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Vegan Jerky Market – By Source (Wheat, Pea, Soy, Gluten, Mycoprotein, Others), By Type (Tempeh, Tofu, Quorn, Seitan, Mushroom, Natto, RTC/RTE, Others), By Flavor (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 Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030
Vegan Jerky Market Overview:
Vegan Jerky Market size is estimated to reach $1 billion by 2030, growing at a CAGR of 6.1% during the forecast period 2024-2030. The escalating demand for plant-based foods in the food industry, the increasing awareness of the health benefits associated with plant-based diets are propelling the Vegan Jerky Market growth.
Additionally, the growing abundance of brands and flavor's is creating substantial growth opportunities for the Vegan Jerky Market. These factors positively influence the Vegan Jerky industry outlook during the forecast period.
Vegan Jerky Market - Report Coverage:
The “Vegan Jerky Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Vegan 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 Vegan Jerky Market share, Asia Pacific is analyzed to grow with the highest CAGR of 7.2% during the forecast period 2024-2030 owing to the increasing health consciousness and environmental awareness among consumers, leading to a growing preference for plant-based diets. Countries such as 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 Vegan Jerky Market analysis, the Seitan segment is estimated to grow with the highest CAGR of 6.8% during the forecast period owing to its popularity among consumers seeking meaty texture and taste. Seitan's versatility, ability to absorb flavors, 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 is Leading the Market
According to the Vegan Jerky Market forecast, Soy held the largest market share of 25% in 2023 owing to its widespread consumer acceptance and versatility. Soy-based jerky offers a diverse range of flavors 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 the 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.
As per the 2022 Good Food Institute report, the global plant-based meat market is projected to hit $1.4 billion by 2029. This data underscores the significance of soy-based plant-based jerky and other soy-based meat products in plant-based products
● 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 flavor 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 which 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. According to a Nielsen report from 2021, sales of plant-based food and beverages in the United States experienced a remarkable 27% increase. This statistic underscores the significant growth and consumer interest in plant-based products, which includes items like plant-based jerky.
● The Increasing Awareness of Plant-Based Health Benefits
Consumers are becoming more conscious of the positive attributes of plant-based foods, including lower saturated fat and cholesterol content, compared to animal-based alternatives. This heightened awareness aligns with a broader health and wellness trend, prompting individuals to seek nutritious and flavorful snack options. As plant-based jerky offers a healthier and ethical choice, it is gaining traction as a preferred snack. With consumers actively opting for these health-conscious alternatives, the plant-based jerky market is poised for continued growth within the expanding plant-based food sector. In 2022, the Good Food Institute survey found that 72% of Americans know about plant-based diets and 38% are interested in eating more plant-based foods.
● Higher Costs 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.
Vegan Jerky Market Share (%) By Region, 2023
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Vegan Jerky Market. The top 10 companies in this industry are listed below:
1. Primal Spirit Vegan Jerky
2. Louisville Vegan Jerky Co.
3. Noble Jerky
4. Pan's Mushroom Jerky
5. Jack & Friends LLC.
6. Maple Leaf Foods
7. Quorn
8. Beyond Meat
9. Off-Piste Provisions
10. THEO’S Plant-Based
Scope of the Report:
Relevant Reports:
Report Code: FBR 66825
Report Code: FBR 70194
Report Code: FBR 06011. Vegan Jerky Market - Overview
1.1. Definitions and Scope
3. Vegan Jerky Market - Comparative Analysis
2. Vegan Jerky Market - Executive Summary
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Vegan Jerky Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Vegan Jerky Market – Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Vegan Jerky Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Vegan Jerky Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Vegan Jerky Market – by Ingredient (Market Size – $Million/$Billion)
8.1. Mushrooms
8.2. Pea Protein
8.3. Water
8.4. Soybean
8.5. Liquid Smoke
8.6. Others
9. Vegan Jerky Market – by Type (Market Size – $Million/$Billion)
9.1. Citrus
9.2. Hot Barbecue
9.3. Pepper
9.4. Others
10. Jerky Market – by Flavour (Market Size – $Million/$Billion)
10.1. Teriyaki Marinade
10.2. Honey Garlic
10.3. Spicy Sriracha
10.4. Others
11. Vegan Jerky Market – by Distribution Channel (Market Size – $Million/$Billion)
11.1 Offline
11.2 Offline
12. Vegan Jerky Market – by End-User (Market Size – $Million/$Billion)
12.1. Food Industry
12.2. Hospitality
12.3. HoReCA (Hotels, Restaurants & Cafes)
12.4. Household
12.5 Others
13. Vegan Jerky Market – by Geography (Market Size – $Million/$Billion)
13.1. North America
13.1.1. The U.S.
13.1.2. Canada
13.1.3. Mexico
13.2. Europe
13.2.1. UK
13.2.2. Germany
13.2.3. France
13.2.4. Italy
13.2.5. Spain
13.2.6. Russia
13.2.7. Rest of Europe
13.3. Asia-Pacific
13.3.1. China
13.3.2. India
13.3.3. Japan
13.3.4. South Korea
13.3.5. Australia & New Zealand
13.3.6. Rest of Asia-Pacific
13.4. South America
13.4.1. Brazil
13.4.2. Argentina
13.4.3. Chile
13.4.4. Colombia
13.4.5. Rest of South America
13.5. Rest of the World
13.5.1. Middle East
13.5.2. Africa
14. Vegan Jerky Market – Entropy
15. Vegan Jerky Market – Industry/Segment Competition Landscape Premium
15.1. Market Share Analysis
15.1.1. Market Share by Type – Key Companies
15.1.2. Market Share by Region – Key Companies
15.1.3. Market Share by Country – Key Companies
15.2. Competition Matrix
15.3. Best Practices for Companies
16. Vegan Jerky Market – Key Company List by Country Premium Premium
17. Vegan Jerky Market - Company Analysis
17.1. Primal Spirit Vegan Jerky
17.2. Louisville Vegan Jerky Co.
17.3. Noble Jerky
17.4. Pan's Mushroom Jerky
17.5. Jack & Friends LLC.
17.6. Maple Leaf Foods
17.7. Quorn
17.8. Beyond Meat
17.9. Off-Piste Provisions
17.10. THEO’S Plant-Based
● "Financials to the Private Companies would be provided on best-effort basis."
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The Plant-Based Jerky Market is projected to grow at 6.1% CAGR during the forecast period 2024-2030.
The Global Vegan Jerky Market size is estimated to be $0.4 billion in 2023 and is projected to reach $1 billion by 2030.
The leading players in the Vegan Jerky Market are PRIMAL SPIRIT FOODS, INC., Louisville Vegan Jerky Co., Maple Leaf Foods, Unilever, General Mills Inc., and others.
The exploration of novel and alluring flavors, DIY homemade plant-based jerky trend, and the emergence of plant-based jerky in the protein snack trend are some of the major Plant Jerky Market trends in the industry which will create growth opportunities for the market during the forecast period.
The increasing awareness of the health benefits associated with plant-based diets is propelling the market growth. The growing abundance of brands and flavors is creating substantial growth opportunities for the Vegan Jerky Market.