According to the recent FMI report, the sales for plant-based
chorizo are expected to surpass a value of US$ 87.6 Mn in
2032, rising at a CAGR of around 8.7% through the end of 2032.
Around the world, animal welfare is improving, leading to an
increase in the number of vegans and vegetarians, as well as a desire for
plant-based sausage. Health-conscious consumers favor plant-based sausage
because it is very nutritional, gluten-free, and non-GMO.
Apart from that, the use of plant-based sausage is
increasing in the foodservice industry to attract vegetarian, vegan,
flexitarian, and health-conscious customers. The foodservice sector is offering
a variety of new plant-based sausage meals on their menus. Plant-based sausage
burgers, burritos, biscuits, and other meal options are available at
restaurants, motels, and hotels.
Due to the above reason, the total retail food sales are
exceeding plant-based food sales. Plant-based food sales increased 11 percent
to $4.5 billion in the 52 weeks ending April 2019, according to the Plant-Based
Food Association (PBFA), based on data from market researcher SPINS (Chicago).
Apart from expanding diet trends and widespread
availability, the product’s protein characteristics are also gaining appeal. In
wealthier countries, alternative proteins are growing more popular, and
consumers are becoming more aware of them. In industrialized countries, meat
for a very long phase has been the predominant source of protein.
However, changing consumer behavior and interest in
alternative protein sources, owing to health and environmental concerns as well
as animal welfare, has paved the way for the market to expand. It is,
therefore, boosting the plant-based chorizo market.
Key Takeaways from the Plant-Based Chorizo Market Study:
- Due
to the expanding health consciousness in the region, the North American
plant-based chorizo market and is expected to rise at a CAGR of 8.9% by
2031.
- Pea
protein is the up-and-coming source of plant-protein chorizo of choice for
companies looking to avoid soy-related allergies. Pea protein chorizo is
expected to rise at a CAGR of 8% by 2032, FMI.
- The
popular vegan trend is propelling the plant-based chorizo market in the
Latin American region. According to FMI, the market is expected to rise at
a CAGR of 2% by 2032.
- Soy
protein chorizo market holds the maximum market value is expected to rise
at a CAGR of 8% by 2032. It is due to its nutritional
properties and texture to supplement the meat-based chorizo.
- With
a CAGR of nearly 2% over the projected period, the hash
is expected to be the fastest-growing application. It is due to the
constant innovation with plant-based food products in terms of flavors
which is gaining traffic to the plant-based chorizo market.
“The players in the plant-based chorizo market can keep
a stronghold on the developments in the market posing opportunities for
application of plant-based chorizo. The major businesses are concentrating
their efforts on new releases and significant investments in R&D. These
actions give them a much-needed competitive advantage over their competitors.
They are also concentrating on incorporating technical advancements in order to
boost manufacturing efficiency.” said a lead analyst at FMI.
Who is winning?
Key players operating in the global plant-based chorizo
market are focusing on reaching a large consumer base by implementing various
strategies such as product innovations, marketing & promotional activity,
strengthening distribution channels, and adopting sustainable production.
Some of the leading companies offering plant-based chorizo
Chipotle, RollinGreens, Beyond Meat, Blue Tribe, Impossible Foods, Lightlife
Foods, Tofurkey, No Evil, Field Roast, Simple Truth, and Others.
Get Valuable Insights into Plant-Based Chorizo
Market
FMI, in its new offering, provides an unbiased analysis of
plant-based chorizo presenting historical demand data (2017-2022) and forecast
statistics for the period from (2022-2032).
Plant-Based Chorizo Market by Category
By Source, Plant-Based Chorizo Market is segmented as:
- Pea
Protein
- Soy
Protein
- Other
Sources
By Application, Plant-Based Chorizo Market is segmented
as:
- Hash
- Tortilla
Wrap
- Salad
- Rolls
- Stuffed
Dishes
- Hot
Dog
- Other
Applications
By Distribution Channel, Plant-Based Chorizo Market is
segmented as:
- Hypermarkets/Supermarkets
- Convenience
Stores
- Specialty
Stores
- Independent
Small Groceries
- Online
Retail
- Other
Retail Formats
Frequently Asked Questions
- How
big is the Plant-Based Chorizo Market?
- What
is the North America Plant-Based Chorizo Market Outlook?
- At
What Rate will Plant-Based Chorizo Demand Grow in Europe?
- What
Are the Key Trends Shaping the Plant-Based Chorizo Market?
Information Source: https://www.futuremarketinsights.com/reports/plant-based-chorizo-market