Stryve Foods produces and sells biltong, an air-dried meat snack. Stryve’s product checks several boxes in current growth categories in food, including snacking, better-for-you, no sugar, no carbs, and Keto/Paleo diets. We hosted Joe Oblas, co-founder and co-CEO, Jaxie Alt co-CEO and CMO, and Alex Hawkins, COO for a fireside chat. Among other topics we discussed the company's background, biltong, how they see their product fitting within current food trends, distribution gains, the innovation pipeline, and more.
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- Secular growth category. Snacking has secular growth drivers as more Americans consume a greater share of their calories from snacking.
- Stryve has nutritional advantages. Stryve’s biltong products are in the better-for-you category with no preservatives or nitrates, more protein per ounce, and no sugar (carbs). Traditional beef jerky has up to 10 grams of sugar per ounce.
- Popular diets are a tailwind. Keto and Paleo are two of the more popular diets currently. Stryve’s meat product without sugar fits well with both diets. The tailwinds will be the consumers' weight gained during the pandemic and increased snacking while returning to pre-pandemic work routines.
- Stryve has significant distribution growth ahead. Stryve’s products are currently only distributed in ~10% of doors compared to competitor products at ~60%. This year, Stryve is being added to Dollar General, Target, Costco, and Wawa.
- Stryve has a competitive moat. Stryve has the only USDA-approved large-scale facility to produce biltong. Biltong can not be imported into the US, providing Stryve significant barriers to entry for the category. The company’s current capacity is $100M.
