. In 2023, according to NCBI, more than 75% of plant-based meat products rely on soy as their primary protein source. This data emphasizes the prominent role of soy in the creation of plant-based jerky and other meat alternatives, underlining its substantial presence in the industry.

• Higher Cost of Plant-Based Ingredients Hamper Market Growth

Plant-based proteins and other ingredients are often more expensive to produce and source than traditional meat-based counterparts. This increased cost can result in higher price points for plant-based jerky products, which may deter cost-sensitive consumers. To accelerate market growth, manufacturers need to find ways to reduce production costs and improve economies of scale, making plant-based jerky more affordable and accessible to a broader consumer base, while still maintaining quality and taste.

Plant Based Jerky Market Share (%) By Region, 2022

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Plant Based Jerky Market. The top 10 companies in this industry are listed below:

1. PRIMAL SPIRIT FOODS, INC. 

2. Louisville Vegan Jerky Co. 

3. Maple Leaf Foods

4. Unilever 

5. General Mills Inc. 

6. Eat Real 

7. Eat Nature 

8. Quorn 

9. Nestlé S.A. 

10. Oumph 

Scope of the Report: