The global sales of plant-based chorizo are anticipated to surpass US$ 87.6 million by 2032, exhibiting a robust CAGR of around 8.7%, according to the latest report by Future Market Insights (FMI). The rise is attributed to the increasing number of vegans and vegetarians globally, driven by growing awareness of animal welfare. Health-conscious consumers are favoring plant-based chorizo for its nutritional benefits, gluten-free nature, and non-GMO characteristics.
Key Highlights:
- Growing Veganism: Improving animal welfare practices worldwide contribute to the surge in the vegan population, fostering a preference for plant-based sausages.
- Health-Conscious Choice: Plant-based sausage is gaining popularity among health-conscious consumers for its nutritional value, gluten-free composition, and non-GMO attributes.
- Foodservice Industry Adoption: The foodservice sector is incorporating plant-based sausage into menus to attract vegetarian, vegan, flexitarian, and health-conscious customers, offering diverse meal options like burgers, burritos, biscuits, and more.
- Retail Food Sales: Total retail food sales are outpacing plant-based food sales, with a notable 11% increase to $4.5 billion in the 52 weeks ending April 2019, as reported by the Plant-Based Food Association (PBFA).
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Regional Insights:
- North America: The North American plant-based chorizo market is expected to grow at a CAGR of 8.9% by 2031, fueled by expanding health consciousness in the region.
- Latin America: The vegan trend is propelling the plant-based chorizo market in Latin America, projected to rise at a CAGR of 2% by 2032.
Protein Source Analysis:
- Pea Protein: Pea protein is emerging as a preferred plant-protein source for chorizo, avoiding soy-related allergies, and is anticipated to grow at a CAGR of 8% by 2032.
- Soy Protein: Soy protein chorizo market holds the maximum market value and is expected to rise at a CAGR of 8% by 2032 due to its nutritional properties and meat-like texture.
Application Growth:
- Hash Segment: The hash application is projected to be the fastest-growing, with a CAGR of nearly 2% over the forecast period, driven by constant innovation in plant-based flavors.
“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.
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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
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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