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October 28, 2022: 12:00 AM EST
Industry experts are questioning whether plant-based jerky can break out of the niche market. According to SPINS data, plant-based jerky sales doubled to more than $20 million last year in the U.S., excluding e-commerce. However, the category is still unlikely to challenge the beef jerky industry, which is estimated to be worth $5 billion. Nicholas Fereday, an executive director for food and consumer trends at Dutch investment bank Rabobank, argues price and taste are essential to the success of plant-based jerky, adding that plant-based jerky should be at a discount to meat-based products to recognize it as a substitute product. However, even if the plant-based option manages to be cheaper and palatable, it will often still not contain the same protein levels as meat jerky, reducing its functionality. John Baumgartner, a managing director at Japanese investment bank Mizuho Securities, points to Beyond Meat’s jerky as an example. While Beyond Meat has strong distribution through PepsiCo and is selling its product at a 20-30 percent discount to meat jerky, the product is still experiencing slow growth and low repeat sales.
"US snacks spotlight: will plant-based jerky ever be more than niche?", just-food global news, October 28, 2022, © GlobalData
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