Global plant-based hot dog sales grew by over 20% in 2020, signaling
that years of steadily building consumer awareness is shifting market dynamics
in a segment traditionally dominated by meat-lovers. The newfound commercial
success has led to a scramble, with conglomerates, as well as niche
manufacturers vying for a pie of the market. In its expansive new study, Future
Market Insights’ offers a holistic, yet detailed analysis on how growth will
unfold through 2030.
The study opines that novel technological developments are
being considered to streamline plant-based hot dog production processes.
Immense opportunities abound in precision fermentation techniques for the
extraction of plant-based proteins. For instance, Impossible Foods is already
producing its signature ‘lehemoglobin’ formulation using this technology.
Key Takeaways
- Global
plant-based hot dog market to surpass US$ 500 million by 2021-end
- Europe
set to capture over 50% revenue share until 2022, South Asia to be fastest
growing market
- Soy-based
protein formulations to remain most preferred throughout the assessment
period
- Plant-based
beef to retain lucrativeness, pork garnering significant momentum
- Online
sales to witness a prolific upsurge, attributed to shutdowns imposed by
COVID-19 pandemic
“Increasing government support to promote vegan products
consumption has attracted manufacturers to lucrative markets, thus broadening
scope of the market,” concludes the FMI analyst.
COVID-19 Impact Insights
While sales were already on an upward trajectory, the market
for vegan products has catapulted even more since the pandemic’s onset, thus
enhancing prospects for plant-based hot dogs in the coming future. Currently,
at least 1 out of 50 retail packaged meat sales are plant-based.
As consumers look towards options to boost their immunity,
consumption of plant-based diets have witnessed a substantial surge. Markets
across the U.S, India and China are especially experiencing this increase as
they are amongst the most affected countries by the novel coronavirus.
Besides the voluntary shift towards plant-based
alternatives, market players are also looking to strengthen existing supply
chains so as to offset any possible price shocks which may occur amid fears of
a second wave of infections.
Competitive Landscape
Prominent players in the global plant-based hot dog market
include Quorn Foods, Morningstar Farms, Daring Foods, Yves Veggie Cuisine,
Gardein, Ingredion Inc., Glanbia Plc., Beyond Meat Inc., Nestle SA, Archer
Daniels Midland Company, Cargill Incorporated, and Roquette Frères S.A., among
others.
The aforementioned players rely largely on new product
launches and strategic collaborations with prominent players, owing to the
highly competitive nature of the market. In addition, these players are
actively aiding government bodies in promoting vegan products and designing
policies promoting the same.
More Insights on FMI’s Plant-based Hot Dog Market Report
Future Market Insights, in its new report, offers an
unbiased analysis of the global Plant-based hot dog market, analyzing
historical demand from 2015-2019 and forecast statistics for 2020-2030. The
study reveals growth projections on the Plant-based hot dog market on the basis
of product type (Plant-based chicken, Plant-based beef, and Plant-based pork),
source (soy-based protein, wheat-based protein, pea-based protein, canola-based
protein, fava-bean based protein, potato-based protein, rice-based protein,
lentil-based protein, flax-based protein, chia-based protein, and corn-based
protein) and distribution channel (Hypermarkets/Supermarkets, Convenience
Stores, Specialty Food Stores, Online Retail, and HoReCA) across seven
prominent regions.
Key SegmentsProduct Type
- Plant-based
Chicken
- Plant-based
Beef
- Plant-based
Pork
Source
- Soy-based
Protein
- Wheat-based
Protein
- Pea-based
Protein
- Canola-based
Protein
- Fava-Bean
Based Protein
- Potato-based
Protein
- Rice-based
Protein
- Lentil-based
Protein
- Flax-based
Protein
- Chia-based
Protein
- Corn-based
Protein
Distribution Channel
- Retail
- Hypermarkets/Supermarkets
- Convenience
Stores
- Specialty
Food Stores
- Online
Retail
- HoReCa
(Food Service Sector)
Read Full Report: https://www.futuremarketinsights.com/reports/plant-based-hot-dogs-market