The global plant-based hot dog market is expected to grow at a CAGR of 16.7% between 2023 and 2033, according to FMI research. The global hot dog industry’s net worth is expected to increase from US$ 496.30 million in 2023 to US$ 828.90 million by the year 2033.
A growing market for plant-based hot dogs has resulted from increased demand for vegan and vegetarian products owing to their health benefits. Growing concerns about animal welfare have also increased demand for plant-based hot dogs.
Companies are under pressure to adopt new technologies that create plant-based hot dogs that are similar in texture to those made from animals. Plant-based hot dogs contain calcium, potassium, iron, magnesium, and vitamin B.
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The American Heart Association recently approved a vegan hot dog made from pea protein and beet juice by Beyond Meat, a Los Angeles-based company that produces plant-based meat substitutes.
There has been a surge in demand for meat alternatives in recent years, and manufacturers are trying their hand at this lucrative market with new vegan products. Emerging opportunities in the market have prompted small and medium manufacturers to expand their businesses due to the increasing demand for plant-based products.
The fermentation industry has made several technological advancements in recent years which are expected to result in significant growth in the plant-based hot dog market during the forecast years.
By using these approaches, manufacturers are able to deliver meaty textures and satisfy consumer expectations. They also make sure that the product is a healthy alternative to animal-sourced food.
“Increasing health concerns such as stomach and gallbladder polyps have increased global interest in plant-based hot dogs. Plant-based hot dogs have gained popularity in recent years due to people’s growing desire for healthy eating habits.” – said a lead analyst at FMI.
Key Takeaways from the Plant-based Hot Dogs Market Study
- Global plant-based hot dog market to surpass US$ 496.30 million by 2023.
- Europe is set to capture over 50% of revenue share until 2023, while Asia Pacific is set to be the fastest-growing market
- Over the course of the assessment, soybean protein formulations remained the most popular
- Plant-based beef remains lucrative, and pork is gaining significant traction
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Competitive Landscape for the Plant-based Hot Dogs Market
As a result of the highly competitive nature of the market, the aforementioned players heavily rely on new product launches and strategic collaborations with prominent players. Additionally, these players assist government bodies with promoting vegan products and designing policies supporting them.
There are a number of prominent players in the global plant-based hot dog market, including 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.
Recent Developments in the Plant-based Hot Dogs Market
- Among the leading innovators in plant-based protein, Archer Daniels is a leader in this field. It is made with 100% plant-based ingredients and does not contain GMOs, such as Vegan Chorizo, ProFam® Soy Protein Formula and VegeFullTM Red Bean Grits are the main ingredients.
- With the launch of Smart Dogs with Plant-Based Casings in May 2021, Lightlife introduced an all-vegetarian product that looks and tastes like traditional beef hot dogs. It is made from pea protein and is gluten-free.
- Waving Foods recently released a product offering 100% prepared chicken original breaded powder packed in 3×8 ounce bags.
- A redesigned version of Field Roast’s plant-based Signature Stadium Dog was launched in March 2021, which mimics the taste and texture of traditional beef hot dogs. The product is made with pea protein and is soy- and gluten-free.
- Plant-based Beyond Breakfast Sausage Links, designed to look, cook, and taste like traditional pork breakfast sausages, were launched by Beyond Meat in January 2021. A plant-based snack and beverage development and distribution partnership between Beyond Meat and PepsiCo has also been announced.
- In July 2021, Tofurky introduced its line of plant-based Artisan Sausages in four flavors: Andouille, Chicken Apple, Italian, and Spinach Pesto. The sausages are made from organic tofu and contain no soy or gluten.
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Plant-based Hot Dogs Market Segmentation by Category
By Product Type:
- Plant-based Chicken
- Plant-based Beef
- Plant-based Pork
By 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
By Distribution Channel:
- Retail
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Stores
- Online Retail
- HoReCa (Food Service Sector)
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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