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October 25, 2021

Stryve Foods co-CEO Jaxie Alt to leave meat snacks maker

Alt, who joined the US-based business two years ago, is also the company’s chief marketing officer.

US meat-snacks supplier Stryve Foods has announced the resignation of co-CEO Jaxie Alt.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Stryve, which listed on the Nasdaq this summer after combining with a special-purpose acquisition vehicle, said Alt would step down on 17 November “to pursue other career opportunities”.

Alt joined the company in 2019 as head of marketing before being promoted to the role of co-CEO last year. Joe Oblas, one of Stryve’s founders, has been the firm’s other chief executive.

“We wish Jaxie all the best and appreciate her many contributions to the company over the past three years,” Oblas, who will remain CEO, said. “Stryve remains very bullish regarding our future and believes that high-protein, great-tasting snacks are perfectly suited for today’s consumer.”

In August, Stryve reported its results for the second quarter of the year. Net sales jumped 71.8% to US$7.4m, with gross profit more than doubling to $3.6m. The company booked a net loss of $5.6m – compared to a loss of $4.5m a year earlier – amid higher selling and marketing expenses and the cost of the combination with the Andina Acquisition Corp. III SPAC.

When Stryve published those numbers, it forecast annual net revenues of $31-34m, which the company said would represent an 82-100% rise on 2020.

Last week, the business named two new board directors – former Kraft Foods’ executive and current Champion Petfoods CFO Greg Christenson, as well as Charlie Vogt, the CEO of communications firm DZS. Board chairman is Ted Casey, another company founder.

Stryve, founded in 2013 in Dallas, produces snacks made from turkey, chicken, pork and beef, including beef biltong. In 2018, the company acquired two US peers – Biltong USA and Braaitime – and snapped up a third, Kalahari Biltong, last year.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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