How Stryve Foods Plans to Make Biltong a Household Name

While stuck inside, streaming shows on Disney+ and HBO Max following the Covid-19 outbreak, people have also been doing something else: snacking. Nearly half of adults around the world report snacking more during the pandemic than previously, according to research from Mondelēz International. Around the same number say snacking has served as a "lifeline." The increase in munching has boosted earnings for the likes of Mondelēz (the maker of Oreo and Ritz), PepsiCo (Doritos, Cheetos) and Campbell Soup Company (Goldfish, Pepperidge Farm). It’s also contributed to expanding waistlines: A global survey shows 45% of people have put on a pound or more since all this began. Among those who’ve gained weight, about one-third indicate eating more unhealthy foods played a role. Among store aisles filled with chips, cookies and crackers, Stryve Foods, a healthy snacks company founded in 2018, sees an opening—especially as global demand for wellness products and services is forecast to surpass $6.8 trillion by 2024, up 19% compared to this year, according to a report from investment bank Credit Suisse. General Mills’ Snack Brand Event Aims to Blur Physical and Virtual World for Creators "We all know that two-thirds of Americans and one-third of our kids are obese or overweight, and that is just not OK," said Jaxie Alt, co-CEO and CMO of Stryve Foods, during an Aug. 16 earnings call. "While there are many reasons for this, one of them is how we all snack and, more broadly, how we eat." Healthy nibbling Defining itself as a snacking platform poised to disrupt traditional CPG categories, Stryve Foods recently went public through the special purpose acquisition company Andina Acquisition Corp. III. The young company has a handful of brands and products, such as collagen and bone broth protein powders, and plans to introduce more in the future. At present, however, its top-performing item is biltong, available under the company's flagship brand, Stryve. Biltong is an air-dried meat snack that contains no carbs, sugar or water. The process of making biltong originated in South Africa and consists of slicing meat into strips, spraying them with vinegar, adding spices, then letting them hang, Alt told Adweek. "You basically have meat and spices," she added. Beef jerky from brands such as Jack Link’s and PepsiCo's Matador, by contrast, often contain some level of both sugar and carbohydrates. As a snack option, jerky and other dried meat snacks are growing in popularity, thanks in part to more people adopting a ketogenic diet. The high-protein, low-carb meat snacks segment "has been one of the fastest-growing among the salty snack category in recent years," said Beth Bloom, associate director of food and drink reports at the market research firm Mintel. In 2016, shoppers spent $2.91 billion on the stuff, according to sales numbers from data analytics firm IRI. Revenue across the category reached $3.69 billion in 2020 and is on pace to surpass that total this year. Raising awareness Although still unprofitable, Stryve Foods is showing signs of promise. Earlier this week, the young company revealed net sales of $14.2 million during the first half of 2021, a 65% increase compared to the same period a year prior. The company's next step: Let more people know about it. "We need awareness," said Alt, who previously spent more than 17 years in various roles at the former Dr Pepper Snapple Group. "Most people in America have not heard of air-dried meat." To help educate the public, Stryve Foods is turning to influencer marketing and product sampling—a tactic that has faced hurdles and undergone changes during the pandemic. With five branded vans, internally known as "beef buses," the company has been setting up tasting booths at 5K runs, food festivals and retailers such as Costco. Word of mouth and the ability for people to try Stryve's biltong "are the two most effective things I'm ever going to have," Alt said. The future of snacking Stress eating during the pandemic aside, snacking is becoming more common. Last year, Americans ate between meals 530 times per capita, up from 505 in 2015, according to figures from market research company NPD Group. "Snacking is woven into the fabric of our daily lives, and this way of thinking provides endless opportunities for food and snack marketers," Darren Seifer, an NPD Group food and beverage analyst, said in a statement. Bloom, however, noted there's room for the meat snacks segment to boost its fun factor, as it's generally perceived as less amusing than other salty snacks. "This might not be as important for meat snacks due to their practical appeal," Bloom added. "But they are still snacks, and consumers are drawn to snacks that make them feel good."