Pork Jerky Market Size Envisioned at USD 1.4 Billion Globally, Increasing at a CAGR of 7.1% | USA was Prominent Region

November 30, 2023 10:00 AM CET | By EIN Presswire
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WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, November 30, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Pork Jerky Market," The pork jerky market size was valued at $745.90 million in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 7.1% from 2022 to 2031.

The key players operating in the pork jerky industry include GoBacon Jerky, LLC., Conagra Brands, Inc., The Meat Makers, Divine Bovine Jerky, Wicked Cutz, Big Fork Brands, Meat Maniac, Premium Brands Holdings Corporation, Three Squirrels, Beyond Meat, Fragrant Jerky, Link Snacks, Inc., Tiki Hawaiian Gourmet Jerky, Organic Jerky Co., and Oberto Specialty Meats.

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The global pork jerky market demand is expected to witness a surge owing to the rise in consumption of savory snacks in the households. The higher protein content in pork meat and the easy to cook feature of pork jerky makes it a preferable snacking option among the household consumers. Further, the rise in household income, increase in at-home consumption of food, growth in the penetration of online grocery and food delivery platforms, and surge in penetration of HoReCa (hotels, restaurants, and cafes) in the developing nations are the prominent factors expected to drive the global pork jerky market growth during the forecast period.

The penetration of hotels, cafes, restaurants, supermarkets, and hypermarkets, which serves as the prominent distribution channels for pork jerky market, is experiencing rapid growth with rise in urbanization and surge in urban population. According to the United Nations, 60% of the global population is expected to live in urban areas by 2030, increasing from 55% in 2018. Therefore, rise in awareness regarding pork jerky and surge in urban population are the major factors expected to offer lucrative growth opportunities to the manufacturers of pork jerky in the developing economies. Moreover, the proliferation of cold storage technologies has significantly boosted the growth of the pork meat industry. The efficient cold storage facilities allow the movement of pork meat across the national borders, thereby supplying the sufficient volume of raw materials to the pork jerky manufacturers.

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The use of blockchain technology in the animal meat industry is in its early stages. The use of blockchain technology ensures transparency, traceability, efficiency, and sustainability in the animal meat industry. The awareness regarding meat quality and traceability is growing in the meat industry and the use of blockchain technology can provide assurance related to meat quality and enhance traceability. JBS S.A. announced the ‘Together for the Amazon’ program in 2020, under which JBS would progressively use blockchain technology to achieve sustainability and conserve the rainforests of Amazon. Moreover, blockchain technology will assure the prevention of animal laundering and leakage in the value chain, improving the effectiveness and efficiency in the supply chain of the animal meat industry. This will help to reduce the production cost of pork jerky and foster the revenue growth of the market players.

According to the pork jerky market analysis, the global pork jerky market is segmented on the basis of consumption, type, nature, and distribution channel. By consumption, the market is divided into food at home (FAH) and food away from home (FAFH). Both the FAH and FAFH segments are further segmented based on flavor into maple, sriracha applewood, pepper, and others. The others segment includes flavors like sweet, spicy, Jalapeno, and others.

By type, it is segregated into spicy, sweet, salty, and savory. By nature, the market is bifurcated into organic and conventional. By distribution channel, the market is categorized into HoReCa (hotels, restaurants, and cafes), modern trade, independent groceries and retailers, and online sales. Region-wise, the pork jerky market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

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As per the pork jerky market forecast, by consumption, the food at home (FAH) accounted for 70.1% of the pork jerky market share in 2021, and is expected to sustain its dominance during the forecast period. This dominance is attributed to the huge consumption of pork jerky as a healthy snack in the households of North America and Europe.

According to the pork jerky market trends, by type, the savory is expected to be the fastest-growing segment, growing at a CAGR of 7.8% during the forecast period. The growing demand for the animal protein among the non-vegetarian population and the changing taste and preferences of the consumers is expected to drive the demand for the savory pork jerky. The high protein content in the pork jerky along with the savory taste helps to provide necessary nutrition and helps in healthy aging. The rising demand for the healthy and nutritional snacks among the consumers is expected to boost the growth of the savory pork jerky segment in the global pork jerky industry.

As per the pork jerky market opportunity, based on nature, the organic segment is expected to witness the highest CAGR of 8.3% from 2022 to 2031. The rising health consciousness among the consumers and rising awareness regarding the negative impacts of chemical-based food products on health and environment are the major factors that are expected to boost the growth of this segment. According to the Organic Trade Association (OTA), in 2020, U.S. witnessed an all-time high sales of organic food products.

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Depending on the distribution channel, the modern trade segment dominated the market in terms of revenue in 2021. Modern trade includes all the organized retail formats such as hypermarkets, supermarkets, departmental stores, and mini-markets. The rising penetration of the organized retail sector in developing and underdeveloped economies is expected to boost the growth of the pork jerky market during the forecast period.

Region-wise, the pork jerky market was dominated by North America, with 38.7% share in 2021, followed by Europe. The increase in popularity of fast-food chains, cafes, and hotels has significantly enhanced the growth of the processed meat market in North America and Europe. North American pork jerky market is anticipated to grow due to a surge in the working population, an increase in disposable income, and higher demand for ready-to-cook and ready-to-eat food products.

>Key findings of the study

>The pork jerky market size was valued at $745.9 million in 2021, and is estimated to reach $1,409.1 million by 2031, growing at a CAGR of 7.1% during the forecast period.
>By consumption, the FAFH segment is estimated to witness the fastest growth, registering a CAGR of 7.8% during the forecast period.
>In 2021, depending on type, the spicy segment was valued at $249.9 million, accounting for 33.5% of the global pork jerky market share.
>In 2021, the U.S. was the most prominent market in North America, and is projected to reach $355.2 million by 2031, growing at a CAGR of 6.0% during the forecast period.

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David Correa
Allied Analytics LLP
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