Vegan Jerky Market Size Worth $1 Billion By 2030: IndustryARC

The Global Vegan Jerky Market size is predicted to reach $1 billion by 2030, growing at a CAGR of 6.1% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The government initiatives and soaring soy-based meat demand and the rising adoption of Vegan diets are intrinsically linked to the increasing affordability and accessibility of Vegan 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 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 Region and Segment Forecasts, 2023–2030”

Asia Pacific is analyzed to grow with the highest CAGR of 7.2% during the forecast period 2024-2030. The Vegan Jerky industry in the Asia Pacific region is expanding due to the increasing consumer awareness of health and sustainability, coupled with a surge in the adoption of Vegan diets. As the population of health-conscious individuals expands across countries like Australia, Japan, and South Korea, the demand for Vegan jerky has seen substantial growth. Innovative startups and established brands are seizing the opportunity to introduce a wide variety of Vegan 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 Vegan jerky market.

The Tofu segment had the largest market share with 20% in 2023 owing to its versatility and widespread consumer appeal. Recognized for its mild flavor 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 Vegan, protein-rich snacks, tofu-based jerky has positioned itself as a favored alternative. 

Pea is analysed to grow with the highest CAGR of 7.1% during the forecast period. This is owing to its high protein content and its ability to replicate the texture 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 Vegan diets, Peato's robust growth reflects the growing appetite for Vegan, protein-rich snacks that don't compromise on taste and texture.

North America region held a major market share of 35% in 2023 owing to the surge in health-conscious consumers seeking sustainable and ethical dietary alternatives. North America benefits from a well-established market for Vegan foods and snacks, with a wide array of innovative startups and renowned brands introducing diverse Vegan jerky products. The substantial consumer base, alongside extensive distribution networks and robust marketing strategies, positions North America as a leader in the Vegan jerky market. According to the Good Food Institute report, the overall sales of Vegan food products in the United States amounted to $8 billion in 2022. This significant figure underscores the growth and potential of the Vegan food industry, including products like Vegan jerky.

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

Manufacturers and entrepreneurs are recognizing the potential to captivate consumers by introducing unique and enticing flavor 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 Vegan jerky, making it an exciting and satisfying snacking choice. The pursuit of innovative flavors aligns perfectly with the ever-evolving consumer demand for a variety of taste experiences, creating a dynamic and prosperous avenue within the Vegan jerky market. In 2022, As per the Good Food Institute report, over 75% of consumers are interested in trying new Vegan flavors.

The Home Made Vegan Jerky trend is creating exciting opportunities within the Vegan jerky market. As more individuals experiment with crafting their own Vegan jerky at home, it fosters a dynamic environment for entrepreneurs. This trend encourages the development of unique recipes, ingredients, and equipment tailored to the DIY enthusiasts. The personalized touch and creativity that homemade Vegan 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, Vegan 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 flavorful and nutritionally dense Vegan 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 Vegan jerky sector into a dynamic phase of growth.

In 2022. As per Insider Fitt, Vegan alternatives comprise only a fraction of the $3.6 billion meat snack market, accounting for around $6.5 million. This underscores the rising prominence of Vegan options, including Vegan jerky, in a well-established meat snack market. It signifies a growing consumer demand for Vegan protein snacks and hints at the potential for further market expansion.

● 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 Vegan jerky industry. With the onset of lockdowns and economic uncertainty the consumers turned their focus towards essential items, causing a temporary dip in Vegan 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 Vegan 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 Vegan 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 Vegan 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 Vegan jerky for consumers.

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 Vegan Jerky

• Louisville Vegan Jerky Co.

• Noble Jerky

• Pan's Mushroom Jerky

• Jack & Friends LLC.

• Maple Leaf Foods

• Quorn 

• Beyond Meat

• Off-Piste Provisions

• THEO’S Vegan

Plant Based Protein Supplements Market – The Plant Based Protein Supplements Market size was estimated at $4.3 billion in 2020, projected to grow at a CAGR of 7.2% during the forecast period 2021-2026. 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 Vegan options. 

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.