By 2032, the plant-based hot dog market is projected to be worth USD 599.2 million, growing at a CAGR of 19.9% between 2022 and 2032. The global market for plant-based hot dogs, estimated to be worth USD 1,986.2 Mn in 2032, is expected to see sales of plant-based chicken hot dogs make up about 23% of the total demand.
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.
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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.
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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 Segments Product 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)
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Frequently Asked Questions
- How will the plant-based hot dog market expand in the near-term?
- Which is the largest market for plant-based hot dogs?
- What drivers underpin market growth?
- How is COVID-19 impacting growth prospects?
- Which are the prominent plant-based hot dog market players?
About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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