Growing importance of plant-based food products is attracting attention of numerous large-scale multinational corporations, as well as encouraging the establishment of numerous start-up companies. Consequently, the market is interspersed with numerous product launches.
With the global vegan population comprising 8% of the whole world, plant-based sausage players are optimistic about a bright future ahead. Existing players are looking to replenish their existing inventory to cater to the ever increasing demand. Examples include Beyond Meat’s Breakfast Sausages and Smithfield’s Pure Farmland products.
Key Takeaways Global plant-based sausages market to experience a staggering 26.5% CAGR through 2028 Plant-based pork sausages to be most widely consumed, generating over 40% of the revenue share by 2020-end Soy-based proteins to remain most preferred protein source across the forecast period Online sales of plant-based sausages to register astronomical surge, attributed to increased reliance on e-commerce channels amid the COVID-19 pandemic Europe to remain the dominant market, expected to account for over 2 out of 5 sales followed by North America
“Manufacturers are concentrating on continuous product launches in the wake of growing interest by large corporations in the ever expanding veganism trends prevailing across consumer eating habits,” comments the FMI analyst.
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COVID-19 Impact Analysis
The plant-based sausages market is poised to acquire spectacular gains during the pandemic crisis, attributed in large part to shifting consumption patterns. Preference for plant-based foodstuffs to maintain immunity is currently driving market growth.
Imposition of lockdowns have dramatically altered consumer food priorities since the onset of COVID-19. In the United Kingdom, for instance, over 12% of the consumers, out of which a quarter comprise young millennials, are significantly attracted towards a vegan diet.
As the pandemic continues impacting global food supply chains, significant efforts have been made to make food production and supply flexible and fluid to mitigate possible disruptions. Even in the post-pandemic scenario, demand for vegan products will continue sustaining the plant-based sausages market in the long run.
Competitive Landscape
Prominent players in the plant-based sausages market include Smithfield Foods, Beyond Meat Inc., Nestle S.A., Tyson Foods, Whole Foods, Amy’s Kitchen Inc., Tofurky, Field Roast, Lightlife Foods Inc., Moving Mountain and The Meatless Farm Co. among others.
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The aforementioned players concentrate on enhancing their portfolios by introducing innovative products as well as entering into strategic alliances to consolidate their presence. For instance, Nestle Food’s Purina brand unveiled its fava-derived protein foods for pets in November 2020.
Similarly, in 2019, Tyson Foods unveiled its Raised and Rooted® plant-based and blended products line with the objective of expanding its protein based offerings. The company also announced to expand its existing production capacities in November 2020 by inaugurating new facilities in China and Thailand.
In October 2020, Lightlife Foods Inc. successfully inked a partnership deal with Bowlero Corp to supply its plant-based burgers across the latter’s cafeteria menus. The company is also expected to sponsor the 2020 Go Bowling! Tour Fall Swing.
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.