Plant-Based Chorizo Market To Witness An Explosive CAGR of 8.7% Till 2032 | FMI
Around the world, animal welfare is improving, leading to an increase in the number of vegans and vegetarians, as well as a desire for plant-based sausage. Health-conscious consumers favor plant-based sausage because it is very nutritional, gluten-free, and non-GMO.
Apart from that, the use of plant-based sausage is increasing in the foodservice industry to attract vegetarian, vegan, flexitarian, and health-conscious customers. The foodservice sector is offering a variety of new plant-based sausage meals on their menus. Plant-based sausage burgers, burritos, biscuits, and other meal options are available at restaurants, motels, and hotels.
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Due to the above reason, the total retail food sales are exceeding plant-based food sales. Plant-based food sales increased 11 percent to $4.5 billion in the 52 weeks ending April 2019, according to the Plant-Based Food Association (PBFA), based on data from market researcher SPINS (Chicago).
Apart from expanding diet trends and widespread availability, the product's protein characteristics are also gaining appeal. In wealthier countries, alternative proteins are growing more popular, and consumers are becoming more aware of them. In industrialized countries, meat for a very long phase has been the predominant source of protein.
However, changing consumer behavior and interest in alternative protein sources, owing to health and environmental concerns as well as animal welfare, has paved the way for the market to expand. It is, therefore, boosting the plant-based chorizo market.
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Key Takeaways from the Plant-Based Chorizo Market Study:
Due to the expanding health consciousness in the region, the North American plant-based chorizo market and is expected to rise at a CAGR of 8.9% by 2031.
Pea protein is the up-and-coming source of plant-protein chorizo of choice for companies looking to avoid soy-related allergies. Pea protein chorizo is expected to rise at a CAGR of 8% by 2032, FMI.
The popular vegan trend is propelling the plant-based chorizo market in the Latin American region. According to FMI, the market is expected to rise at a CAGR of 2% by 2032.
Soy protein chorizo market holds the maximum market value is expected to rise at a CAGR of 8% by 2032. It is due to its nutritional properties and texture to supplement the meat-based chorizo.
With a CAGR of nearly 2% over the projected period, the hash is expected to be the fastest-growing application. It is due to the constant innovation with plant-based food products in terms of flavors which is gaining traffic to the plant-based chorizo market.
"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.
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.
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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:
By Application, Plant-Based Chorizo Market is segmented as:
By Distribution Channel, Plant-Based Chorizo Market is segmented as:
Independent Small Groceries
Other Retail Formats
Frequently Asked Questions
How big is the Plant-Based Chorizo Market?
What is the North America Plant-Based Chorizo Market Outlook?
At What Rate will Plant-Based Chorizo Demand Grow in Europe?
What Are the Key Trends Shaping the Plant-Based Chorizo Market?
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