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.
- 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
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“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.
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.
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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.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.